Times of IndiaPosted by Yogesh on Friday, 8 August, 2008
NEW YORK: Citigroup has reached a multibillion-dollar settlement with regulators and governments on claims it improperly urged customers to buy a type of bond that fell apart in conjunction with the subprime mortgage crisis.
Citigroup will buy back from customers $7.5 billion worth of auction-rate securities – a type of bond the interest rate of which are set at periodic auctions, according to Thursday’s settlement. Read the rest of this entry »
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Posted by Yogesh on Friday, 8 August, 2008
NEW DELHI: Government on Friday infused fresh lease of life into the struggling Punjab and Sind Bank by restructuring its equity so that the PSU bank can raise money from the capital market.
The decision to revamp the capital structure of the weak bank was taken by the Union Cabinet here.
“Restructuring would enable the bank to go for initial public offer…for raising additional capital from the market,” Science and Technology Minister Kapil Sibal told reporters after the Cabinet meeting. Read the rest of this entry »
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Posted by Yogesh on Friday, 8 August, 2008
BANGALORE: Mobile telephony has grown rapidly in India, especially during the last three years, with India becoming the second-largest wireless market in the world, says a World Bank study.
The number of wireless subscribers in the country has reached 250 million, making India the second-largest wireless market in the world, says the study, The Role of Mobile Phones in Sustainable Rural Poverty Reduction. Read the rest of this entry »
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Posted by Yogesh on Friday, 8 August, 2008
MILAN (Thomson Financial) – Eni SpA said it now holds 47.17 percent of India’s HOEC, after completing a mandatory bid for 20 percent of the company for a total outlay of about 57 million euros.
The bid ran from July 2 to July 21 and was 1.5 times oversubscribed.
Eni had to carry out the bid after buying Burren Energy Plc, which resulted in an indirect acquisition of 27.17 percent of HOEC. Source CNBC
Posted in Corporate News | Tagged: HOEC, Mergers Acquisitions | Leave a Comment »
Posted by Yogesh on Friday, 8 August, 2008
MUMBAI (Thomson Financial) – India-based state run MMTC said it invited bids to import 63,000 metric tonnes of pulses, expected to arrive between August and December this year.
The last date for submission of bids is Aug. 14, the company said on its website. Read the rest of this entry »
Posted in Corporate News | Tagged: MMTC, pulses, tender | Leave a Comment »
Posted by Yogesh on Friday, 8 August, 2008
MUMBAI (Thomson Financial) – Heavy engineering major Bharat Heavy Electricals Ltd. (BHEL) said it has won an over 4 billion rupees turnkey contract for a hydro power project in Rwanda in east Africa. The company said in a release that the Nyaborongo hydro electric power project is funded by the government of India’s line of credit to the government of Rwanda and is the first order received by BHEL from Rwanda. Source CNBC
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Posted by Yogesh on Friday, 8 August, 2008
LONDON (Thomson Financial) – India’s Bombay Stock Exchange (BSE) said it applied to the securities watchdog the Securities and Exchange Board of India (SEBI) to set up a currency derivatives segment.
The stock exchange, Asia’s oldest, said it is awaiting SEBI approval, after which it will prepare to launch the segment.
BSE said it is exploring strategic arrangements with certain established entities in the forex market. Source CNBC
Posted in Corporate News | Tagged: BSE, currency derivatives | 1 Comment »
Posted by Yogesh on Friday, 8 August, 2008
MUMBAI (Thomson Financial) – India said it approved plans to invest two billion rupees in prospecting and exploration of potential areas to boost uranium resources. “This would help in augmenting uranium resources by 75,000 tonnes for the country’s nuclear power programme,” the cabinet committee on economic affairs said in a statement.
Posted in Indian Economy | Tagged: Investment, uranium | 1 Comment »
Posted by Yogesh on Friday, 8 August, 2008
MUMBAI – Investors in Indian shares should keep away from resources and bet on battered bank and realty stocks as falling commodity prices will douse inflation, soften interest rates and boost earnings, an ABN AMRO fund manager said.
K.C. Reddy, chief investment officer of ABN AMRO Asset Management , said demand for commodities was Read the rest of this entry »
Posted in Indian Economy, Sector Spotlight | Tagged: Banking Sector, Real Estate | 1 Comment »
Posted by Yogesh on Friday, 8 August, 2008
MUMBAI official said.
“Transactions where debt financing is an important aspect are certainly more difficult today, but deals involving companies with strong balance sheets still look promising,” Ranjit Lakhanpal, managing director of investment banking and head of corporate finance in India, said in an interview.
Posted in Corporate News | Tagged: Mergers Acquisitions | Leave a Comment »
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