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Inflation climbs to 10.16 pc
RCom hives off tower
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Rel Media firms up stake in Fame
Maran offers to buy 20 pc more in SpiceJet
Uco Bank FPO to raise Rs 500 cr
Selloff nod for EIL
Tata Tele users cross 70 mn
SBI buys back 13.84 pc in SBI Cap from ADB
Suzuki unfolds costliest bike
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New Delhi, June 14 Soaring inflation, according to analysts, may prompt the Reserve Bank to tighten liquidity at its quarterly monetary policy review scheduled next month. The essential items which have become expensive, directly hitting the pocket of the common man, include pulses, vegetables and sugar. Furthermore, the prices of metal, textiles and plywood prices have also gone up, as inflation has spread to non-food items. The data further revealed that the final inflation figure during March was 11.04 per cent, up from the provisional figure of 9.90 per cent. The data for May, too, will be revised later. As per the provisional data, the previous high of 10.72 per cent was witnessed in the last week of October, 2008. PTI
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RCom hives off tower
biz
New Delhi, June 14 Following the spin-off, Reliance Infratel will become the world's largest telecom infrastructure company, while Reliance Communications' balance-sheet will improve with lower debts. RCom and R-Infratel are at an advanced stage of discussions with several domestic and international strategic and financial players to finalise the proposal and the transaction would be announced shortly, a statement said. The company also said discussions were also continuing for 26 per cent stake sale in RCom as also for possible consolidation or combination options. The boards of directors of RCom and its subsidiary Reliance Infratel today approved in-principle a proposal to restructure ownership of R-Infratel to facilitate efforts of new players to roll out their networks fast and in a cost effective manner. The announcement comes on the heels of the estranged brothers, Mukesh and Anil, holidaying in a game reserve in South Africa and days after elder Ambani Mukesh announcing nearly $ 5 billion investment in the telecom sector through RIL's newly acquired subsidiary Infotel that bagged pan-India spectrum for Broadband Wireless Access. Commenting on the development, Anil Ambani, chairman, RCom, said "I am personally looking forward to an era of healthy co-operation and collaboration with existing and new players, especially recent winners of 3G and BWA spectrum." Incidentally, RCom also offers broadband services through its limited mobility and could have led to clash of interest in case RIL had sought cooperation for infrastructure support. On a specific question by analysts whether it could collaborate with Anil Ambani group for infrastructure like optic fibre and towers, RIL had said on Saturday that it could take services from any of the existing players. R-Infratel,
in its draft prospectus with Sebi, had disclosed a debt of at least Rs
15,000 crore and sources said this was mainly on account of creating
1,00,000 towers. PTI |
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Rel Media firms up stake in Fame
Mumbai, June 14 Three entities of the Anil Dhirubhai Ambani Group (ADAG) -- Reliance MediaWorks, Reliance Capital and Reliance Capital Partners -- acquired 19,792 shares, or 0.06 per cent stake, of Fame India through open market transactions. The acquisition of shares was made on June 11, multiplex chain Fame India said today. Post-purchase, the combined holding of the ADAG companies in Fame India stands at 15.34 per cent. ADAG firms purchased shares at an average price of Rs 82.46 a piece and the highest price paid was Rs 83.25, the disclosure said. ADAG firms, on June 7, had acquired a 0.25 per cent stake to raise holding in Fame India to 15.28 per cent. PTI |
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Maran offers to buy 20 pc more in SpiceJet
New Delhi, June 14 The move comes two days after Maran, chairman and MD of Chennai-based Sun TV Network, agreed to acquire 37.73 per cent stake in the company in his individual capacity and through his aviation company KAL Airways, at Rs 57.76 a share -- a premium of 3 per cent over Friday's closing of Rs 56.05. "The acquirers... hereby make this offer to shareholders of the target (SpiceJet) to acquire up to 8,29,80,161 equity shares... of face value of Rs 10 each, representing in aggregate 20 per cent of ...the target company at a price of Rs 57.76 per fully paid-up equity share...," KAL Airways' offer manager Enam Securities said in an advertisement today. The offer, to be launched on August 6, will close on August 25, it said. Last week, Maran and KAL Airways acquired the stake from former SpiceJet promoters American investor Wilbur Ross and his investment companies, and Kansagara family-promoted Royal Holding Services Ltd. Maran bought the 37.73 per cent stake at a price of around Rs 47.25 per share, entailing a total payout of about Rs 739 crore. As on March 31, 2010, the public shareholding in SpiceJet stood at 87.15 per cent, including 34.28 per cent held by institutional investors from India and abroad. Maran's Sun TV Network has a significant presence in the print and television media. PTI
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Uco Bank FPO to raise Rs 500 cr
Patna, June 14 "We are planning to raise Rs 500 crore through an FPO in July," Uco Bank chairman and managing director S K Goel said on the sidelines of a bankers' meeting here. The money raised through the public offer will help the bank increase its business. On June 12, the government approved the infusion of Rs 375 crore into Uco Bank, along with four other public sector banks, in a move intended to bolster lending to various sectors of the economy. A week before, on June 6, the government had infused Rs 300 crore into Uco Bank. Uco Bank's board of directors, at its meeting on January 30, decided to issue 6 crore equity shares with a face value of Rs 10 each at a suitable premium for raising funds through a public offer. PTI
