IN FOCUS July 30, 2011 Weekly Indicators “The greater the difficulty the more glory in surmounting it. Skillful pilots gain their Indicators Current Last Week reputation from storms and tempests.” – Epictetus. Sensex 18,197 18,722 RBI ups repo rate by a steep 50 bps in a bid to control Inflation Nifty 5,482 5,634 The RBI signaled that it remains firmly focused on bringing down inflation even as it Food Inflation 7.33% 7.58%

took some comfort in the fact that slowdown in the economy was not sharp or Exchange Rates widespread. In the first-quarter review of its monetary policy for FY12, the RBI raised Currency Current Last Week repo rate by a higher-than-expected 50 basis points to 8%. As a result, reverse repo US$1 Rs.44.1553 Rs.44.3763 rate was adjusted 50 bps higher to 7%, and marginal standing facility also by 50 bps € 1 Rs. 63.1018 Rs. 63.8745 to 9%. Moreover, the central bank seemed to be hoping a slowdown in the economy JP¥ 100 Rs. 56.95 Rs. 56.45 would ease inflation. Though the central bank retained its FY12 GDP Growth estimate £ 1 Rs. 72.1034 Rs. 72.3422 at around 8%, it raised its projection for March-end headline inflation to 7% from 6%. Since March 2010, RBI has hiked repo rate by 325 bps in order to control inflation. Global Economic and Corporate News SEBI announces new takeover code, raises open offer size to 26% Emirates Aluminium announces USD 4.5 bn Phase-II expansion SEBI today issued the much- awaited amendments to the Takeover Code, making it UAE-based Emirates Aluminium (EMAL) has mandatory for an entity, which buys more than 25% in a listed company, to make an announced that the second phase of its USD 4.5 bn project to expand capacity of its aluminium smelter open offer to minority shareholders for at least 26% of the total issued capital of the unit in Abu Dhabi is set to get underway, after the company. Until now, an entity had to make an open offer for at least 20% if it crossed company's board of directors approved the the trigger limit of 15%. The move effectively ensures that an entity making an open investment. offer could possibly get a minimum 51% holding in the target company. The regulator Taylor Bean Liquidation Plan Is Cleared also scrapped the non-compete fee usually given by an acquirer to promoters of a A Florida bankruptcy judge approved Taylor Bean & Whitaker Mortgage Corp.'s liquidation plan, signaling target company. "There shall be no separate provision for non-compete fee and all the end for what was once among the nation's shareholders shall be given exit at the same price," SEBI Chairman U.K. Sinha said, largest mortgage lenders before collapsing 2 years addressing a press conference. In cases of competitive offers, the successful bidder ago under the weight of a multi bn dollar bank fraud. can acquire shares of other bidders after the offer period without triggering the open Bank of Spain to Take Over CAM offer clause. The new norms will be applicable after the regulator notifies them. Sinha Spain's central bank decided to take over Caja de Ahorrosdel Mediterraneo as the country's plans to did not specify a timeframe but said it will implement the code at the earliest. On clean up its ailing savings banks enter their final compulsory delisting of companies in case of an acquisition, Sinha said it would not be phase. required and the current provisions regarding delisting will continue. Chilean union will extend strike at Escondida mine Cabinet clears draft Lokpal bill; PM, judiciary out of purview The largest union at Chile's Escondida copper mine The Union Cabinet today approved the draft of the anti-corruption Lokpal Bill, voted to "indefinitely" extend a strike at the mine, excluding the prime minister and the judiciary from its purview. "The bill provides for which is controlled by global diversified miner BHP Billiton Ltd. (BHP, BHP.AU). the establishment of the institution of Lokpal to inquire in allegations of corruption Bank of China in race to buy RBS Aviation against certain public functionaries...," Information and Broadcasting Minister Ambika Capital Soni said after the Cabinet meeting. However, allegations of corruption made in The Bank of China Ltd (3988.HK) has joined the race respect to a prime minister could be probed after he has demitted office, a to buy Royal Bank of Scotland PLC's aircraft leasing business, but faces a battle with Guy Hands' Terra government release said. The Lokpal will also have powers to attach the property of Firma and General Electric Co. corrupt public servants acquired through corrupt means, it said. Soni said the GE Bases X-Ray Unit in China proposed bill, which will be introduced within the first two days of the monsoon General Electric Co. said it is moving its X-ray session of Parliament, envisages setting up a Lokpal comprising a chairperson and business headquarters to China to accelerate sales in eight members with the stipulation that half of the members shall be judicial. The the country's fast-growing health-care market, the latest sign of China's growing importance to the giant institution will have its own investigation and prosecution wings with such officers and U.S. conglomerate. staff as are necessary to carry out its functions, Soni said. The draft bill is different Nissan Sets China Expansion Plan from what social activists led by Anna Hazare had proposed, seeking to bring under Japan's Nissan Motor Co. announced a significant Lokpal's purview the prime minister and the judiciary. Hazare contends that the official expansion of its production capacity in China, version falls "far short" of people's expectations. including a joint venture plant to produce micro minivans. Greek banks' borrowing from ECB hit high in June Blackberry maker RIM to cut 2,000 jobs Greek banks further increased their borrowings from the European Central Bank in worldwide June to EUR 103.0 bn for the second month running, hitting a record high. That is up Research In Motion (RIM) will slash around 2,000 jobs worldwide, as the Blackberry maker embarks on from EUR 97.5 bn in May and EUR 86.9 bn in April as the banks stepped up their cost-cutting to bolster its position in the highly reliance on the ECB's emergency facility offered to banks in Europe, facing liquidity competitive smartphones market. squeezes. In May 2010, the Greek government narrowly avoided default with the help GlaxoSmithKline buys back 1.6 mn shares of a EUR 110 bn bailout from the European Union and the IMF, but its bonds have GlaxoSmithKline PLC (GSK.LN), the drug giant, since been downgraded to junk status. Since then, Greek banks have been effectively announced that it purchased 1,600,000 of its Ordinary shares on July 25, 2011. frozen out of European interbank markets amid fears that a Greek sovereign default would drag down the country's banks. Greece's four main lenders--the National Bank Nishita Shah Parsekar of Greece SA, EFG Eurobank Ergasias SA , Alpha Bank AE and Piraeus Bank SA -- have [email protected] all been under pressure to reduce their dependence on ECB liquidity. Please refer to important disclosures at the end of the report For Private Circulation Only. Sushil Financial Services Private Limited Member : BSEL, SEBI Regn.No. INB/F010982338 | NSEIL, SEBI Regn.No.INB/F230607435. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : [email protected]

Info-Spectrum Bridging the Information Gap in Corporate Landscape

INDEX

1. Economy 03-10

2. Infrastructure 11-23

3. Sectors 24-60 A. IT & ITeS 24-27 B. Pharma & Healthcare 28-31 C. Telecom 32-33

D. Banking & Financial Services 34-40 E. Steel, Metals & Minerals 41-45 F. Auto & Auto Ancillaries 46-49 G. Miscellaneous 50-60 4. Earnings 61-65

5. Global Economy & Business 66-78

A. Global Economy 66-70 B. Global Business 71-78

Weekly Newsletter 2 Info-Spectrum Bridging the Information Gap in Corporate Landscape

ECONOMY ECONOMY: C. Rangarajan, the head of Prime Minister's Economic Advisory Council, has said inflation needs to be brought down to the "more comfortable zone of 5%". Chief Economic Adviser to the Finance Ministry Kaushik Basu expects inflation to come down to 6.5- 7.5% by March end. COMMODITIES: Allegations of chemical contamination in rapeseed meal and soymeal exports to China threaten to affect India's exports worth Rs.6 bn. Government restores Duty Entitlement Pass Book scheme on export of cotton and cotton yarn with retrospective effect. DEFENCE: Foreign Investment Promotion Board says non-defence foreign companies can invest in the sector up to the 26% sectoral foreign direct investment cap. ENVIRONMENT: Prime Minister Manmohan Singh says to soon form national environment body to grant industry clearances. GOVERNMENT: The government will buy back around Rs.70 bn of fertilizer bonds Jul 22-29. Finance Minister Pranab Mukherjee is to meet corporate bigwigs on Aug 1 to allay fears on reforms and growth. The finance ministry is exploring the option of introducing tax deducted at source or TDS in the service sector to stem tax evasion. TAXATION: Finance ministry to soon announce new accounting regime for taxation purposes. India and Lithuania signed a double taxation avoidance agreement. FARM: The Delhi High Court has stayed allocation of export quotas for non-basmati rice until Aug 10. MONSOON: India Meteorological Department says southwest monsoon rainfall 23% below normal for the week to Jul 27. The weighted average rainfall during the week was 51.8 mm compared with normal rainfall of 67.3 mm. POLITICS: Karnataka Chief Minister B.S. Yeddyurappa has sent his resignation to Bharatiya Janata Party President Nitin Gadkari. Jul 16 primary article inflation at 21-mo low of 10.49% India's primary articles inflation rate for the week ended Jul 16 slipped to a 21-month low of 10.49% from 11.13% in the previous week primarily because of statistical impact of a high base. Primary articles inflation was down even as the index was up 0.2% to 198.0. In the year-ago period, its index had risen 0.73% week- on-week. Food articles inflation for the week also fell to an over two-year low of 7.33% from 7.58% a week earlier also because of a high base effect. The index for the segment was up 0.8% to 193.3. Prices of vegetables rose by 4% during the week, with potatoes up 6%. Price of jowar was down 4%, while ragi and poultry chicken slipped 2% each. Food price inflation has also been spilling over to non-food inflation. For week ended Jul 16, non-food articles inflation rate rose to 16.05%, compared with 15.50% in the previous week mainly because of higher prices of oilseeds (1%). Non-food articles index rose by 0.3% to 176.4. The mineral group index declined by 3.7% to 303.0 because of lower prices of zinc concentrate (by 33%), barytes and limestone (12% each), and iron ore (10%). Mineral group inflation rate was down to 23.12% from 27.87%. The fuel group inflation rate in the week to Jul 16 was slightly higher at 12.12% compared with 11.89% the previous week, however, the index remained unchanged at 165.6.

Weekly Newsletter 3 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Eyeing inflation, RBI ups repo rate by a steep 50 bps; stumps mkts The Reserve Bank of India signalled that it remains firmly focussed on bringing down inflation even as it took some comfort in the fact that slowdown in the economy was not sharp or widespread. In the first-quarter review of its monetary policy for 2011-12 (Apr-Mar), the RBI raised repo rate by a higher-than-expected 50 basis points to 8%. As a result, reverse repo rate was adjusted 50 bps higher to 7%, and marginal standing facility also by 50 bps to 9%. Moreover, the central bank seemed to be hoping a slowdown in the economy would ease inflation. The steep increase in policy rates stumped the markets, which had nearly factored in a moderate 25 bps hike. Post the policy statement, the 50-share Nifty fell 1.5%, slipping below the 5600- mark, while the yield on the benchmark 7.80%, 2021 government bond shot up almost 10 bps, and swap rates by 10 bps. Though the central bank retained around 8% its estimate for 2011-12 gross domestic product growth, it raised its projection for March-end headline inflation to 7% from 6% announced in the May policy. Since March 2010, the central bank has hiked repo rate by 325 bps in order to control inflation. India, Lithuania sign double taxation avoidance agreement India and Lithuania signed a double taxation avoidance agreement to provide tax stability and stimulate investment, technology and services flow between the two countries. "The DTAA provides that business profits will be taxable in the source state if the activities of an enterprise constitute a permanent establishment in the source state," the government said in a press release. The release said dividends, interest and royalties, fees for technical services income will be taxed in both the country of residence and in the country of source. "The low level of withholding rates of taxation for dividend (5% & 15%), interest (10%) and royalties & fees for technical services (10%) will promote greater investments, flow of technology and technical services between the two countries," it said. The agreement further incorporates provisions for effective exchange of information and collection of taxes between the authorities of the two countries, it said. Lithuania is the first Baltic country with which DTAA has been signed by India. IMD says rains to be weak over northwest, peninsula next 2 wks The southwest monsoon rains are likely to remain weak over northwest India and southern peninsula in the next fortnight. Northeast India, however, is likely to get fairly widespread rains during the fortnight. The rainfall is likely to be fairly widespread along the west coast, foothills of Himalayas and over northeastern states but scattered over northwest India during the week ending Aug 5. Rains are likely to be scattered over central, east India and adjoining peninsula in the first half of the week ending Aug 5 and increase thereafter. During the week, rainfall is likely to remain subdued over Gujarat and southeast peninsula. Gujarat has so far had the worst rains among bigger states. Rainfall is likely to be fairly widespread over central, east and northeast India in the week to Aug 12 due to shifting of monsoon trough to its near-normal position. The monsoon trough, which is currently near normal position, is likely to move northwards in the first half of next week before shifting back to normal position. However, the rainfall is likely to be scattered over northwest and south peninsula during the week ending Aug 12. As on today, the cumulative rainfall in the country during the season so far was 5% below normal at 405.6 mm. PM says to soon set up independent environment regulator An independent regulator would soon be set up to bring in a "complete change in the process of granting environmental clearances" to industrial projects, Prime Minister Manmohan Singh said. "A major challenge ahead is to put in place a legal and regulatory framework which is effective in protecting the environment, but without bringing back the hated licence permit raj of the pre-1991 period," the prime minister said while delivering a valedictory address at the end of three-day International Seminar on Global Environment and Disaster Management: Law and Society. A draft note for setting up the independent regulator--the National Environment Appraisal and Monitoring Authority--is already in the public domain for suggestions and comments. "Staffed by dedicated professionals, it will work on a full-time basis to evolve better and more objective standards of scrutiny," he said. Source says govt to pay Rs.150 bn to oil cos as Apr-Jun subsidy The government will pay a cash subsidy of Rs.150 bn to the state-owned oil marketing companies to compensate for their losses on sale of diesel and cooking fuels at regulated rates during Apr-Jun. This is nearly half the Rs.290 bn compensation sought by the petroleum ministry. The three state-owned fuel retailers--Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd--are estimated to have incurred losses to the tune of Rs.430 bn during the quarter ended Jun 30. The petroleum ministry is likely to ask the upstream oil companies to shoulder Rs.140 bn of the losses, and wanted the government to bear the remaining Rs.290 bn. As per an ad-hoc subsidy sharing mechanism, the state-owned upstream

