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Morning News Round Up :

Morning News Round Up :

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Ø  FTIL, MCX promoter Jignesh Shah arrested in NSEL scam 

Ø  EU cos keen to invest in India despite challenges

Ø  ‘Replacing Rajan may lead to a rating downgrade’

Ø  ONGC to spend $1.1 bn to revive Mumbai High fields

Ø  DGCA grants operating permit to AirAsia India: Official 

Ø  Mah cabinet approves Rs 2.7K-cr BHEL project in Bhandara

Ø  Oil India buys 50% stake in Russian oil block for $85 million
 
Ø  RBI asks banks not to levy penalty on pre-payment of loans

Ø  China’s Alibaba may be valued at $200 bn for US listing

Ø  Coal imports see first dip in three months in April

Ø  Lupin FY14 net profit up 40% at Rs 1,836 cr

Ø  Land bank no longer coveted among realty developers

Ø  Weak global cues, poll outcome jitters trip Sensex, Nifty

Ø  SBI,Tata Trusts to work jointly for rural development

Ø  Procter & Gamble net spurts 55% at Rs. 81 cr in Qtr IV

Ø  Pipavav Defence plans facility for missiles, torpedoes

Ø  Selling pressure on IT stocks intensifies as UBS downgrades Infosys

Ø  Norwest Venture sells 2.78% stake in Shriram City Union

Ø  Tyre manufacturers asso stresses on national rubber policy 

Ø  IRB Infra bags Rs. 2,300-cr Kaithal-Rajasthan project  
 
Ø  Record Rs6.26 trillion projects shelved, deferred in 2013-14: CMIE

Ø  Rupee weakens to 60.14 as RBI steps up dollar purchase

Ø  Siemens buys Rolls-Royce energy assets to catch up with GE

Ø  Vodafone begins arbitration in India tax dispute

Ø  FedEx completes integration of AFL, Unifreight

Ø  PSA-JN Port ink biggest shipping FDI agreement

Ø  India needs to modify IPR regime to attract FDI: EU report

Ø  Russia pulls back troops from Ukraine border

Ø  Delayed tariff hikes push up power dues by Rs 3,000 cr p.a.

Ø  Online retailers need to show transactions on arm’s length

Ø  Trai extends date for receiving comments on internet speed
 
Ø  Cognizant profit rises 23%; forecasts Q2 revenue at $2.5b

Ø  Swiss black money probe: Over 100 entities under scanner

Ø  Pharma exports to grow at 20% despite FDA alerts

Ø  Next govt will have to re-develop confidence in economy

Ø  Lemon Tree to triple inventory in 3 years

Ø  IDFC lowers FII shareholding limit by 0.25 pc points

Allahabad bank CMD just mentioned in its concall that they expect Sandesara (Sterling) Group’s exposure to be upgraded in Q1FY15 to standard asset which is currently NPA. It’s a 80bn exposure excluding interest and penal charge.

Today’s Key Result
8th May
Aplab,Ahmednagar Forg, Amtek Auto,Amtek Ind,Birla Corp,Capital First,Digjam, Finolex Cable,Garware Mar, Glenmark Pharma,Gulf Oil,Gic House,Gkw,Hil,ITD Cem,Jai Corp,Talwarkar, Sintex,Union Bank,Zuari Agro

Ø  ITC is in advanced negotiations with Bangalore-based Balan Natural Food to acquire its juice brand B Natural, which will mark the group’s entry into the beverage market.The acquisition is expected to cost less than Rs 80 crore for ITC and the company plans to put up the proposal soon for board approval. ITC’s entry into the Rs 1,200-crore packaged-juice market may stir up a marketing war with leaders Dabur and PepsiCo.
 
Ø  Tata Communications and Orange International Carriers  announced an agreement to interconnect their respective IP-exchange communities for voice over IPX and signalling Sigtran which allows IP networks to inter-work with the public switched telephone network.
 
Ø  Bharti Airtel, Vodafone India and Idea Cellular are set to make major financial gains from the third-generation intra-circle roaming services that they have resumed offering, as sharing of networks would allow them to go slow on acquiring expensive spectrum and reduce capital and operation expenditures, analysts say.
 
Ø  Japanese car maker Nissan is in talks with Hinduja Automotive to pick up a stake in its engineering and design arm Defiance Technologies.The quantum of stake sale being explored ranges from 20-40 %. Defiance Technologies has played a key role in engineering the Datsun ‘Go’ small car for Nissan. It has over 100 engineers who’ve been working on the Datsun project for over a couple of years.
 
Ø  ONGC plans to drill a record 130 wells at its prime Mumbai High oil and gas fields in a bid to rejuvenate the ageing reservoir in the Arabian Sea.The drilling campaign, which will cost over $1.1 billion, will start later this year and continue for three-four years.
 
Ø  The financial technologies (FTIL) promoter Jignesh Shah and Shrikant Javelgekar, former MD and CEO of MCX have been arrested by the Economic Offences Wing (EOW) of Mumbai for their alleged role in the National Spot Exchange (NSEL) scam.These would be the most high profile arrests so far in the Rs 5,600 crore scam. EOW has arrested 11 accused so far in the NSEL scam.
 
Ø  In a move which will encourage medium scale industries in backward regions of Vidarbha, the Maharashtra cabinet today approved the Rs 2,731-crore BHEL project in Bhandara district to produce solar photo voltaic cells providing employment to 3,000 people.The company will produce 240 mw solar photo voltaic cells and 100 mw photo voltaic modules at its plant in Sakoli in Bhandara district.
 
Ø  Oil India Ltd, the nation’s second-biggest state-run explorer, has bought a 50% stake in an oil block in Russia for $85 million.Sources said the transaction is subject to PetroNeft shareholder nod and regulatory approval.
 
Ø  Srei Infrastructure Finance is planning to raise Rs 600 crore through retail bond this fiscal. The first issue will hit the market on Friday. Bonds will be raised for an amount upto Rs 75 crore with an option to retain oversubscription upto Rs 75 crore aggregative to Rs 150 crore.
 
Ø  Increasing operational synergy between Mahindra and Mahindra and its arm SsangYong, the group will jointly develop six new engines for use in future products of both companies.
 
Ø  The Madras High Court has dismissed a batch of writ petitions filed by public sector unit, Bharat Heavy Electricals Limited (BHEL), Tiruverambur, challenging the Commercial Taxes Department’s demand notices seeking to pay sales tax to the tune of Rs 312.67 crore for the assessment years 2007-08 to 2012-13.
 
Ø  IRB Infrastructure Developers Ltd. has bagged a Rs 2,300 crore road project in Haryana from National Highways Authority of India (NHAI).The project is for the construction of four lane road connecting Kaithal-Rajasthan border section of NH-152/65 from 33.250 km to 241.580 km in Haryana.
 
Ø  RBI said that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 52.25% of the paid up capital of  IDFC Limited under the Portfolio Inves[truncated by WhatsApp]

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