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Selloff nod for EIL
New Delhi, June 14 "The Ministry of Petroleum and Natural Gas has granted its approval for the offer, involving disinvestment of 10 per cent paid-up equity share capital of the company out of its holding in the company," EIL said in a statement. The government holds 90.4 per cent stake in EIL, which provides design and engineering services for petroleum, power and fertiliser companies. At the current market price, the government is expected to raise about Rs 1,100-1,200 crore through the sale of 10 per cent stake in EIL. The government has already appointed HSBC Holdings Plc, ICICI Securities, SBI Capital Markets and IDFC Capital as merchant bankers to manage the consultancy's further or follow-on public offering (FPO). It has also appointed law firm Luthra and Luthra as legal advisers for the offering. Sources said the financial and legal advisers are in the process of preparing a draft red-herring prospectus, which is likely to be filed with Sebi by mid-June. Sebi approvals may take about a month and the FPO was likely to hit the market by the third or fourth week of July, they said. EIL last month reported a 25.43 per cent rise in consolidated net profit to Rs 440.47 crore for the 2009-10 fiscal. As a prelude to divestment, EIL paid a 1,000 per cent (Rs 100 per share) special dividend totalling Rs 561.65 crore. Of this, the government got Rs 507.65 crore, in addition to a dividend tax of over Rs 96 crore. The sources said the company would now issue two bonus shares for every one held and subsequently split the Rs 10 share into two of Rs 5 each. EIL, which had a cash reserve of Rs 1,320 crore as on March 31, 2009, has till date given Rs 600 crore in dividend to the government on a Rs 25-lakh share capital that formed the company in 1965. PTI
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Tata Tele users cross 70 mn
New Delhi, June 14 The company has crossed the milestone within a span of five years since its launch in early 2005. The achievement of 70 million users by TTSL is all the more commendable as the company has shown a subscriber growth rate of more than 100 per cent in the last 12 months -- from 35 million in May 2009, TTSL said in a statement. "We thank and appreciate every subscriber's faith in us as a transparent, caring and efficient telecom services company," TTSL MD Anil Sardana said. "With the countdown on 3G services having begun, we will continue to walk the innovation path, providing our customers with differentiated products and services, which will take telecom (services) to the next level," he added. According to TRAI, telcos added 16.9 million mobile users in April, taking the total number of telephone subscribers in the country to 638.05 million.
PTI |
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SBI buys back 13.84 pc in SBI Cap from ADB
Mumbai, June 14 The transaction makes SBI Caps a wholly-owned subsidiary of the SBI. The ADB, which bought the stake in 1997, decided to exit as it wanted to invest in "other development activities and ventures" in the country and felt that it had achieved its initial goal of "giving a fillip" to the local firm, SBI Caps MD and CEO S Vishvanathan said. According to a senior official with the State Bank group, the SBI paid a hefty premium for the ADB's stake. It decided to buy back the shares as the ADB's holding contributed "hardly any value" to the company any more, as the agency had achieved its investment goal in SBI Caps. Asked whether the SBI plans to sell the stake to another partner, the official said the SBI was unlikely to look for another partner in the near future and was likely to keep the entity as a wholly-owned subsidiary of the bank. PTI
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Suzuki unfolds costliest bike
New Delhi, June 14 Suzuki Motorcycle India, the wholly-owned subsidiary of the Japanese giant, doled out another superbike Bandit1250S worth Rs 8.5 lakh. It currently sells two more premium bikes -- Hayabusa and Intruder -- costing Rs 12.5 lakh each. "This launch is in line with our aim to deliver outstanding technology and performance to the Indian market. We are pleased to offer exciting riding experience to pro-bikers," Suzuki Motorcycle India (SMIPL) chairman Katsumi Takata said in a statement. "We are targeting to sell together over 200 units in the first year. In the case of Hayabusa and Intruder also, we had sold about 200 units in the first year," SMIPL vice-president (Sales and Marketing) Atul Gupta said. With the launch of these two 1000 cc and 1255 cc bikes, the company expected to continue the momentum that had begun with the launch of Hayabusa and Intruder, he added. PTI |
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New Delhi, June 14
After July, the trend of monsoon (will become)... known. Inflationary pressure will start coming down. 
There is no doubt that in the first few months there has been a rise in inflation. Our assessment is that it is going to come down towards the end of the year. 
The picture is clear that inflationary pressures are now stronger. So, some action will be called for by the RBI in terms of policy tightening... Some action on the demand side. 
It is always a matter of concern. Something more needs to be done by the RBI. The bank is already doing it... (We are) in touch with it. 
The purpose of creating a separate firm is to secure business from other telecom and broadband players, including Mukesh Ambani-led RIL, while at the same time cutting debts of RCom, which has also decided for a strategic sale of 26 per cent equity.