Weekly Newsletter 4 Info-Spectrum Bridging the Information Gap in Corporate Landscape companies--Oil and Natural Gas Corp Ltd, Oil India Ltd and GAIL (India) Ltd--share around one-third of the revenue losses incurred by state-owned oil retailers on sale of subsidised fuel. India week to Jul 27 rainfall 51.8 mm, 23% below normal The southwest monsoon rainfall in the country worsened to 23% below normal in the week to Jul 27 from 7% above normal a week ago. During the week, the country got weighted average rainfall of 51.8 mm compared with the normal 67.3 mm. The rainfall during the week was 29% lower than 72.9 mm a week ago. In the week to Jul 27, rainfall was deficient or scanty in 26 of the 36 meteorological subdivisions in the country compared with eight a week ago. Among the states, the rainfall was deficient in Gujarat, Maharashtra, Rajasthan and Orissa during the week. Cumulative rainfall during the season so far was 399.1 mm, 4% below the normal level of 415.0 mm. The department has projected overall rainfall for the four- month season ending Sep 30 at 95% of the long period average, or 5% below the normal level of 887.5 mm. Southwest monsoon rains were 11% above normal in June but worsened in July. India Jun CPI-IW inflation 8.62% vs 8.72% May India's annual inflation rate based on the Consumer Price Index for Industrial Workers for June fell to 8.62% from 8.72% a month ago, the Labour Bureau said. CPI-IW inflation rate was 13.73% a year ago. The inflation rate based on CPI-IW food index for June fell to 6.91% from 7.61% a month ago. In June, the index for CPI-IW increased to 189 from 187 a month ago. The inflation rate based on CPI-IW is lower than the one based on the Wholesale Price Index. The headline inflation rate based on WPI was at 9.44% in June. The government calculates CPI separately for industrial workers, agricultural labourers and rural labourers. In June, the inflation rate based on CPI for agricultural labourers fell to 9.32 while CPI for rural workers fell to 9.14 from 9.63% in May. Balrampur Chini 2010-11 sugar output 6.53 mn tn vs 5.03 mn BalrampurChini Mills Ltd produced 6.53 mn tn sugar in 2010-11 (Oct-Sep), against 5.03 mn tn produced last year. Its sugar recovery from cane rose to 9.40% from 9.35% a year ago. BalrampurChini said India's sugar output for 2010-11 sugar season is likely to be 24.3 mn tn, marginally higher than the Indian Sugar Mills Associations' estimate of 24.2 mn tn. The company said sugar production for 2011-12 season is estimated to be higher at 26 mn tn due to increased acreage across sugar-growing states and improvement in recoveries. BalrampurChini Mills Ltd is one of the largest integrated sugar manufacturing companies in the country. The company sold 6,493 kL of ethanol in the first quarter of 2011-12 financial year. Govt mulling more autonomy to PSUs for foreign acquisitions The government is finalising a new policy to allow public sector companies to freely decide on overseas acquisitions of up to Rs.250 bn, Secretary in the Department of Public Enterprises Bhaskar Chatterjee said. The new policy would be applicable for buying global oil, gas, coal and mineral assets, except uranium reserves. At present, companies with Maharatna status can invest up to Rs.50 bn or 15% of their net worth without reference to the government. Navaratna companies can take independent decisions for acquisitions of up to Rs.10 bn or 15% of their net worth. Chatterjee said the policy also proposes to set up a government fund to aid public sector enterprises interested in buying overseas assets. Govt OKs higher non-levy sugar quota for Aug at 1.7 mn tn The government has allowed sale of 1.703 mn tn non levy sugar for August, up from 1.56 mn tn approved for this month, and has decided not to extend the Jul 31 deadline for selling of the July quota, a sugar directorate official said. "There is no extension for the July quota," the official said. Non-levy sugar supplies for August include 1.7 mn tn of free sale quota and 3,000 tn of whites refined from imported raws. The official said total sugar supplies for August would be 1.925 mn tn, including 222,000 tn of levy sugar against 1.77 mn tn in July. The government usually releases more sugar for sale in August to meet the festival season demand. CBDT head says confident of meeting FY12 direct tax mop-up aim The tax department is confident of meeting its direct tax mop-up target of Rs.5.32 trn for 2011-12 financial year ending March, Central Board of Direct Taxes Chairman Prakash Chandra said. "I don't see any reason for not meeting our direct tax collection for this year," Chandra told reporters. The country's direct tax collections fell 16.6% on year to Rs.572.68 bn during Apr-Jun due to a sharp rise in refunds. India's direct tax mop-up was at Rs.4.31 trn in 2010-11 financial year, lower than the government's revised target of Rs.4.46 trn.

Weekly Newsletter 5 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Source says govt may get Rs.150 bn dividend from RBI mid-Aug The Reserve Bank of India is likely to pay a dividend of Rs.150 bn to the government by the second week of August, a senior finance ministry official told. "As per internal calculations, we should receive around Rs.150 bn," the official said. "Hopefully, the money should come in by mid-August." The payment would help ease the strain on government's finances that are likely to be under pressure next month due to tax refunds. The Union Budget 2011-12 (Apr-Mar) has estimated the dividend from banks and the RBI at Rs.191 bn. Shree Renuka Sugars Kandla refinery commissioned Shree Renuka Sugars has commissioned a 3,000 tonnes per day sugar refinery and a 45 MW co-generation plant near Kandla port in Gujarat. With this the total refining capacity of the company increases to17 lakh tonnes a year. The company also operates a 2,000 tonnes per day sugar refinery near Haldia port in West Bengal. India, the world's top sugar consumer, is expected to manufacture 24.2 mn tonnes of sugar in 2010- 11 and the output may jump to 26.5 mn tonnes in 2011-12, according to industry estimates. Panel clears Rs.9,428 cr for irrigation projects The Planning Commission has approved the revised investment clearance of Rs.9,428 crore for the J Chokka Rao Godavari Lift Irrigation Scheme. The project to be implemented in three phases, will irrigate 6.2 lakh acres with 50 TMC water from Godavari. Out of 50 TMC, 38.16 TMC of water is proposed to be lifted from Godavari with intake at Gangaram in Warangal district. The project is included in the Accelerated Irrigation Benefit Programme with a sharing ratio of 75:25 between the Centre and State Government. Mittal new fincl svcs secy; Masood to replace him in corp affairs The government appointed D.K. Mittal as secretary, Department of Financial Services, under the finance ministry. Mittal was earlier corporate affairs secretary. Mittal's 1977 Indian Administrative Service batchmate Naved Masood replaced him as corporate affairs secretary. The post of secretary, Department of Financial Services, had been lying vacant since S.K. Sharma took over as defence secretary in the first week of this month. Agro Dutch Ind denies report of Chennai unit sale Agro Dutch Industries Limited has informed vide its letter dated July 25, 2011 that: "There is some news items being aired on channels relating to sale of Chennai Can Unit of the company. In this regard we would like to clarify that these news are baseless. The said unit is under commissioning and as such there is no deal or decision to sale the said unit". Co-op mills seek govt OK to export 500,000 tn more sugar 2010-11 In a bid to take advantage of attractive global sugar prices, Indian cooperative mills have sought the government's approval to export an additional 500,000 tn of the sweetener in the current year ending September. The industry has enough surplus stocks, and additional exports will enable sugar companies to pay off cane farmers, Kumar told reporters. IDFC fund hikes stake in Jubilant Industries to 5.14% on Jul 22 Jubilant Industries Ltd said IDFC Small & Midcap Equity Fund has acquired 2.65% additional stake in the company through open market purchases on Jul 22. In a notice to the stock exchanges, Jubilant Industries said IDFC Small & Midcap Equity Fund's stake in the company has increased to 5.14% after the share buy. The company did not disclose the value of the transaction. PI Industries sets Aug 19 as stock split record date PI Industries Ltd has informed that August 19, 2011 has been fixed as the Record Date for the purpose of Sub-division of equity shares. Accordingly, equity shares carrying the face value of Rs.10/- shall be split in 2 equity shares of Rs.5/- which has already been approved by shareholders in its meeting held on July 16, 2011. India, Pakistan foreign ministers meet, resolve to fight terror Visiting Pakistan Foreign Minister Hina RabbaniKhar's move to meet Kashmir's separatist leaders ahead of a dialogue with her Indian counterpart S.M. Krishna caused consternation in the Indian establishment, but the two sides today agreed to bolster counter-terror mechanism to fight the scourge that poses a threat to both the countries. Southern Petrochemicals to close down API unit at Cuddalore Southern Petrochemicals Industries Corp Ltd plans to discontinue some operations at its Cuddalore factory in Tamil Nadu. The company plans to shut down operations of the Penicillin-G and active pharmaceutical

Weekly Newsletter 6 Info-Spectrum Bridging the Information Gap in Corporate Landscape ingredients manufacturing units, and research and development. The company will retrench the surplus employees after shutting down these operations, the filing said. Pulok Chatterji appointed principal secy to PM, TKA Nair adviser The government has appointed World Bank Executive Director Pulok Chatterji as the principal adviser to the prime minister. Chatterji will succeed T.K.A. Nair, who has been appointed adviser to the prime minister. Both the appointments will come into effect Oct 3, an official release said. Chatterji is a 1974-batch Indian Administrative Service Officer from the Uttar Pradesh cadre. Govt appoints Pankaj Agarwal as consumer affairs additional secy The government has appointed Pankaj Agarwal as additional secretary in the department of consumer affairs. Agarwal, a 1978-batch Indian Administrative Officer from Uttar Pradesh cadre, will fill in the vacancy created by the promotion of Rakesh Kacker. Kacker, who was a special secretary in the consumer affairs department, was appointed as food processing industries secretary last month. JPC chief says members sought summoning of Chidambaram, Subbarao Some members of the Joint Parliamentary Committee, probing the 2G spectrum scam, have requested panel head P.C. Chacko to summon Home Minister P. Chidambaram and Reserve Bank of India Governor D. Subbarao in connection with the swindle that has caused the exchequer a presumptive loss of Rs.1.76 trn. Cabinet clears draft Lokpal bill; PM, judiciary out of purview The Union Cabinet today approved the draft of the anti-corruption Lokpal Bill, excluding the prime minister and the judiciary from its purview. "The bill provides for the establishment of the institution of Lokpal to inquire in allegations of corruption against certain public functionaries...," Information and Broadcasting Minister Ambika Soni said after the Cabinet meeting. Pranab says working with trade min to clear wheat export confusion The finance ministry is working with the commerce ministry to clear the confusion on wheat exports, Finance Minister Pranab Mukherjee said. Asked about the status on wheat exports, the minister said "We continue to be in touch with the commerce ministry. We will be able to sort it out. There is no big problem." Fitch says high RBI policy rates weighing on growth; cuts GDP view The high policy rates of the Reserve Bank of India have started weighing on economic growth and liquidity, said global rating agency Fitch Ratings in a report. Fitch cut its forecast for India's economic growth in 2011- 12 (Apr-Mar) to 7.7% from 8.3% it had made earlier. Shree Renuka commissions sugar refinery at Kandla Shree Renuka Sugars Ltd commissioned its new sugar refinery in Kandla. In a statement, the company said the new unit can refine up to 3,000 tn raw sugar a day, or up to 1 mn tn a year, and has a co-generation capacity of 45 MW. State cos eye taxable bonds as demand for tax-free seen weak Despite being allowed to raise a larger quantum through tax-free bonds this fiscal, state-owned companies will have to fall back on taxable bonds for their capital requirements as demand for the former is likely to fall short of supply, market players said. 50 new mega food parks planned in 12th Five-Year Plan: Rawat The government aims to set up 50 new mega food parks across the country in the 12th Plan to minimise damage to huge amount of fruits and vegetables in the absence of wider network of food processing units. RAJA ALLEGATIONS: Hours after saying he didn't seek to implicate PM Singh and former finance minister Chidambaram in 2G case, former Telecom Minister Raja told court Singh should have referred the matter to a ministers' panel. KOREA DEAL: India and South Korea have signed a civil nuclear deal that will give Seoul an entry into the country's nuclear energy sector. The deal was signed by President Patil in Seoul with South Korean President Lee MyungBak. NOIDA HOUSING: A bench of Allahabad High Court recused itself from hearing a writ petition filed by farmers, who had challenged acquisition of land by Uttar Pradesh government for housing projects in Noida extension.

Weekly Newsletter 7 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Cos fear collateral damage in RBI's war against inflation The Reserve Bank of India's baby-steps strategy has changed into a full-blown war against inflation, and finally the central bank seems to have put its message across to India Inc to rethink expansion plans as money becomes dearer and as demand fizzles out under the weight of high interest rates. India, Israel to share intelligence to tackle money laundering India's Financial Intelligence Unit (FIU-Ind) and Israel Money Laundering and Terror financing Prohibition Authority (IMPA) have signed letters of intent to share intelligence to tackle the menace of money laundering. GNIDA says ready to negotiate; farmers disappointed Greater Noida Industrial Development Authority (GNIDA) said it will launch fresh negotiations with farmers and was hopeful of getting their approval after the Allahabad High Court gave them till August 12 to arrive at an out-of-court settlement with the Authority. India, Switzerland hopeful of bank info exchange this year The years-long veil of secrecy over the alleged black money stashed away by Indians in Swiss banks may end soon with India and Switzerland both exuding confidence that their revised treaty for sharing of account details would come into effect this year. Bihar complaints inadequate allocation of PDS foodgrains The Bihar government drew attention of the Centre towards allocation of subsidized food grains for only nearly half of the actual number of BPL families in the state, forcing the cash-strapped state to bear the difference. Deadlock between Indian buyers & global MoP sellers continues The deadlock between Indian fertiliser firms and global suppliers of muriate of potash (MoP) over pricing of imports for this fiscal continues, with the later refusing to sell the farm nutrient at a lower price of USD 470 a tonne. Switzerland may clear tax treaty with India without referendum The revised Indo-Swiss tax treaty, which will allow India to seek secret bank account details from January 1 this year, is expected to be approved without a national referendum in Switzerland, a top Swiss official said. Pranab doesn't see end to rate hikes yet; war on inflation to go on A day after Reserve Bank of India surprised the markets by hiking interest rates by a sharp 50 basis points, Finance Minister Pranab Mukherjee said he doesn't think the central bank is done with its rate hiking cycle. Delhi HC stays allocation of export quotas for non-basmati rice Delhi High Court has stayed the allocation of export quotas for non-basmati rice till Aug 10. "It is directed that no allotment of quota shall be made till the next date of hearing," the court said in an order dated Jul 26. Source says RBI buys fertiliser bonds worth Rs.59.85 bn Jul 26 The Reserve Bank of India bought fertiliser bonds worth around Rs.60 bn on Jul 26, an industry source told. Data on the Clearing Corp of India Ltd showed three fertiliser bonds--6.65%, 2023; 6.20%, 2022; and 7.00%, 2022--worth Rs.59.85 bln rupees were bought on Jul 26. Export permits for 311,517 tn sugar issued so far in 2nd tranche The Directorate of Sugar has issued release orders for 311,517 tn sugar as on Jul 26 from the second tranche of exports allowed under the open general licence scheme. So far, 313 mills have got permits to export sugar. Basu says to keep fiscal, revenue deficit, govt borrowing aim unch Just a day after the Reserve Bank of India Governor D. Subbarao showed concerns about meeting the fiscal deficit target, Chief Economic Adviser Kaushik Basu expressed confidence that the fiscal deficit for the current financial year would remain unchanged. Karnataka CM Yeddyurappa sends resignation to BJP chief Gadkari Amid mounting pressure to step down following his indictment by the state lokayukta in the illegal mining case, Karnataka Chief Minister B.S. Yeddyurappa sent his resignation letter to Bharatiya Janata Party President Nitin Gadkari.

