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July 27 (Reuters) – India’s central bank said on Tuesday consumer price inflation remains at elevated levels and demand-side pressures need to be contained.
At its quarterly policy review, the bank also said real policy rates are not consistent with strong economic growth. (Reporting by Jeanette Rodrigues; editing by Surojit Gupta)
July 23 (Reuters) – Wipro Ltd, India’s No. 3 software firm, expects a stable pricing environment and hopes to maintain its margins in the next 4-6 quarters, chief financial officer Suresh Senapaty told reporters on Friday.
Earlier Wipro (WIPR.BO) posted a higher-than-expected 31 percent rise in quarterly profit as global demand for outsourcing improved [ID:nSGE66K09K] ($1=47.1 rupees) (Reporting by Bharghavi Nagaraju; editing by Surojit Gupta)
MUMBAI, July 14 (Reuters) – India’s Tata Steel (TISC.BO) on Wednesday denied a media report the company was planning to raise about $2 billion through fresh equity over the next quarter to help fund expansion. “Nothing at this point,” a spokesman told Reuters when asked about fund raising plans. Citing unnamed bankers, the Financial Chronicle newspaper on Wednesday reported the steelmaker was looking to raise funds either by selling shares to institutions or through an issue of global depositary receipts. [ID:nSGE66D03D]
The company had sounded out investment banks to finalise a lead arranger for the offering, it said.
Tata Steel is the world’s 7th largest steelmaker by output, according to the World Steel Association rankings released on Tuesday, up from the eighth spot.
In May, Tata Steel’s finance head, Koushik Chatterjee, had said the company was looking at options to raise equity and was seeking long-term funds for steel projects, mainly to raise capacity in India, where demand is growing in double digits.
Subsequently, its board approved issuing up to 15 million shares and 12 million convertible warrants to founder Tata Sons on a preferential basis, with the price to be decided later.
Tata Steel, which bought Europe’s second-largest steelmaker Corus in 2007, raised $500 million last July by listing global depositary receipts (TISCq.L) on the London Stock Exchange to expand in India and in the United Kingdom. [ID:nBOM19179]
The company’s gross debt stood at $12.9 billion at end of last December.
Shares in Tata Steel, valued at $9.7 billion by the market, were trading 0.9 percent higher by 0630 GMT, in a Mumbai market .BSESN up 0.5 percent. The stock had risen as much as 2.2 percent in opening trades. (Reporting by Surojit Gupta and Prashant Mehra; Editing by Ranjit Gangadharan)
July 14 (Reuters) – India’s Tata Steel (TISC.BO), the world’s No. 8 steelmaker, on Wednesday denied a media report the company was planning to raise about $2 billion through fresh equity over the next quarter to help fund expansion. “Nothing at this point,” a Tata Steel spokesman told Reuters when asked about fund raising plans. The Financial Chronicle newspaper had reported citing bankers familiar with the development, the steelmaker had sounded out investment banks to finalise a lead arranger for the offering. [ID:nSGE66D03D] (Reporting by Surojit Gupta; Editing by Ranjit Gangadharan)
June 29 (Reuters) – Personal care products maker Godrej Consumer Products Ltd (GOCP.BO) on Tuesday launched a $87 million share sale to institutions, two sources with direct knowledge told Reuters.
The issue has an option to be raised to $130 million, they said.
Godrej is selling shares to institutions at 345 rupees per share, sources said adding that the issue is likely to be closed by evening.
Kotak Mahindra Bank (KTKM.BO) and HSBC Holdings Plc (HSBA.L) are the bankers to the issue. (Reporting by Nandita Bose and Indulal P.M.; Editing by Surojit Gupta) ((nandita.bose@thomsonreuters.com; tel: 91 22 6636 7374; Reuters Messaging: nandita.bose.reuters.com@reuters.net)) (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)
June 29 (Reuters) – State-run Oil and Natural Gas Corp (ONGC.BO) is planning an investment of 45.80 billion rupees ($986 million) to buy 14 oil and gas rigs, the Mint newspaper reported on Tuesday, citing an unnamed company official.