Weekly Newsletter 8 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Vikas WSP CMD sees guar gum export growth slowing FY12 Growth in India's guar gum exports is likely to slow down to around 10% in the current financial year started April from a scorching over 80% last year as high prices may hurt demand from the food sector, Vikas WSP Chairman and Managing Director B.D. Agarwal said. BJP says to replace Karnataka CM Yeddyurappa on corruption charges The Bharatiya Janata Party parliamentary board decided to replace Karnataka Chief Minister B.S. Yeddyurappa following indictment by the state Lokayukta in the illegal mining case, party vice president Mukhtar Abbas Naqvi said. Govt may as oil cos to use Union Bank for Iran payment The government is likely to resolve payment to Iran for crude oil buys by asking Indian firms to open rupee accounts in Union Bank of India. An Iran delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey. SEBI announces new takeover code, raises open offer size to 26% The Securities and Exchange Board of India today the much-awaited amendments to the Takeover Code, making it mandatory for an entity, which buys more than 25% in a listed company, to make an open offer to minority shareholders for at least 26% of the total issued capital of the company. Shree Renuka buys 150,000 tn Brazilian raw sugar for new refinery Shree Renuka Sugars Ltd has bought 150,000 tn raw sugar from Brazil for its newly-commissioned refinery at Kandla, its Managing Director Narendra Murkumbi said. India inks defence cooperation pact with Mongolia India and Mongolia also inked two pacts on media exchanges and cooperation between their planning commissions in the presence of President Pratibha Patil, who is here on a three-day visit. 26/11: Man arrested in Nepal for suspected links Nepal police have arrested a 40-year-old man, MohamadZahid, suspected of having links with the July 13 Mumbai triple bomb blasts that killed 24 people. Farm min reiterates India 2010-11 cotton output at 33.42 mn bales India's cotton production for 2010-11 (Jul-Jun) is seen at 33.42 mn bales (1 bale = 170 kg), up 37% from 24.22 mn bales a year ago, the Department of Agriculture and Cooperation said in a release. Rapid industrialisation threat to agri in Chhattisgarh Minister of State for Agriculture Charan Das Mahant expressed concern over decline in agri land in Chhattisgarh due to rapid industrialisation and stressed on striking right balance between the two. Rise in power tariffs may further fuel inflation, says RBI In addition to concerns over monsoon shortfall and rising global commodity prices, RBI said that a hike in power tariffs could further push up inflation in the coming months. Indians' share of money in Swiss banks only 0.07% Official Swiss bank figures show that the quantum of black money is only a very small fraction, or 0.07%, of the total assets of all foreigners with banks in this European nation. India, Pakistan secy meet sets pace for foreign ministers' talk Foreign Secretary Nirupama Rao held preparatory consultations with her Pakistan counterpart Salman Bashir to set the agenda for the meeting between foreign ministers of the two countries. Govt restores DEPB benefits on cotton, cotton yarn exports The government said it has restored benefits of Duty Entitlement Pass Book scheme on exports of cotton and cotton yarn with retrospective effect. FMC Chairman Khatua may get extension till new head appointed Forward Markets Commission Chairman B.C. Khatua, whose tenure ends on Jul 31, may be given a second extension, Food and Consumer Affairs Minister K.V. Thomas said. Help resolve Noida land issue: Assocham to Centre Industry body Assocham urged the Centre to help resolve the dispute between farmers and Noida authority over land acquisition.

Weekly Newsletter 9 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Global FDI inflows likely to be $1.6 trln in '11: UN Foreign direct investments worldwide are projected to return to pre-crisis levels this year, with inflows expected to be up to USD 1.6 trln, according to a UN report. Govt may soon appoint panel to clear asset buys abroad by PSUs The government is expected to soon appoint a high-power committee headed by the Cabinet Secretary for fast-track clearance of overseas asset buys by PSUs without going to Cabinet. Rangarajan says inflation "really needs" to be brought down to 5% The current runaway inflation needs to be "tamed" and brought down to the "more comfortable zone of 5%", chairman of the Prime Minister's Economic Advisory Council C. Rangarajan said. FSDC discusses inflation, growth; confident about econ prospects The Financial Stability Development Council met and discussed concerns over the likely slowdown in growth amid high inflation and the resultant spate of interest rate hikes. Rural bazaar on Indo-Bangla border inaugurated Marking further cementing of bilateral ties, haat (rural bazaar) on the India-Bangladesh border in Meghalaya was inaugurated. Coromandel Agrico launches plant health developer 'Aura' Coromandel Agrico Pvt Ltd launched ''Aura'', a Plant Health Developer (PHD), to increase the yield and quality of crops including cotton, wheat, chilly and pulses. Non-basmati rice up as government allows export Buoyed by government's decision to allow export, non-basmati rice prices rose up to Rs.50 per quintal in the wholesale grains market. Draft Food Bill sent to Law Min for vetting: Thomas Food Min has sent the draft National Food Security Bill to the Law Ministry for its vetting and public comments will be sought on it before introducing in Parl in coming session. DGFT allots non-basmati rice export quota to 82 cos, 30 on waitlist The Directorate General on Foreign Trade allotted non-basmati rice export quotas, totalling 1 mn tn, to 82 trading agencies and put 30 others on waitlist, a trade notice said. Draft acquisition bill allows states to decide who buys land The Centre's draft land acquisition and rehabilitation bill has suggested giving states the leeway to decide on who acquires the land. Rs 117.64 cr released to states to promote nutri-cereals The government released Rs.117.64 crore to the states under the Rashtriya Krishi Vikas Yojana (RKVY) for promoting more production of nutrient-rich cereals like bajra, jowar, ragi and millets. 'Govt making relentless efforts to deal with black money' Amid public outcry over black money, Finance Minister Pranab Mukherjee said the government was making "relentless" efforts to deal with the menace and bring back unaccounted funds stashed abroad. BALRAMPUR CHINI MILLS: Posts net loss of Rs.198.6 mn in Apr-Jun, compared with a net profit of Rs.111.3 mn in the comparable period the previous year. To draw up major expansion plans on hopes of deregulation of the industry. SHREE RENUKA SUGARS: Has bought 150,000 tn raw sugar from Brazil for its newly-commissioned refinery at Kandla. EID PARRY: To invest Rs.1 bn this year on expansion of its sugar facilities in Andhra Pradesh and Karnataka. JUBILANT INDUSTRIES: IDFC fund buys 2.65% more stake in company, taking total stake to 5.14%.

Weekly Newsletter 10 Info-Spectrum Bridging the Information Gap in Corporate Landscape

INFRASTRUCTURE INFRASTRUCTURE: L&T Infrastructure Finance has classified around 2% of its overall disbursals as non-performing assets due to the delay in commissioning of power projects. Morgan Stanley Private Equity and Olympus Capital Holdings in talks to buy Axis Bank private equity arm's 35% stake in Hyderabad-based Vishwa Infrastructures and Services for Rs.3.5 bn. The Financial Stability and Development Council has underscored the need to immediately set up infrastructure debt funds. AVIATION: Air India Chairman Arvind Jadhav said lack of direction and procedural delays hurting the carrier. Air-India looking at the sale and leaseback route to acquire 27 Boeing 787 planes in order to cut its debt. The Board of Reconstruction of Public Sector Enterprises plans to bring Air-India under its wing. Indian opposes European Union's proposal of letting airline firms buy carbon credits for using its airspace; says it is unilateral and unfair on carriers from developing countries. Mahindra Group companies Mahindra Aerospace and Satyam Computer Services in pact with Eurocopter group to tap the Indian civil helicopter market. Mahindra group company Mahindra Aerospace has inked a Memorandum of Understanding with Eurocopter group for a trade partnership. Air India's unpaid interest liability to lenders stands at Rs.7 bn in Apr-Jun. The government approves advance equity infusion of Rs.2.5 bn to Air India to help it pay its liabilities to banks. Deccan 360, promoted by Captain G.R. Gopinath, has laid off around 22 employees in July; chief executive officer and chief operating officer of the company have put in their papers. ENERGY: Shutdown of about 50 iron ore mines in Karnataka to hit supplies to steel companies. Rashtriya Ispat Nigam set to get approval from the government to mine iron ore in Bhilwara, Rajasthan. Coal ministry likely to make norms more stringent for bidding for new blocks. Government will pay cash subsidy of Rs.150 bn to state-owned oil marketing companies for Apr-Jun. Crude oil throughput of Indian refiners rose 4.7% on year in June to 14.14 mn tn. Government panel says the "Go, No-Go" concept of forest area classification for giving clearances to coal blocks is legally not tenable and should be abandoned. State-owned Uranium Corp of India to invest around Rs.18 bn to develop Tummalapalle mines in Andhra Pradesh. POWER: Nuclear Power Corp is in talks with consortium of 12 European banks to raise 4 bn euros ($5.7 bn) to fund its proposed 10,000 MW nuclear power plant at Jaitapur in Maharashtra. Power ministry has begun a process to review the existing competitive tariff bidding guidelines. Companies looking to set up plants in special economic zones may be exempted from the positive net foreign exchange norm. Reliance Power, Power Grid Corp Of India, Larsen & Toubro, Lanco Infratech, Adani Power, and Sterlite Energy are among the 22 companies for the Rs.10.25 bn power transmission project connecting Nagapattinam in Chennai with Madhugiri in Karnataka. Competitive bidding for allocation of coal blocks to begin by year end. Blackstone Group to invest around Rs.5 bn in Kolkata-based Visa Group's power business.

Weekly Newsletter 11 Info-Spectrum Bridging the Information Gap in Corporate Landscape

OIL AND GAS: Government has said India is yet to officially hear from Iran on stopping crude oil supplies if the dispute over payments remains unresolved. The finance ministry is likely to provide Rs.140 bn-Rs.150 bn cash subsidy to Bharat Petroleum Corp, Hindustan Petroleum Corp, and Indian Oil Corp. Government is likely to ask oil companies to open rupee accounts with Union Bank Of India to make payment for crude oil purchase from Iran. REAL ESTATE: The draft of new land acquisition bill has proposed a higher 20% stake for the farmers from the sale of acquired land. Emami Group and Sheth Developers to jointly develop residential complex at Dadar in Mumbai; total investment seen at over Rs.1 bn. Confederation of Real Estate Developers' Association of India says domestic housing sector likely to face a funding gap of $70 bn over the next 5 years. PORTS: Chennai Port Trust is likely to move coal and iron ore to the nearby Ennore port following a directive from Madras High Court. Ennore Port and JN Port are likely to mobilise Rs.10 bn each via tax free bonds in the current financial year; funds to be utilised for dredging operations.

Alstom Projects to merge ALSTOM Holdings with self Alstom Projects India Limited has informed that the Board of Directors of the Company at its meeting held on July 26, 2011 has given in-principle approval for the following proposals: (1) The merger of ALSTOM Holdings (India) Limited with ALSTOM Projects India Limited (a group Company), subject to requisite consents, approvals, sanctions and permissions of concerned authorities and also authorized Company officials to evaluate the merger proposal and to appoint external advisors, inclusive of independent merchant banker, valuer, legal and accounting / tax advisor etc. to assist them in this regard and to do all such acts, deeds and things, as may be required. (2) Pursuant to the letter of binding intent dated April 20, 2011 signed between ALSTOM and Shanghai Electric Group for creation of a 50:50 joint venture, combining both partners' activity in the boiler market for power plants, the demerger of the boiler business of the Company into a wholly owned subsidiary company to be incorporated in this regard and that will be ultimately controlled by the joint venture, subject to requisite consents, approvals, sanctions and permissions of concerned authorities and also authorized Company officials to evaluate the demerger proposal and to appoint external advisors, inclusive of independent merchant banker, valuer, legal and accounting / tax advisor etc. to assist them in this regard and to do all such acts, deeds and things, as may be required. USTDA signs deal to fund studies in renewable energy The US Trade and Development Agency (USTDA) inked two deals worth over $1.4 mn for funding feasibility studies in the Indian energy sector. As per the deal signed, USTDA will provide $719,985 as a feasibility study grant to Astonfield Renewables Pvt. Ltd. for design and deployment of two solar photovoltaic power projects- a 5-MW project at Bankura in West Bengal & a 10-MW project at Belgaum in Karnataka. The objective of the study is to capitalize on the power output from the two projects through site and technology confirmation and design optimisation. USTDA would also provide a $686,447 grant to North Delhi Power Ltd (NDPL) for implementation of smart grid technology. The study will develop requirements for a smart grid implementation roadmap for NDPL and address a range of improvements and investments, including integrating smart meters and automated reading into NDPL's distribution system. Meanwhile, US-based Overseas Private Investment Corp (OPIC) plans to invest up to $820 mn (about Rs.3,600 crore) in the Indian renewable energy sector. OPIC President and CEO Elizabeth Littlefield announced that the company will invest $520 mn in India's renewable energy sector. Besides, OPIC would also make private equity investments worth $300 mn, especially in small solar companies. These investments, totalling $820 mn, would be made by the end of this year. Blackstone to invest Rs.5 bn in VISA Power Private equity major Blackstone Group said it will invest Rs.5 bn in VISA Power Ltd, a Kolkata-based company engaged in power generation. VISA Power currently has a 1,200 MW coal-fired power plant in an

Weekly Newsletter 12 Info-Spectrum Bridging the Information Gap in Corporate Landscape advanced stage of development in Chhattisgarh, Blackstone Group said in a release. The company has a pipeline of a further 6,600 MW, including a 1,320 MW coal-based super-critical power plant in Orissa, which is also in an advanced stage of development. VISA Power also proposes to develop power projects in Madhya Pradesh, Jharkhand and Gujarat. The company is part of the diversified metals and energy conglomerate VISA Group with interests in steel, power, mining, international trading, shipping and logistics. "We believe that VISA Power's core Chhattisgarh plant with its captive mine will have a very competitive cost of generation, and will be among the better positioned independent power producers in the country," Akhil Gupta, chairman and managing director, Blackstone Advisors India Pvt Ltd said in a release. In the last 6-9 months, Blackstone has been stepping up its exposure in India. Some of its previous investments include Moser Baer Projects Pvt Ltd and Monnet Ispat & Energy Ltd's power subsidiary Monnet Power Co. GI Engineering to issue up to 7 mn preference shares GI Engineering Solutions Limited has informed that the Board of Directors of the Company at its meeting held on July 25, 2011 has, inter alia, approved the following: (1) Reclassification of Share Capital : The Board has approved reclassification of the present Authorised Share Capital of Rs.8500,00,00,000/- (Rupees Eight Thousand Five Hundred Crores only) consisting of 850,00,00,000 (Eight Hundred and Fifty Crores only) Equity Shares of Rs.10 each as 849,00,00,000 (Eight Hundred and Forty Nine Crores only) Equity Shares of Rs.10/- each aggregating to Rs.8490,00,00,000/- (Rupees Eight Thousand Four Hundred and Ninety Crores only) and 1,00,00,000/- (One Crore only) Preference Shares of Rs. 10/- each, whether Cumulative or Non- cumulative, aggregating to Rs.10,00,00,000/- (Rupees Ten Crores only), subject to the approval of the shareholders at the ensuing Annual General Meeting; (2) Issue of upto 70,00,000 (4.5% Cumulative Redeemable Preference Shares of Rs.10/- each) : The Board has decided to issue up to 70,00,000 4.5% Cumulative Redeemable Preference Shares of Rs.10 each, subject to the approval of the shareholders at the ensuing Annual General Meeting. IFCI gets 18% in GTL Infra as it acquires promoter's pledged shares IFCI Ltd has gained control over 18.42% stake in GTL Infrastructure Ltd following the acquisition of 176.37 mn shares from the promoter GTL Ltd, who has defaulted on a loan that was backed by these shares as collateral. The financial institution had sold another 200,000 shares of GTL Infrastructure that were pledged by GTL Ltd on Jul 18 and 19. GTL's holding in GTL Infrastructure has now come down to 17.78% from 36.22%. According to Securities and Exchange Board of India regulations, entities acquiring over 15% stake in a listed entity need to make open offer for 20% more shares. However, IFCI being a financial institution taking over pledged shares will be exempt from such requirement. GTL Ltd had pledged 273.73 mn shares or 78.9% of its holding in GTL Infrastructure on Jul 13. On Jun 20, GTL Infrastructure Ltd shares plunged 62.3% on rumours that the company is facing liquidity issues and that promoters were unable to meet margin calls on their pledged shares. The promoters of the company denied the reports. India Jun refining up 4.7% on year; crude output up 7.7% Crude oil throughput of Indian refiners rose 4.7% on year in June to 14.14 mn tn, as some refineries exceeded their target for the month. The country's refinery output for June exceeded the target of 13.07 mn tn by 8.1%. The refineries achieved a capacity utilisation of 114% during the month, compared with 105.7% a year ago. Indian Oil Ltd's eight refineries processed 4.71 mn tn crude oil in June, up 7.5% from a year ago and 16.3% from the target of 4.05 mn tn. Output from Hindustan Petroleum Corp Ltd's refineries increased 55.6% on year to 1.43 mn tn, while production at Bharat Petroleum Corp Ltd fell 5.7%. Production at Chennai Petroleum Corp Ltd fell 22.8% on year in June. Among private refiners, output at Reliance Industries Ltd fell 1.5% from a year ago while that of Essar Oil Ltd rose by 0.8%. Reliance Industries processed 2.86 mn tn crude oil in June, while Essar Oil's refinery output was 1.23 mn tn. India's crude oil output for June rose 7.7% on year to 3.17 mn tn, the ministry said. However, the country's natural gas output in June fell 11.7% to 3.98 bn cu mtr from 4.50 bn cu mtr a year ago. Power sector to generate $294 bn India's power sector will generate a revenue of Rs.13 lakh crore (US $ 294 bn) during the 12th five year plan (2012-17) Union power secretary P. Uma Shankar said. The plan is to generate 17,000 MW power during this period. Umashankar said an estimated Rs.6.5 lakh crore (US$ 147 bn) will come from Transmission & Distribution (T&D) Uma Shankar said while kickstarting the road show for ELECRAMA 2012 expo organised by Indian Electricals and Electronics Manufacturrs Association(IEEMA). Uma Shankar said the government is looking at revenue estimates of Rs.2.5 lakh crore (US$ 56 bn) from transmission and Rs.4 lakh crore (US $ 91 bn) from distribution in addition to Rs.6.5 lakh crore (US $ 147 bn) from generation. To achieve this, the

Weekly Newsletter 13 Info-Spectrum Bridging the Information Gap in Corporate Landscape power ministry is seriously working on a blue print factoring three key areas: transmission, distribution and HR. India Approves $7.2 Billion Reliance-BP Deal India approved Reliance Industries Ltd.'s proposed $7.2 bn asset sale to BP PLC, paving the way for the U.K. oil giant's largest venture in the South Asian nation. The companies have been waiting for approval from the federal government since February when Reliance, controlled by billionaire Mukesh Ambani, agreed to sell a 30% stake to BP in 23 oil and gas blocks for $7.2 bn plus another $1.8 bn linked to exploration success. The deal includes the D6 block in the Krishna-Godavari basin, India's richest gas find so far, and Reliance has already received $2 bn from BP. "This is one of the major foreign investments in the history of India," Mr. Reddy said. "This transaction will not only mean investment of $7.2 bn by a foreign company in India, it will also mean induction of vast technical expertise to India's hydrocarbon sector." Source says labour shortage delays Century Textiles' Worli project Century Textiles & Industries Ltd's 16-storey commercial complex at Worli in Mumbai that was scheduled to be completed by April 2011 has been delayed by a year due to shortage of labour. "Due to the rains and shortage of labour, we have so far been able to build only the basement...It will take another 10-12 months for the complex to come up," the official told. Century Textiles owns a 40-acre land at Worli, of which it has leased out 10 acre to Wadia Group, and has a staff colony on another 10 acre. The company plans to develop the remaining 20-acre land. The company's other project at the same land for a 61-storey commercial complex will also be put on hold for another 12 months due to the delay in the 16-storey project, the official said. "Work on the second building will start only after the first one is completed. So that plan is also stalled for another 12 months," the source said. Jet plans to merge JetLite, Konnect Jet Airways is considering merging JetLite and Konnect into a single low-cost brand. Although no decision has been taken yet, the airline is evaluating options regarding a possible merger. Eventually, the airline will have a single brand in full service and low-cost category, Jet Airways vice-president (investor relations) K G Vishwanath told analysts at a post-result conference call. Jet Konnect is a no frills service launched by the airline two years ago. The experiment has been successful because the carrier has been able to use the same planes on a full service model or for a no-frills service depending upon the market conditions. Since Jet Airways and JetLite (earlier Air Sahara) have separate operating permits, transfer of plans from one to another brand would require regulatory approval. Instead of doing so, the airline decided to create another low-cost brand in the group. Govt plans to merge PSU engineering cos with Engineers India The government plans to merge state-owned engineering companies such as Mecon, Braithwaite Burn & Jessop, Bridge & Roof Co and Engineering Projects India with Engineers India Ltd to compete with private rivals such as Larsen and Toubro. The merged entity will qualify for greater autonomy as a Navratna company, it said. "The proposal was discussed with stakeholders at a meeting last week but no decision could be taken as EIL was reluctant for this merger," an oil ministry official told the newspaper. The government holds over 80% equity stake in Engineers India. Besides the merger proposal, the government may also ask these state-owned companies to work out synergies for their long-term survival and growth, the report said. Head says NTPC plans to add 4,500 MW generation capacity by Mar State-owned power generation utility NTPC Ltd plans to add a total 4,500 MW capacity in the current financial year ending Mar 31. In 2010-11 financial year, the company had added 2,500 MW capacity. The company has a current installed capacity of 34,854 MW and plans to increase it to 128,000 MW by 2032. Expressing concern over the fall in power purchased by distribution companies, he said some state government utilities are facing difficulties, as tariffs have not been hiked for a long time. During the 12th Five Year Plan (2012-17), NTPC plans to add 4,000 MW through gas-based power projects, Choudhury said. On the company's proposal to set up a 500 MW coal-based power plant in Sri Lanka, he said NTPC is currently in the process of finalising the power purchase agreement for it. NHAI's new bidding system to restrict cos on financial size A handful of big players may dominate the bidding process of National Highways Authority of India's 10 mega road projects, as the financial size of other companies may restrict them from bidding for these projects. The mega projects involve a total investment of Rs.350 bn, with the minimum size of a single project being Rs.31.4 bn. However, according to the new pre-qualification system adopted by NHAI, the

Weekly Newsletter 14 Info-Spectrum Bridging the Information Gap in Corporate Landscape eligibility to bid for large investment projects is directly linked to the financial size of the company, the paper said. The pre-qualification system allows companies to directly seek a technical qualification certificate from the NHAI at the beginning of the financial year, instead of applying for technical pre-qualification at every bid, it said. Mahindra Group, Eurocopter in pact to tap India helicopter market The Mahindra Group has signed a memorandum of understanding with Eurocopter Group and its Indian subsidiary, Eurocopter India, to tap the Indian civil helicopter market. The pact has been signed by two of the group companies Mahindra Aerospace and Satyam Computer Services Ltd, the Mahindra Group said. The scope and structure of the partnership will be decided in the coming months, the group said. The partnership is for manufacturing sub-assemblies, engineering and customisation of civil helicopters and developing specific market segments. Satyam Computer provides information technology and engineering services to the aerospace sector. It has been providing solutions to Airbus for the last several years, the release said. Punj Lloyd gets Rs.3.3 bn order for Mangalore oil storage unit Punj Lloyd Ltd said it has received an order worth Rs.3.3 bn from Indian Strategic Petroleum Reserves Ltd to build process facilities for a crude oil storage cavern being set up in Mangalore. Punj Lloyd said Indian Strategic Petroleum Reserves is a subsidiary of the Oil Industry Development Board under the petroleum ministry. Punj Lloyd said the project, to be completed in 29 months, involves construction of two underground caverns with total capacity to store 1.5 mn tn crude oil. The contract takes Punj Lloyd's consolidated order backlog to Rs.257.39 bn. The Mangalore facility is among the three strategic crude oil storage facilities the government is setting up. The facilities will have total capacity of 5.33 mn tn, which can meet the requirement of all refineries in the country for 15 days. Nabard sanctions Rs.765 cr for TN rural projects Nabard has sanctioned Rs.765 crore to Tamil Nadu, as part of Rural Infrastructure Development Fund for 2011-12 for executing infrastructure projects in various sectors covering drinking water, irrigation and rural connectivity including Rs.226 crore sanction for creating warehousing infrastructure for setting up 1,281 godowns with a total storage capacity of 434,000 tonnes. A sum of Rs.157 crore sanctioned for drinking water supply in Madurai district; Rs.64 crore for improving 9 old anicuts in Amaravathy river system in Karur district, rehabilitating Virudhachalam anicut across Manimuktha river in Cuddalore district, constructing check dam across river Cauvery near Kambarasampettai in Trichy district and modernising Melmangalam supply channel in Theni district. Jaiprakash Associates gets Rs.20.79 bn contracts from Bhutan Jaiprakash Associates Ltd has won two contracts for hydropower project-related works in Bhutan worth a total of Rs.20.79 bn. The first contract is for building a diversion tunnel, dam intake and desilting arrangement, including hydro-mechanical works and highway tunnel, at the 990 MW Punatsangchhu II Hydro-Electric project, being developed jointly by the governments of Bhutan and India. This contract is worth Rs.12.24 bn. The second contract, worth Rs.8.55 bn, is for building head race tunnel from surge shaft end, surge shaft, butterfly valve, chamber, pressure shafts, power house and tailrace tunnel including hydro- mechanical works. KSIDC lines up mega projects worth Rs.1 lakh crore The Kerala State Industrial Development Corporation (KSIDC) that has pioneered and partnered in over 700 projects during the last 50 years, is all set to usher in a series of mega projects worth Rs.1 lakh crore in the next few years. This would be the major highlight of the golden jubilee year celebrations this year, according to Mr T. Balakrishnan, Additional Chief Secretary (Industries and Commerce). The new mega projects proposed include a Life Sciences Park in Thiruvananthapuram; an electronics hub, a petrochemical complex, an oceanarium, and a trade and convention centre at Kochi; high-speed rail corridor and industrial corridors. NTPC to start work on 1,320 MW Bangladesh plant in 6-7 months State-owned power generation utility NTPC Ltd plans to begin construction on its 1,320 MW coal-based power plant in Bangladesh in six to seven months, Chairman and Managing Director Arup Roy Choudhury said. "We have already submitted the detailed project report (for the Bangladesh power plant)," he told reporters on the sidelines of an event. The project, which will come up at Khulna in Bangladesh, will be commissioned in about four years from the time the construction begins, he said. Choudhury also said the process of tying up fuel linkages for the project was on. NTPC is setting up the power plant jointly with the Bangladesh Power Development Board.