Energy | Industrials
The company wants to acquire 10 onshore rigs for 9 billion rupees from state-owned Bharat Heavy Electricals Ltd (BHEL) and float tenders for four offshore rigs that may require an investment of 36.80 billion rupees, the report said.
“For onshore rigs we will go with BHEL. We have got quotations from them,” an ONGC official was quoted as saying. “For offshore jackup rigs, once we crystalize the design, we will go for tendering.” ($1=46.45 rupees) (Writing by Ruchira Singh; editing by Surojit Gupta)
June 29 (Reuters) – State Bank of India (SBI.BO), India’s largest lender, said on Tuesday it would set its so-called base rate at 7.5 percent.
Financials
The base rate would be effective from July 1.
The central bank introduced the new lending rate system or the base rate to ensure that larger borrowers do not bargain for cheaper rates from banks, distorting their asset liability management. [ID:nSGE6190MI]. (Reporting by Sumeet Chatterjee; editing by Surojit Gupta)
June 25 (Reuters) – Hindustan Construction Company Ltd (HCNS.BO) will begin its Vikhroli slum redevelopment project by October, a top company official said on Friday. The firm will develop 16 acres out of the 48 acres for which it has received approval two weeks ago from the Slum Rehabilitation Authority, Rajgopal Nogja, president , HCC Real estate told reporters. (Reporting by Rajesh Kurup and Prashant Mehra; editing by Surojit Gupta)
June 11 (Reuters) – Reliance Industries (RELI.BO), India’s largest-listed conglomerate, said on Friday it will buy a 95 percent stake in Infotel Broadband Services for 48 billion rupees ($1.03 billion).
Energy
Unlisted Infotel Broadband Services is the only firm to win broadband spectrum in all 22 zones in India in an auction that ended on Friday. The firm is paying 128.48 billion rupees ($2.7 billion) for the spectrum, the government said. ($1=46.8 billion) (Reporting by Pratish Narayanan; editing by Surojit Gupta)
May 31 (Reuters) – India’s consumer price index (CPI) rose 13.33 percent in April from a year earlier, lower than March’s annual rise of 14.86 percent, government data showed on Monday.
The consumer price index for industrial workers remained steady at 170 in April.
India’s annual wholesale inflation INWPI=ECI rose to 9.59 percent in April, compared with 9.90 percent rise in March and 1.31 percent a year ago.
The wholesale price inflation is more closely watched in India because it covers a higher number of products. (Reporting by Rajesh Kumar Singh; editing by Surojit Gupta)
Standard Chartered will raise up to $588 million in an India share sale to be launched on Tuesday, less than an earlier target of as much as $750 million, based on pricing details the bank announced on Sunday.
The emerging markets-focused British bank said it fixed the price band for its sale of Indian Depositary Receipts (IDRs) at 100-115 rupees per share. Standard Chartered said it will give an additional five percent discount to retail investors for its IDRs, which are the first by any issuer.
In late March, StanChart said it aimed to raise at least $500 million and not more than $750 million in its IDR sale. Since then, London-listed shares in the lender have fallen nearly 9 percent amid a broader global selloff.
The offer to sell 240 million shares will open on Tuesday and close on Friday. Allotment of the IDRs will be completed by June 7, with listing on the Bombay Stock Exchange and the National Stock Exchange of India shortly thereafter.
Ten IDRs will represent one share of the bank, and the new shares would constitute 1.16 percent of the post-issue paid-up capital of the bank, it said.
London-based StanChart, which is also listed in Hong Kong, intends to use the IDR issue to raise its profile in its second-largest market.
The bank has hired UBS AG, Goldman Sachs, JM Financial Consultants, Bank of America-Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets to manage the offering.
StanChart has appointed its SBI Capital Markets unit as a joint-book running lead manager.
(Reporting by Sumeet Chatterjee; Editing by Surojit Gupta and Krittivas Mukherjee)
Reliance Industries, controlled by billionaire businessman Mukesh Ambani, and Reliance ADA Group, led by his brother Anil Ambani, on Sunday agreed to cancel all existing non-compete pacts which the groups had signed in 2006.
Reliance ADA Group said in statement the two groups have entered into a new and simpler non-compete pact only for gas-based power generation.
(Reporting by Devidutta Tripathy; editing by Surojit Gupta and Louise Heavens)
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