Weekly Newsletter 15 Info-Spectrum Bridging the Information Gap in Corporate Landscape

IRB Infra says tax dept disputed some expenditure claimed by co IRB Infrastructure Developers Ltd said tax authorities have disputed some expenditure claimed by the company during financial years 2008-09, 2009-10 and 2010-11. In an e-mailed statement, the company said it was confident of justifying the expenditure, and that the impact on the company will not be more than Rs.150-200 mn in the eventuality of it not being able to do so. The Income Tax Department had raided various premises of IRB Infrastructure and other promoter group entities. IRB Infrastructure had confirmed the search operations in a notification to the exchanges but added that they were routine in nature and would not have any material impact on operations. R-Infra set to launch shopping stores Reliance Infrastructure (R-Infra) proposes to set up retail hubs at two Metro stations in Delhi, one each at Shivaji Stadium station and New Delhi Railway station. The retail hubs will be commissioned by October 2011 and will provide complete experience from shopping to dining to the commuters. According to R-Infra spokesperson, both retail hubs will be packaged differently. While the New Delhi Railway Station will cater mostly to travellers including foreign tourists, the Shivaji Stadium station will be more of a high-end shopping destination. Both stations will have food courts, ATM services, pharmacies including national and international apparel brand stores. TCI Developers forms panel to mull rights issue TCI Developers Ltd has informed that the Board of Directors of the Company at its meeting held on July 28, 2011, inter alia, transacted the following : 1. Formation of a Committee of Directors ("Rights Issue Committee") to consider the proposal of raising funds through issuance of equity shares on rights basis to the existing shareholders of the Company and matter related thereto. The other terms of the issue including but not limited to size of the issue, Record Date, Pricing, Ratio etc. will be decided by the Rights Issue Committee in due course in consultation with the Merchant Bankers and intermediaries involved in the process. Prestige to launch new project in Bangalore The Prestige Group has launched a 38-acre residential project at Bangalore. “Prestige Tranquility” will have 2,321 apartments which would be a mix of one, two and three-bedroom units in the 664-1,991 sq ft size range. The projects would be in the Rs.20-60 lakh segment. The work on the project estimated to cost Rs.650 crore, is slated to commence in November this year and be completed by 2014. The company has already „soft launched' the project and has sold 500 units to customers so far. The company would fund the projects through internal accruals. Suzlon Energy to sell entire 26% Hansen stake to ZF International Suzlon Energy Ltd through wholly-owned subsidiary, AE-Rotor Holding BV, has signed an irrevocable undertaking in favour of ZF International BV to sell 26.06% stake in Hansen Transmissions International NV to the latter. The deal will fetch Suzlon $187 mn or 66 pence a share. ZF International is a subsidiary of ZF Friedrichshafen AG. "This (deal) is in line with our strategy to optimise and strengthen our balance sheet," Suzlon Chairman and Managing Director Tulsi Tanti said. AE-Rotor currently holds 174 mn depository receipts or 26.06% in Hansen. Thermax, US' Amonix in pact for clean power technology Thermax Ltd has informed that the Company and US based Amonix, Inc., on July 25, 2011, announced an agreement to bring proven, CPV technology for clean power generation to India. In this exclusive partnership, Amonix will offer high-performance solar power generation systems and the Company will be the Engineering, Procurement and Construction (EPC) partner to provide turnkey solutions to customers in India. The Company has submitted to BSE a copy of press release highlighting the agreement in this regard. Marg Ltd gets Rs.2.37 bn EPC order from Bhavnagar Energy Co Infrastructure services provider Marg Ltd has received a Rs.2.37 bn engineering, procurement and construction order from Bhavnagar Energy Co Ltd for its thermal power plant in Gujarat, the Chennai-based company said in a press release. The scope of work in the project includes laying a 5-km submarine pipeline in the Gulf of Cambay, constructing marine and civil structures, pumping stations, pipelines, substations, and transmission lines, the company said. The project is expected to be completed within 24 months, it said. Indian Oil raises $500 mn via 10-year overseas bonds Indian Oil Corp Ltd raised $500 mn through 10-year overseas bonds. This is the second time that the company has raised funds through overseas bonds. It had in January raised $500 mn through five-year

Weekly Newsletter 16 Info-Spectrum Bridging the Information Gap in Corporate Landscape bonds. The funds from the overseas bonds will be utilised for meeting part of the company's capital expenditure. The issue was oversubscribed nearly four times and the company received offers to the tune of about $2 bn. The bonds are rated BBB- by Fitch Ratings and Baa3 by Moody's Investors Service. BNP Paribas, Citigroup and the Royal Bank of Scotland were joint lead managers on the offering. Essar Projects gets $320 mn contract from Singapore-based co Essar Projects Ltd has received a contract worth $320 mn from Singapore-based Jurong Aromatics Corp, the Essar group company said in a release. The contract is a part of the $2.4-bn aromatics complex being developed by the Singaporean company in Jurong Island. Essar Projects' subsidiary in Singapore will undertake the contract and may complete the project within 32 months. The scope of the project includes building storage tanks, jetties and pipeline systems for the complex. Essar Projects operates in India through its Mumbai-based subsidiary Essar Projects (India) Ltd. Shree Ganesh Forgings shareholders OK sale of property Shree Ganesh Forgings Ltd has informed that the members of the Company, by way of Postal Ballot, have passed the Ordinary Resolution for selling, leasing or otherwise disposing of the rights, title and interest in the immovable and movable assets of the Company including leasehold land and buildings situated at C-3/C, Trans Thane Creek Industrial Area , Thane- Belapur Road, Pawane, Navi Mumbai - 400705 to one or mare prospective buyers as may be decided by the Board on such terms and conditions as may be considered expedient and finalized by the Board, with requisite majority. DSIIDC plans more industrial projects in Delhi The Delhi State Industrial and Infrastructure Development Corp (DSIIDC) has planned several projects over the next few years. On the anvil are a Knowledge-based Industrial Park, construction and development of industrial plots, building houses, takeover of industrial estates from other civic agencies and setting up a manufacturing hub. DSIIDC will take over 28 industrial estates from the Municipal Corporation of Delhi and Delhi Development Authority. Investment involved in infrastructure development is estimated at Rs.1,300 crore over the next five years. Afcons Infrastructure bags $66.3 mn highway project in Bahrain Afcons Infrastructure Ltd said it has bagged a $66.3 mn highway interchange project from the Bahrain Ministry of Works. The project includes construction of a two-lane flyover on an existing highway. The flyover will also have an underpass for three lanes in each direction, the company said in a press release. The project is to be completed in 28 months. Afcons is a part of the Shapoorji Pallonji group. Afcons Infrastructure's order book stands at over 80 bln rupees. The company's Director - transportation, Ramkrishnan Ramanan, said the project will provide Afcons a "gateway to Bahrain." IRB Infra says I-T search at co's office sites routine IRB Infrastructure Developers Ltd said that the search conducted by Income tax authorities at the company's corporate office and sites on Jul 21 and Jul 22 were routine in nature, and would not have any material impact on its operations. "The company has cooperated with the authorities and various statements were recorded by the authorities during the course of operations," IRB Infrastructure today said in an official statement. Agre Developers, IL&FS in JV for infra-logistics parks across India Agre Developers Ltd has entered into a pact with Infrastructure Leasing & Financial Services Ltd to jointly develop infra-logistics parks in the country. In the first phase, the joint venture will develop around 10 mn sq ft of "internationally benchmarked" infrastructure at an investment of Rs.12 bn. "The parties have agreed that this arrangement shall (be) on an exclusive basis and that they shall not, directly or through their affiliates, engage in competitive businesses," the filing said. IRB Infra bags Rs.36 bn Gujarat highway project from NHAI IRB Infrastructure Developers Ltd has won a road project worth Rs.36 bn from the National Highways Authority of India for six-laning of Ahmedabad-Vadodara section of National Highway-8. In April, the company had informed exchanges that it had emerged as the preferred bidder for the project. IRB Infrastructure can collect toll on completion of the project, the release said. The capitalised cost of the project is around Rs.49.20 bn, it said. Shreyas Shipping to acquire 1 bulk vessel Shreyas Shipping & Logistics Limited has informed that the Board of Directors of the Company at its meeting held on July 26, 2011 has decided the following : (1) To acquire one bulk vessel. The vessel is scheduled to

Weekly Newsletter 17 Info-Spectrum Bridging the Information Gap in Corporate Landscape be delivered in FY 2012-13. With this Shreyas will diversify its shipping business; (2) To sell its 51% stake in Haytrans (India) Limited (HIL) to its wholly owned subsidiary Shreyas Relay Systems Limited (SRS). This transaction will help SRS foray into international freight forwarding. Ennore Port, JNPT to raise Rs.20 bn via tax-free bonds by Dec The Shipping ministry said Ennore Port and Jawaharlal Nehru Port Trust will raise Rs.10 bn each by December via tax-free bonds. "We will raise Rs.20 bn through tax-free bonds for port development," Shipping Secretary K. Mohandas said here. Another ministry official said a letter has been sent to the finance ministry and the notification is expected shortly. The coupon rate will be decided after receiving approval from the finance ministry, the official said. Shriram EPC gets Rs.750 mn contract to build cooling towers Shriram EPC Ltd's subsidiary Hamon Shriram Cottrell Pvt Ltd has received a Rs.750 mn order from GAIL (India) for construction of a cooling tower and cooling water treatment plant, which will be executed in 20 months, the company said in a release today. Hamon Shriram will build the cooling tower for GAIL's Pata petrochemical complex in Uttar Pradesh, Shriram EPC said. Hamon Shriram Cottrell is a joint venture between Shriram EPC and Germany- based Hamon Group. ONGC plans to invest Rs.260 bn to put 50 fields on production Oil and Natural Gas Corp plans to invest about Rs.260 bn in putting 50 onshore and offshore fields on production, 49 through in-house efforts and one through service contract. ONGC's efforts to monestise these fields stems from growing demand for natural gas and the absence of any significant onland gas find. Reliance Ind appoints Sethuraman as company secretary Reliance Industries Ltd has informed that the Board of Directors of the Company at its meeting held on July 25, 2011, has appointed Shri K Sethuraman as Group Company Secretary and Chief Compliance Officer of the Company with immediate effect. Consequent to the above, Shri Vinod M. Ambani has ceased to be the Company Secretary and Compliance Officer of the Company. Jet Air mulls Jet Konnect-JetLite merger for single no-frill brand Jet Airways India Ltd is planning to merge its two no-frill brands--Jet Konnect and JetLite--to create a single brand of low-cost operations, K.G. Vishwanath, vice-president (commercial strategy & investor relations) said in an analyst call. Jet Airways is expected to make a decision on the merger in two months, he said. Centre unveils Rs.10,000 crore road projects for J&K "UPA government is committed to the rapid development of Jammu & Kashmir?Government has taken up road and rail projects worth Rs.30,000 crore. This will be a boost to the state‟s economy as it will promote trade and tourism here," Road Transport and Highways Minister C P Joshi said while laying foundation stone of 8.45 km tunnel between Quazigund and Banihal. Shriram EPC gets Rs.230 mn order from Hinduja National Power Shriram EPC Ltd said it has received an order worth Rs.230 mn from Hinduja National Power Corp Ltd to supply and set up a glass refined plastic piping system for the latter's power plant at Visakhapatnam in Andhra Pradesh. In a release, Shriram EPC said it would supply 3.6-mtr diameter glass refined plastic pipes for the 1,040 MW power plant. Air India defaults on interest dues for third month in a row Air India has failed to meet its interest liabilities to its lenders for the third month in a row. Its unpaid interest liability to lenders has grown to around Rs.7 bn for Apr-Jun. The payments have to be made by Jul 31 or its dues will slip into non-performing assets category of 22 banks it owes money to, including State Bank of India and ICICI Bank. SEAMEC to deploy vessel with Singapore co for 30 days Seamec Ltd has informed that the Company has entered into a Charter party with Kreuz Subsea Pte Ltd, Singapore for deployment of Vessel "SEAMEC PRINCESS" for a firm period of 30days with the option of extension. The Charter to commence in the second week of August' 2011. The Contract value would be US $1.55 Mil approx. Anant Raj Ind to mull raising Rs.2.5 bn via NCDs Anant Raj Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on August 01, 2011, inter alia, to consider the following: - To issue Non Convertible Debentures (NCDs) aggregating to Rs.2.5 bn and matters incidental thereto.

Weekly Newsletter 18 Info-Spectrum Bridging the Information Gap in Corporate Landscape

SpiceJet plans to raise Rs.4 bn via offering of shares Cash-strapped SpiceJet plans to raise around Rs.4 bn through offering of shares. The company may consider rights issue as one of the options to raise funds. Merchant banker Enam has been appointed to suggest options of getting capital into the airline. L&T to close its China subsidiary on falling volumes, rise in wages Larsen & Toubro has decided to close its Chinese subsidiary L&T Wuxi Electric, which makes high-end switchgear at its facility. The move comes in the wake of the company's falling volumes and rising wages in China. Source says govt to pay Rs.150 bn to oil cos as Apr-Jun subsidy The government will pay a cash subsidy of Rs.150 bn to the state-owned oil marketing companies to compensate for their losses on sale of diesel and cooking fuels at regulated rates during Apr-Jun, a finance ministry source told. CRISIL says infra project loan refinance to up bks' funding ability According to a report released by rating agency CRISIL, Indian banks can up their funding capacity to the cash-strapped infrastructure sector by nearly Rs.1 trn over the next four years without affecting their asset- liability profiles, by just refinancing loans for these projects through the debt capital markets. IRB Infra head says days of 20% rate of return are gone The days when players in the road infrastructure business saw 20% returns seem to be a thing of the past with intense competition not only driving down margins in the sector, but also tempering expectations. And even major players like IRB Infrastructure Developers Ltd are feeling the heat. NAR-India, Credai join hands for better services With an aim to provide better services to consumers, the National Association of Realtors India (NAR-India), an association of real estate agents and Confederation of Real Estate Developers Association of India, the largest representative of developers, today joined hands. Jet to merge low-cost brands soon; to expand to Gulf Jet Airways said it will soon have only one low-cost brand and that a decision on the merger of its present two low-cost subsidiaries - JetLite and Jet Konnect - will be taken within the next one month or so. Affected Noida buyers invite stakeholders to join stir Noida Extension Flat Buyers Welfare Association, which represents nearly 30,000 affected flat owners, invited customers of the entire Noida and Greater Noida to join its protest and also decided to rope in other parties hit by court order to quash land acquisition. Air India's performance has improved in Jun: Official Air India's performance has improved in terms of passenger load factor and revenue yield per kilometre in June as compared to the corresponding month last year but the national carrier is facing an estimated loss of Rs.6,994 crore. Morgan Stanley, Olympus Capital may buy Axis Bank share in Vishwa Infra Morgan Stanley Private Equity and Olympus Capital Holdings are in final talks to buy 35% stake held by private equity arm of Axis Bank in Hyderabad-based Vishwa Infrastructures and Services for Rs.3.5 bn. The deal is likely to be sealed in the coming weeks. Residency Projects OKs 1-for-4 bonus share issue Residency Projects & Infratech Ltd has informed that the Board of Directors of the Company at its meeting held on July 26, 2011, inter alia, approved the following: - The issue and allotment of Bonus Shares in the ratio of 1:4 to the existing equity shareholders. Cairn India plans postal ballot on govt's royalty-sharing rider Putting the ball in the shareholders' court, Cairn India Ltd said it was up to its shareholders to take a final decision on whether the company should pay its share of royalty on crude oil produced from its prized Rajasthan block as desired by the government. MRPL says some solution to Iran payment issue likely by weekend Mangalore Refinery & Petrochemicals Ltd is confident India will resolve its issues with Iran on oil payments and, therefore, the company will not have to face supply disruptions even after August, Chairman A.K. Hazarika said.

Weekly Newsletter 19 Info-Spectrum Bridging the Information Gap in Corporate Landscape

OilMin sends letters to Cairn, Vedanta giving approval to deal More than three weeks after the Cabinet Committee on Economic Affairs gave conditional nod to the USD 9- bn Cairn-Vedanta deal, the Oil Ministry sent a formal letter to the companies informing of the decision. HPCL plans to raise $300 mn to fund expansion projects Hindustan Petroleum Corp Ltd plans to raise $300 mn in the second half of the 2011-12 financial year to fund its expansion projects. The retailer has appointed Bank of Tokyo-Mitsubishi UFJ, State Bank of India and Sumitomo Mitsui Banking as advisors. Shriram Properties plans to diversify into hospitality, logistics Shriram Properties Ltd plans to foray into two new businesses--hospitality and logistics. The company, so far focused on residential developments in southern India, will invest around $100 mn to set up two wholly- owned subsidiaries as it diversifies its portfolio. Kesar Enterprises to up cogen power project capacity Kesar Enterprises Ltd has informed that the Board of Directors of the Company at its meeting held on July 28, 2011, inter alia, have approved the following: - Increase in the capacity of the Cogen Power Project from 25mw to 44 mw subject to necessary approvals. Authority cannot hike land compensation: GNIDA In the wake of the controversy over land acquisition, Greater Noida Industrial Development Authority (GNIDA) has said it has no powers to hike land compensation and if the farmers give a proposal it will be sent to state government for approval. Haryana to get power from J&K, UP and other states The Haryana Power Purchase Centre (HPPC) has tied up with Uttar Pradesh, Jammu and Kashmir, West Bengal, Chhattisgarh and Uttrakhand to get electricity in order to ensure adequate power supply in the state in the month of August. Air India gets Rs.2.5 bn funding from govt to pay off dues The government approved advance equity infusion of Rs.2.5 bn as emergency funding into Air India to help the airline pay outstanding dues to banks. Air India was on the verge of defaulting on instalment payment of Rs.220 bn worth working capital loans for the third month in a row. Viom Networks in talks to buy GTL Infra; offers Rs.75 bn Telecom tower company Viom Networks is in talks to buy GTL Infrastructure. While Viom has made a Rs.75 bn offer to buy the competitor company, GTL promoters are eyeing valuations of over Rs.105 bn, excluding debt. Gallantt Ispat starts ops at Uttar Pradesh power unit Gallantt Ispat Limited has informed that Captive Power Plant of the Company has been fully installed at Project Site at AL-5, Sector - 23, Gorakhpur Industrial Development Authority (GIDA), Gorakhpur, Uttar Pradesh. Further, Captive Power Plant of the Company has commenced commercial operation from July 25, 2011. Reliance Power likely to get $625 mn loan from US Exim Bank in 4-6 weeks Reliance Power is set to get a loan of $625 mn from US Exim Bank to fund its upcoming 2,400-MW gas- based power project in Samalkot, Andhra Pradesh. The approval is likely to come in 4 to 6 weeks. FSDC says need to immediately set up infrastructure debt funds The Financial Stability and Development Council has underscored the need to immediately establish the infrastructure debt funds, a government release said. AAI may consider issuing notices to Kingfisher Airports Authority of India may consider issuing notices to Kingfisher Airlines to expeditiously clear its dues for non-payment of airport charges, totalling around Rs.200 crore. Thailand keen to invest in infra projects in India With many foreign countries setting up industrial enterprises in Tamil Nadu, Thailand expressed keen interest in investing in infrastructure projects in the state.

Weekly Newsletter 20 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Hitachi officials to meet TN govt on mono rail project Top officials of diversified Japanese group Hitachi Ltd would soon meet senior government officials in Tamil Nadu as part of offering their technology for the state government's mono-rail project. Finnair ranked among top 5 most innovative airlines Nordic air carrier Finnair has been ranked in the top five by a popular Airlinetrends.com website which has selected the world's 11 most innovative airlines. De Nora India defers share buyback plan De Nora India Ltd has informed that the Board of Directors of the Company at its meeting held on July 27, 2011, inter alia, has decided to defer the proposal for buying back its own shares by the Company. GoM on Air India to meet Aug 17; may discuss turnaround plan The Group of Ministers looking into the revival of Air India will meet on Aug 17 to decide on additional equity infusion into the national carrier, a top official in the aviation ministry told. India and China to drive global demand for electricity India and China are expected to drive the worldwide demand for electricity, with the two nations expected to account for over 34% of overall demand by 2030, says a report. Southern Petrochemicals to close down API unit at Cuddalore Southern Petrochemicals Industries Corp Ltd plans to discontinue some operations at its Cuddalore factory in Tamil Nadu, the company said in a regulatory filing. AI gets 265 cr; will partially clear interest burden The Government released Rs.265 crore to Air India to partially clear the interest burden to banks. It has interest burden of Rs.660 crore for April to June. Cairn India honoured with the 'Superbrand' status Cairn India, the firm that gave the country its largest onland oil discovery in more than two decades, was today accorded ''Superbrand'' status. Chartered Logistics gets Rs.120 mn order Chartered Logistics Ltd has informed that the Company has bagged a transportation order from JSW Ispat Steel Ltd. (Mumbai) worth Rs.12 Crore for the period ended March 31, 2012. Source says GMR Infra lowest bidder for Rs.60 bn NHAI order GMR Infrastructure Ltd has emerged the lowest bidder for a 555 km road project from the National Highways Authority of India, a source familiar with the development. Airline passenger traffic grows 18% on year between Jan and Jun Budget carrier IndiGo had the highest seat factor in June when the overall domestic airline industry saw a fall in passenger traffic due to end of peak season and onset of monsoon. RELIANCE INDUSTRIES: Government has cleared Reliance Industries-BP deal and will enforce provisions of output sharing contract. Oil minister has said it can't speculate if KG-D6 output will go up by December. The joint venture with Australian uranium mining major UXA Resources will begin drilling in the northern territory of Australia in next month. Company has hired over 100 short-term managers for its retail, broadband, and core petrochemical businesses. Apr-Jun net profit grew 17% on year to Rs.56.61 bn, and revenue increased 37% to Rs.836.89 bn. Comptroller and Auditor General of India rejects company's claim of having not given enough time to respond to the observations relating to its KG-D6 gas field. Competition Commission of India approves the company's deal to acquire Bharti group's stake in Bharti AXA life and general insurance companies. KINGFISHER AIRLINES: The Airports Authority of India may consider issuing notices to the company for non-payment of airport charges worth Rs.2 bn.

Weekly Newsletter 21 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Plans to convert some of its aircraft used in the short-haul domestic sectors, into all-economy configuration. NTPC: Power secretary has asked coal secretary to review de-allocation of five of NTPC's coal blocks and restore them to the company. Plans to add 4,500 MW generation capacity in the current financial year ending March. OIL AND NATURAL GAS CORP: Plans to invest Rs.260 bn in putting 50 onshore and offshore fields on production, 49 through in- house efforts and one through service contract. Apr-Jun net profit rose by 11.8% on year to Rs.40.95 bn as revenue surged 18.7% to Rs.162.68 bn. CAIRN INDIA: Reported Apr-Jun net profit of Rs.27.26 bn, up nearly 9-fold on-year, with sales growing over 4 times to Rs.37.13 bn. To seek shareholders' approval on government-laid conditions for its deal with Vedanta Resources. GTL INFRASTRUCTURE: IFCI has acquired a 18.42% stake in the company after it invoked pledged 176.37 mn shares placed as collateral by company's promoter GTL. Viom Networks has made a Rs.75 bn offer to acquire the company; promoters eyeing valuations of over Rs.105 bn, excluding its debt. MANGALORE REFINERY & PETROCHEMICALS: Apr-Jun net profit rose 507% on-year to Rs.1.73 bn. Net sales for the quarter grew 70% on-year to Rs.133 bn. Company is confident that India will resolve its issues with Iran on oil payments by weekend. SHRIRAM EPC: Gets Rs.750 mn contract to build cooling towers from GAIL (INDIA). Receives a Rs.230 mn order from Hinduja National Power. TITAGARH WAGONS: Its proposed joint venture with Freight Car America suffers a setback as Indian Railways rejects the design prototype of the aluminium wagons. CAIRN INDIA: OIL AND NATURAL GAS CORP that holds 30% in the Rajasthan oil field has asked for third party technical evaluation, which may lead to production delays. TECHNO ELECTRIC: Plans to raise wind power capacity by 85% in the current financial year; to install around 130 MW of wind power capacity by Mar end. JINDAL SAW: To invest $600 mn over the next two years to expand its capacity and buy stake in Middle East, US, and the European Union based firms. RELIANCE POWER: May get a loan of $625 mn from US EXIM Bank to fund its 2,400 MW gas-based power project in Samalkot, Andhra Pradesh. ORBIT CORP: JSW STEEL's Sajjan Jindal in advanced talks with the company to jointly develop his Maheshwari House property in Mumbai. THERMAX: Has inked an agreement with US-based Amonix for high-performance solar power generation systems for projects in India. LARSEN & TOUBRO: Has decided to close its Chinese subsidiary L&T Wuxi due to falling volumes, rising wages, and cultural differences. BHARAT HEAVY ELECTRICALS: Targets Rs.500 bn sales in 2011-12 (Apr-Mar); says follow on public offer likely by mid-November. GLOBAL OFFSHORE: In talks with a few European shipyard firms for a joint venture; deal expected to be sealed in a couple of months. ALSTOM PROJECTS INDIA: To merge Alstom Holdings (India) with self. Its Apr-Jun net profit plunges 80% on year to Rs.63 mn.

Weekly Newsletter 22 Info-Spectrum Bridging the Information Gap in Corporate Landscape

JSW ENERGY: Plans to add 1,100 MW power generation capacity in 2011-12, which will take its total capacity to 3140 MW. GVK POWER & INFRASTRUCTURE: Has shelved its Rs.60 bn expansion plan in Andhra Pradesh due to unavailability of gas. IRB INFRASTRUCTURE: Says search conducted by the Income Tax authorities at the company's office, sites were routine. PSL: Expects to see a significant fall in its North American joint venture's business volume due to demand slowdown. TATA POWER: Its 4,000 MW ultra mega power project in Mundra has received coal from KPC/Arutmin mines in Indonesia. GATEWAY DISTRIPARKS: Apr-Jun net profit rises 46.6% on year to Rs.222.87 mn; net sales soars 60.5% to Rs.601.19 mn. SUZLON ENERGY: Has offered to buy the remaining stake of 4.8% in Repower Systems AG for 142.77 euros a share. SHREYAS SHIPPING & LOGISTICS: To sell 51% stake in Haytrans (India) to its subsidiary Shreyas Relay Systems. RURAL ELECTRIFICATION CORP: To raise at least Rs.5 bn by issuing bonds maturing in three, five, and 10 years. ESSAR OIL: Has contracted new supplies from Saudi Arabia and Kuwait due to supply disruption in Iran. INDIAN OIL CORP: Raises $500 mn via 10-year overseas bonds, to utilize funds for capital expenditure. HINDUSTAN PETROLEUM CORP: Plans to raise $300 mn in the second half of the current financial year. INTEGRA ENGINEERING INDIA: Board approves merger of Integra India Group company with self. SEAMEC: To deploy vessel with Singapore company for a period of 30 days for $1.55 mn. KESAR ENTERPRISES: To increase cogen power project capacity to 44 MW from 25MW. PUNJ LLOYD: Gets Rs.3.3 bn order for Mangalore oil storage unit. DE NORA INDIA: Has deferred a share buyback plan. SPICEJET: Is looking to raise funds via share sale.

Weekly Newsletter 23 Info-Spectrum Bridging the Information Gap in Corporate Landscape

IT & ITeS INFORMATION TECHNOLOGY: IBM, TATA CONSULTANCY SERVICES, and HCL INFOSYSTEMS are offering various IT solutions to educational institutes to ease the load of rising placements. The Electronic Service Delivery Bill 2011 to be tabled in monsoon session. Cognizant to buy CoreLogic Global Services for $50 mn to expand its mortgage services portfolio. Hewlett-Packard chairman Ray Lane expects the firm to take a long time to see a turnaround; says will require more investment in the business. Customs and Central Excise Settlement Commission has imposed a Rs.20 mn fine on Microsoft India and Rs.10,000 on its former chairman Ravi Venkatesan on grounds of customs duty evasion involving sale of its software in India. TATA CONSULTANCY SERVICES and WIPRO in race to bag the Tirumala Tirupati Devasthanam's IT solutions project. Microsoft opens R&D facility in Bangalore Microsoft opened a new 1.54 lakh sqft facility at Bangalore. The facility will house over 200 engineers belonging to the Bangalore Microsoft India Development Center (MSIDC) team that contributes to Microsoft Corp's ad Center technologies and researchers from Microsoft Research India. In 2009, Yahoo! Inc and Microsoft Corporation, US, announced a multi-year, global search alliance. Under this agreement, Microsoft hired 400 plus Yahoo! engineers, more than half of whom were based at Yahoo India in Bangalore. In April last year, Microsoft India (R&D) announced expansion of its R&D activities to Bangalore to accommodate these engineers. The facility, called Vigyan, has been designed and given shape to by more than 200 employees of Microsoft India (R&D). Mr Sanjay Anand, General Manager, ad Center team at Bangalore MSIDC, said the new facility was to ensure that the “Yahoo India employees have a smooth transition and the combined team have a strong engineering charter. The teams together have worked on designing this new office.” Lee & Nee Softwares to mull progress on acquisition Jul 30 Lee & Nee Softwares Exports Ltd has informed that a meeting of the Board of Directors of the Company will be held on July 30, 2011, inter alia, to transact the following business: 1. To consider the status of the proposed right issue. 2. To consider the progress of the Company, with special references to acquisition of software companies in USA and in India. 3. To apply and obtain the license of the distributor of Oracle. 4. To commence training in ERP & SAP i.e. Oracle. 5. To transfer the object clause from sub-clause (23) and (24) in clause IIIc to main clause 5 and 6 respectively pursuant to section 149(2A) of the Companies Act, 1956. 6. To discuss the status of investors complaints if any. 7. To discuss the general affairs of the Company and chalk out the future course of action for the companys business development. Dell climbs to 2nd spot in PC market The Statesman Computer maker Dell occupied the second place in the worldwide personal computer (PC) market in the second quarter of 2011, the first time since the fourth quarter of 2008, boosted by sales in the Asia-Pacific region, according to a survey. Dell did well in the Asia-Pacific region, where it has invested heavily lately. Professional PC refreshments definitely boosted Dell's growth, according to a survey done by Gartner. However, HP continued to be the worldwide leader, accounting for 17.5% of worldwide PC shipments in the second quarter of 2011. Further, Lenovo achieved strong growth in the Asia-Pacific region, the USA and Latin America, placing it at the third slot for both desktop and mobile PCs, the survey shows. Educomp Solutions shareholders OK restructuring of FCCBs Educomp Solutions Ltd has informed that the members of the Company, by way of Postal Ballot, have passed the following Special Resolutions, with requisite majority: 1. Approval for Raising of funds under Sec. 81 (1A) of the Companies Act, 1956 through issue of capital & restructuring of the outstanding USD 78.50 mn Foreign Currency Convertible Bonds. 2. Approval for Increase in Authorised Share Capital of the Company pursuant to Section 16, 94 of the Companies Act, 1956 and other applicable law. 3. Approval of Educomp Employee Stock Option Scheme 2011 pursuant to Sec. 81 (1A) of the Companies Act, 1956 and other applicable law. 4. Approval of Educomp Employee Stock Option Scheme 2011 for directors / employees of Subsidiaries.

Weekly Newsletter 24 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Samsung keen to expand R&D capabilities in India Korean technology major Samsung will expand its research and development capabilities in India by hiring between 1,000-2,000 people every year apart from bringing in work involving new technologies. Samsung currently has four R&D centres in the South West Asian region of which two are located in Noida, one in Bangalore and another one in Dhaka. The Bangalore centre with 3,000 engineers is the biggest R&D facility for Samsung outside Korea, which is working on mobile phone software and semi-conductors. Samsung is also in talks with Indian telecom players for white labelling' mobile applications. For example, the company has partnered with Tata Teleservices and Apalya to offer Mobile TV services on Samsung Corby devices. Cisco plans providing education, healthcare in rural areas Taking forward what started as a corporate social responsibility (CSR) activity, Cisco will soon launch its services of providing education and healthcare in rural areas using technology as an enabler to connect experts from cities to the beneficiaries in villages. Cisco will launch the service as part of its inclusive growth' initiatives a few months down the line, following the success of its pilot projects of providing these services under their Rs.47 crore CSR scheme Project Samudaya. Cisco, which has provided healthcare solutions to 630 patients since October 2010 using telemedicine, plans to expand providing the services in two other districts in Karnataka, Arvind Sitaraman, President, Inclusive Growth, Cisco Systems said. Satyam, Microsoft to develop solutions for child support programmes Satyam Computer Services Ltd has joined hands with global technology major Microsoft Corp to provide solutions for child support programmes. Under the joint initiative, Satyam Computer will offer document management systems that will create and store child support cases in a central repository. These solutions would be based on Microsoft's SharePoint 2010 technology, Satyam Computer said. The solutions will keep track of letters, notices and other correspondence in child support programmes. They would improve the productivity of caseworkers and help citizens get immediate access to information on child support services, Satyam Computer said. Currently, the company is developing a document management system for Midwestern State in the US. Prism Informatics bags two orders from Switzerland-based cos Prism Informatics Ltd announced it has bagged two new projects from clients based in Switzerland to provide business intelligence and logistics network support solutions. With the two new projects, one from the retail sector and the other from a brewery, Prism's total project pipeline has increased to 10, it said but did not give the size and time frame for the new projects. For the retail client, Prism will work as a strategic advisor for business intelligence solutions and for the second, it will support the logistics network. Prism also signed a strategic service partnership with enterprise resource planning and software services firm SAP. Dax Networks launches VPN router India Networking company Dax Networks has launched DX-2824-IRW, a broadband VPN router. Priced at Rs.21,700, DX-2824-IRW is for Smart Secure Managed Solutions, a growing demand among enterprises in different verticals. DX-2824-IRW delivers Internet access control and network protection against hacker attacks and intrusions. According to the company release, packet layer and Application layer (layer 7) filtering based on URL and keywords, and schedule-based Access Control List (ACL) ensures high stability and security of the router and network. Tech Mahindra to seek shareholder OK for private share placement Aug 12 Tech Mahindra Ltd will seek the approval of its shareholders for issuing 13.6 mn shares via qualified institutional placement at its annual general meeting to be held on Aug 12. The company said in its annual report that it hopes to complete the allotment of shares under the qualified institutional placement within 12 months. Tech Mahindra will also seek the approval of shareholders to enhance the cap on foreign institutional investment in the company to 35% of paid-up equity capital from 26% at present. MindTree promoter Ashok Soota cuts stake in co to 3.54% from 5.59% MindTree Ltd said promoter Ashok Soota has reduced his stake in the company to 3.54% by selling 2.05% stake for Rs.362 mn. In a notice to the stock exchanges, MindTree said Soota sold 822,676 shares of Mindtree in the open market on Jul 26. As of Jun 30, Soota held 5.59% stake, or 2.24 mn shares, of the company. In another notice to the exchanges, MindTree said Coffee Day Resorts Pvt Ltd has bought 2.24% stake, or 900,000 shares, of the company from the open market on Jul 26. Coffee Day Resorts now holds 7.98% stake in MindTree.

Weekly Newsletter 25 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Phoenix IT signs pact with Netinium Phoenix IT Solutions Ltd, the smart utility software and services provider here, has announced that it has entered into a strategic partnership with Netinium to offer automated meter reading (AMR)/automated metering infrastructure (AMI) solutions for power, piped gas and water distribution companies in India and abroad. AMI, says the press release, is the critical component of the smart grid infrastructure for next generation utilities in power, gas and water utilities. AMR forms the foundation on which utilities can hope to reduce energy consumption and help the cause of environment. Mastek slips into red 2010-11 on loss of business from 2 UK clients Mastek Ltd posted a net loss of Rs.559.3 mn for the year ended Jun 30, as against a net profit of Rs.677.2 mn in 2009-10, with two of its key UK-based clients clipping the business sourced to the Indian information technology company. Reduction in revenue from these two clients--Capita and British Telecom--has mainly contributed to losses during 2011-12, Chief Financial Officer FaridKazani told. US-based bank cancels $20 mn contract with Infosys California-based Union Bank has cancelled a $20 mn contract with Infosys to implement its core banking software product Finacle. The implementation was not cancelled due to technical issues but because of change in the bank's priorities, Infosys said. Mahindra Satyam defers salary increments till Oct Mahindra Satyam has decided to defer salary increment to employees till October, instead of giving them out in the June quarter like most tech firms. The company plans to send out letters communicating the revised salaries by September and give the increments effective Oct 1. Edserv Softsystems' $35 mn GDR issue opens Edserv Softsystems Ltd has informed that the Board of Directors of the Company at its meeting held on July 25, 2011, has approved the opening of the GDR Issue to raise not more than USD 35 mn at a price fixed as per SEBI regulations. Strong fundamentals attract fund managers to tech stocks Shares of information technology companies are finding favour with fund managers as the sector is showing early signs of sustaining growth at a time when others are hamstrung by the government's policy inertia, high interest rates, and spiraling inflation. Edserv Softsystems sees FY12 revenue growing 60% Edserv Softsystems Ltd sees its 2011-12 (Apr-Mar) revenue growing 60% from the Rs.1.2 bn recorded in the previous year, the company said in a regulatory filing to the stock exchanges. The company has projected an earnings per share of Rs.29 in the current financial year ending March. Oracle Fin may reconsider selling its services unit Oracle Financial Services Software's is reconsidering its plans to sell its services unit to a combine consisting of private equity firm Carlyle and former top-level executives of the company. However, bankers are still trying to salvage a deal by contacting other potential buyers. Tata Sons revokes pledge on 69.3 mn Tata Consultancy shares Jul 18 Tata Sons Ltd, promoter of Tata Consultancy Services Ltd, revoked pledge on 69.3 mn shares of the software exporter on Jul 18. Consequently, the number of pledged shares by Tata Sons has come down to 91.8 mn shares, which represents 6.36% of the stake held by the promoter in the company. LGS Global to mull strategic tie-ups Thu LGS Global Ltd has informed that a meeting of the Board of Directors of the Company will be held on July 28, 2011, inter alia, to consider the proposal for strategic associations / investments / joint ventures. Murthy gives nod to become chief mentor of IT panel Infosys founder N R Narayana Murthy has given his nod to become the chief mentor of the IT panel being formed by the West Bengal government to prepare a roadmap for the industry and attract more investment in the sector. Hexaware Apr-Jun net profit grows 12% on qtr, ups 2011 guidance Hexaware Technologies Ltd cheered the Street by posting a 12% sequential growth in consolidated net profit for Apr-Jun, and raising its revenue guidance for 2011 (Jan-Dec). The company posted a net profit of Rs.602.43 mn for Apr-Jun, as against Rs.538.35 mn in Jan-Mar.

Weekly Newsletter 26 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Geometric Apr-Jun net profit falls 34% on quarter, net sales up 2% Geometric Ltd posted a 34% sequential decline in net profit to Rs.117.42 mn for the Apr-Jun quarter, and a tepid 2% growth in net sales to Rs.1.73 bn. Microsoft opens new development centre in Bangalore Software major Microsoft launched its new research and development facility spread across 1,54,000 square feet. TCS and Wipro in race for Tirupati temple project TCS and Wipro are among three companies eyeing to bag Sri Seva Project of the Tirumala Tirupati Devasthanam to provide IT solutions that will help devotees. Geometric implements virtual desktop to reduce cost IT consulting and software services provider Geometric said it has implemented a virtual desktop based on VXI cloud architecture with Cisco, NetApp and Citrix technologies to reduce operational costs. INFOSYS: California-based Union bank has cancelled a $20 mn contract with Infosys to implement its core banking software product Finacle. Its customers Wal-Mart Stores, Johnson Controls, Goldman Sachs, and American Express Co may be targeted for alleged violations of visa rules by the company. ORACLE FINANCIAL SERVICES: Sale of company's services unit to private equity firm Carlyle and former top-level executives falls through on valuation differences. PRISM INFORMATICS: Gets two orders from Switzerland-based companies to provide business intelligence and logistics network support solutions. NIIT: Apr-Jun consolidated profit after tax has risen marginally from last year to Rs.131 mn mainly due to high investments made during the quarter. WIPRO: To draw out plans to provide IT services to seeds, fertiliser, agro-chemical bio pharmaceutical, and commodity companies. MASTEK: Posted net loss of Rs.559.3 mn for the year ended Jun 30 as against a net profit of Rs.677.2 mn in 2009-10 (Jul-Jun). EDUCOMP SOLUTIONS: Shareholders approve restructuring of $78.5 mn worth of foreign currency convertible bonds. ACCEL FRONTLINE: British Telecom set to sell its entire 51% stake in the Chennai-based IT company. SATYAM COMPUTER SERVICES: Defers salary increments to employees until October.

Weekly Newsletter 27 Info-Spectrum Bridging the Information Gap in Corporate Landscape

PHARMA & HEALTHCARE PHARMACEUTICALS: Department of Pharmaceuticals may seek extension of tax benefits for in-house research work such as clinical trials, bio-equivalence studies, regulatory approvals and patent filings. Singapore's sovereign fund GIC invests $100 mn in Vasan Healthcare. India and the European Union reach an interim settlement to ensure 'Made in India' consignments of generic medicines are not detained. VLCC Healthcare is in talks to acquire a European nutraceuticals and skincare firm and a south-east Asian wellness company; company has earmarked $50 mn for acquisitions and expansions. GSK Pharma launches two more cancer drugs GlaxoSmithKline Pharmaceuticals (GSK) Limited has further strengthened its presence in the oncology space in India with the launch two drugs — Revolade and Votrient. Votrient (pazopanib hydrochloride tablets) is for treating advanced renal cell carcinoma (RCC), the most common type of kidney cancer. The company said 800 mg Votrient tablets for a month will cost Rs.58,000 and Revolade will cost around Rs.27,000 per month for 25 mg tablets per day. The oncology market size is estimated at Rs.1,200 crore and growing at a rate of 16-17%. GSK, a relatively new player in the oncology segment in India, is expected to gain 2-3% share in the market in the next two years through new launches. Revolade (eltrombopag) is approved for oral treatment of thrombocytoppenia (reduced platelet count) in adults with blood disorder chronic immune (idiopathic) thrombocytopenic purpura (ITP). A number of ongoing trials are investigating the use of Revolade for treating thrombocytopenia in other conditions, where reduced levels of platelets may interfere with treatment. Lupin in R&D pact with MedicisPharma, to get $20 mn upfront Lupin Ltd has inked a research and development pact with US-based Medicis Pharmaceutical Corp, wherein the Indian company will use its formulation technologies to develop several therapeutic compounds for the latter. As per the deal, Lupin will get $20 mn upfront payment, milestone payments of up to $38 mn, and a single digit royalty on sales of the products. Medicis will have exclusive rights worldwide, excluding India, for the products developed under the agreement, and will be responsible for developing and commercialising the licensed products. In a separate release, Lupin said it has settled all ongoing litigation with Medicis over acne medication Solodyn extended release tablets. Following the settlement, Lupin will from November be able to sell generic Solodyn in 45 mg, 90 mg, and 135 mg strengths under a license from Medicis. Lupin will also get to sell 65 mg and 115 mg strengths of Solodyn from February 2018, and 55 mg, 80 mg, and 105 mg strengths from February 2019. Glenmark gets $15 mn advance from US' Salix to ramp up facilities Glenmark Pharmaceuticals Ltd has received $15 mn as advance payment from US' Salix Pharmaceuticals Inc to ramp up its manufacturing facilities to meet the expected rise in demand for HIV-associated diarrhoea drug Crofelemer. Glenmark had entered into a commercial supply agreement with Salix for Crofelemer. Under the agreement, Salix had agreed to pay Glenmark $21.6 mn as commitment fee in instalments to upgrade facilities to help increase the production capacity of the drug. The commitment fee is in addition to the compound purchase price payable by Salix to the Indian company, a notice to the exchanges said. "After remitting the advance of $15 mn to Glenmark, Salix will pay Glenmark the remaining $6.6 mn of the commitment fee in five equal annual instalments," Glenmark said. Around 40% of 25 mn people in developing countries living with HIV/AIDS are affected by chronic diarrhoea, according to a previous release by Glenmark. Manappuram to invest Rs.1,000crore for expansion Manappuram Health Care Ltd, a venture of the Manappuram Group, has entered the pharmacy retail business under the brand name MAcare Pharmacy. The first retail outlet was inaugurated at Valapad in Thrissur, Kerala. The company plans to set up 500 retail stores in all major cities of Southern India. The air- conditioned retail outlets will be open round the clock and will provide medicines at affordable prices to the middle class market. Each outlet will feature refrigeration and storage facilities, fully compliant with the Drugs and Cosmetics Act. Presently, Manappuram is implementing a Rs.1000 crore expansion plan for setting up around 400 medical, dental clinics and diagnostic laboratories in different locations in Southern India. The state-of-the-art diagnostics laboratories with a 3 Tesla MRI scanner, will come up in Kochi, Thiruvananthapruam and Kozhikode.

Weekly Newsletter 28 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Source says Sun Pharma Europe arm withdraws cancer drug application Sun Pharmaceutical Industries Europe B.V. has withdrawn its application filed with the European regulator for marketing licence for its cancer drug Doxorubicin SUN, a source said. "The company has informed the European agency that it wants to withdraw the application for marketing authorisation for the drug as it cannot answer the concerns of the agency in the given timeframe," the source told. Sun Pharmaceutical's European arm had submitted the application for marketing licence for Doxorubicin SUN in February, the source said. Doxorubicin SUN, the generic version of Janssen's Caelyx, is indicated for treatment of breast cancer, ovarian cancer, progressive myeloma and AIDS related Kaposi's Sarcoma. However, the regulatory agency, which was reviewing the application had sought more details from the company within a specified timeframe. Ranbaxy launches breast cancer drug in UK, France Ranbaxy Laboratories Ltd announced the launch of Letrozole tablets 2.5 mg in the UK, Romania and France, on Day-1. Letrozole is an Antineoplastics, indicated for the treatment of breast cancer. It is the bio- equivalent of Femara, the innovator product of Novartis, that has a market size of $58 mn in UK (Source: IMS 2010), $95 mn in France (Source: GERS May 2011) and $5.5 mn in Romania (Source: Cegedim 2010). The product will be offered through pharmacies, retail and wholesale stores with immediate effect and will benefit the healthcare system in these EU markets. Ranbaxy's subsidiary companies, Ranbaxy (UK) Ltd, Terapia Ranbaxy and Ranbaxy PharmacieGeneriques will be marketing this product in UK, Romania and France respectively. Strides Arcolab gets US FDA nod to sell Gemcitabine injection Strides Arcolab Ltd has received approval from the US Food and Drug Administration to market Gemcitabine injection, its first oncology product in the US market. Gemcitabine injection is the generic version of Eli Lilly's chemotherapy drug Gemzar, used to treat non small cell lung cancer, pancreatic cancer, metastatic breast cancer, and ovarian cancer. The company has received the US regulator's nod for the injection in 200 mg, 1 gm, and 2 gm dosage forms. "Gemcitabine is part of the oncology portfolio licensed to Pfizer in January 2010 for the US market and will be launched immediately," Strides Arcolab said in its release. It said the market for the drug, according to March 2011 data, was around $700 mn in the US. Cadila Healthcare acquires Germany's Bremer from ICICI Venture Cadila Healthcare Ltd said its subsidiary Zydus Animal Health Ltd has acquired 100% stake in Germany- based Bremer PharmaGmbh from ICICI Venture. The Indian pharmaceutical company did not disclose the financial details of the acquisition. Post market hours today, a press release from Cadila Healthcare said that the acquisition will include transfer of all key assets, people, brands and export contracts of Bremer. The acquisition will help the pharmaceutical company expand its animal health business and also to gain access to Europe, South America, Asia, and Africa. The global animal health business is valued at $20 bn, Cadila Healthcare said. Bremer Pharma, a veterinary pharmaceuticals company, manufactures powders, tablets and liquid medicines for animals. Dr Reddy's Lab, Fujifilm in generic drugs JV pact for Japan market Dr Reddy's Laboratories Ltd has signed a Memorandum of Understanding with Fujifilm Corp to form a joint venture to manufacture and market generic drugs in Japan. Dr Reddy's will hold 49% stake in the proposed joint venture, while Fujifilm Corp will hold the balance. Fujifilm Corp, a unit of Fujifilm Holdings, is involved in imaging, medical systems, life science systems, highly functional materials and optical devices. The joint venture plans to launch its first Japan-specific products in the next three to four years. Japan is the world's second largest pharmaceutical market, estimated at $97 bn as per IMS data, and is attractive for pharmaceutical companies on account of low penetration and slower price erosion of generic drugs compared with markets such as the US. Lupin to market Eli Lilly's diabetes products in India, Nepal Lupin Ltd has entered into a pact with the Indian arm of US-based Eli Lilly and Co to promote and distribute the latter's Huminsulin range of diabetes products in India and Nepal. Lupin's Indian formulations division will promote and distribute the Huminsulin range of products that include brands such as Huminsulin RTM, Huminsulin NPHTM, Huminsulin 50/50, Huminsulin 30/70, and Humapen Ergo II. "This strategic collaboration will achieve major synergy arising from the strength of the product portfolio of Lilly and the promotion and distribution capabilities of Lupin," the release said. "Eli Lilly said the partnership will become a foundation to expand its diabetes business in India including future products pipeline.

Weekly Newsletter 29 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Sun Pharma gets US FDA nod for generic of hypertension drug Diuril Drug maker Sun Pharmaceutical Industries Ltd has received the US Food and Drug administration's nod to sell chlorothiazide sodium injection, the generic version of Denmark-based Lundbeck Pharmaceutical's Diuril. The Mumbai-based pharmaceutical company can sell the generic version of Diuril in strength of 500 mg in injection form in the world's largest drug market, according to the US regulator. Chlorothiazide sodium is a diuretic used for treatment of hypertension. It is also used to treat fluid retention in people with congestive heart failure, cirrhosis of liver, and kidney disorders caused by intake of steroids or estrogen. Strides Arcolab gets US FDA nod to market acarbose tablets Strides Arcolab Ltd has received US Food and Drug Administration's approval to sell anti-diabetic drug acarbose in the US market. The company will start selling the acarbose tablets in the Jul-Sep quarter through a profit sharing partnership with US based over-the-counter drug manufacturer Perrigo. Strides Arcolab will market the acarbose tablets in three strengths—25 mg, 50 mg and 100 mg. Acarbose tablets are prescribed in treatment type-two diabetes. Bayer Healthcare sells acarbose tablets in the US under the brand name Precose, and so far does not face competition from Indian generic players. Acrobose tablets sales in the year ended March stood at $21 mn in US. Glenmark phase I trial of molecule GRC 15300 to treat pain complete Glenmark Pharmaceuticals Ltd's arm has successfully completed the first phase of clinical trial for its molecule GRC 15300, to be used for treatment of pain. The company has completed the phase I dosing and analysis of the study data of the molecule in the UK. "Plans are in place to initiate clinical proof of concept studies in neuropathic pain," the company statement said. Sanofi Aventis has licensed the rights to all the therapeutic indications of the drug. Source says NPPA OKs hike in price of Eli Lilly's imported insulin The National Pharmaceutical Pricing Authority has allowed a price hike of up to Rs.250 per vial in as many as 19 imported insulin products of Eli Lilly, a government source said. The move comes in the wake of a Delhi High Court order on Jun 1, asking the pricing authority to revise rates of imported drugs. Eli Lilly had approached the high court after the NPPA refused to increase prices of its imported insulin brands as companies did not share details on how they arrived at the landed cost. Cadila Healthcare's Himachal Pradesh plant gets US FDA approval Cadila Healthcare Ltd's formulation manufacturing plant at Baddi in Himachal Pradesh has been approved by the US Food and Drug Administration to supply drugs to the US market, the company said. The approval will give the company an additional resource to meet the growing needs of its US business. The Baddi plant, commissioned in 2004, manufactures oral solid dosage forms including gelatine capsule and tablets. Torrent Pharma gets US FDA tentative approval for Lexapro generic Torrent Pharmaceuticals Ltd has received the tentative nod from US Food and Drug Administration for escitalopram oxalate tablets, the generic of Lundbeck's Lexapro. With the tentative approval, Torrent Pharmaceuticals can now sell escitalopram oxalate tablets in 5 mg strength in the US market. Escitalopram oxalate drug is used to treat adults with major depression disorders and generalised anxiety disorders. Lupin gets US FDA nod to sell 250-mg Ponstel generic capsule Lupin Ltd has received US Food and Drug Administration's approval to sell mefenamic acid, the generic version of Ponstel, in the world's largest drug market. According to the US regulator, the company can sell the drug in capsule form in strength of 250-mg. Ponstel, which belongs to nonsteroidal anti-inflammatory class of drugs, is used for the relief of mild to moderate pain, including menstrual pain. HDFC Mutual Fund cuts stake in Biocon to 3.13% from 5.14% HDFC Mutual Fund's stake in Biocon Ltd fell to 3.13% from 5.14% on sale of 4,010,294 shares in July. The sale was done in a series of transactions under different schemes of the fund house over a period of time up to July 2011, the circular said. The second largest fund house now holds 6,264,567 shares of the company. Dr Reddy's Lab launches generic Gemzar injection in US Dr. Reddy's Laboratories Ltd launched generic gemcitabine injections in 200 mg and 1 gm vials in the US, the company said in a release. The chemotherapy drug, sold under the brand Gemzar by Eli Lilly and Co, is prescribed to treat cancer in the lungs, pancreas, breasts, and ovaries. According to Dr Reddy's, Gemzar's sales in the 12-months ended May 31 was around $634 mn.

Weekly Newsletter 30 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Cadila in talks to buy Biochem brands, units for up to 4.5 bln rupees ZydusCadila is in talks to buy brands and manufacturing facility of Biochem Pharmaceuticals in a deal expected to be valued at around Rs.3.0-Rs.4.5 bn. Biochem makes popular antibiotics such as Amicin and anti-infectives such as Ampilox and Biotax. Pharmadept recommends tax sops for clinical trials, patent filing The department of pharmaceuticals plans to recommend tax sops for research and development work done outside firms such as clinical trials, bio-equivalence studies, and patent filings. Currently, the government gives tax deduction of 200% only for in-house R&D work. Swiss arm, export sops expiry drag Dishman Pharma Apr-Jun PAT 44% Dishman Pharmaceuticals and Chemicals Ltd's consolidated net profit for Apr-Jun declined 44.5% on year to Rs.151.3 mn mainly on losses incurred by its Swiss subsidiary Carbogen Amcis, and on higher tax outgo after the expiry of export benefits for one of its Indian units. Sun Pharma gets US FDA tentative nod for Plavix generic tablets Sun Pharmaceutical Industries Ltd has received the US Food and Drug Administration's tentative approval for clopidogrel, a generic of Sanofi Aventis's Plavix tablets prescribed in treatment of coronary disease. Plavix 75 mg tablets have an annual sale of $6 bn in the US. Ranbaxy launches Letrozole drug in UK, Romania, France Ranbaxy Laboratories Limited has informed the Exchange regarding a PressRelease dated July 25, 2011, titled "Ranbaxy launches Letrozole Tablets onDay-1 in UK, Romania, France". Metropolis to invest Rs.15 crore to set up 15 labs in FY'12 Diagnostic chain Metropolis Healthcare today said it will set up fifteen laboratories in tier-II and tier-III cities across the country through an investment of Rs.15 crore in the current fiscal. Sterling Biotech promoters pledge 10.42% stake Sterling Biotech said its promoters pledged 8.86 lakh shares of the firm on June 16, following which the total stake in the company pledged by the promoters has gone up to 10.42%. Rise in input costs, wages cap Lupin's Apr-Jun PAT growth at 7% Despite net sales growing 17% year on year in Apr-Jun, Lupin Ltd posted just a 7% rise in net profit as increase in raw material costs and wages trimmed margins. Ajanta Pharma Q1 net up 79.77% to Rs.12.53 crore Drug firm Ajanta Pharma said its net profit for the quarter ended June 30, 2011 rose by 79.77% to Rs.12.53 crore over the same period previous fiscal. LUPIN: In research and development pact with US-based Medicis Pharmaceutical Corp, wherein it will use its formulation technologies to develop therapeutic compounds for the latter. To get $20 mn as upfront payment. JB CHEMICALS & PHARMACEUTICALS: Will fully exit Russia and Commonwealth of Independent States countries after it sold its prescription drugs business in the region to Dr Reddy's Laboratories for Rs.1.37 bn. CADILA HEALTHCARE: In talks to acquire brands and manufacturing facility of Biochem Pharmaceuticals for around Rs.3.0-4.5 bn. NOVARTIS INDIA: Apr-Jun net profit rose 19.2% on year to Rs.375.7 mn, while revenue grew 12% to Rs.18.80 bn. CADILA HEALTHCARE: Acquires Germany's animal healthcare company Bremer from ICICI Venture. DR REDDY'S LABORATORIES: Has launched generic Gemzar injection in the US. SHARON BIO-MEDICINE: Dehradun unit has received Canada approval. GUJARAT TERCE LABORATORIES: Approves 2-for-1 stock split.

Weekly Newsletter 31 Info-Spectrum Bridging the Information Gap in Corporate Landscape

TELECOM TELECOMMUNICATION: The Telecom Commission has recommended a scheme forcreating National Optical Fibre Network-- costing Rs.200 bn for providing broadband connectivity to panchayats. The Telecom Regulatory Authority of India may bring the Rs.120bnmobile value added service market under its regulation. Kapil Sibal says 2G spectrum scandal a result of internal intense rivalry among the companies in the sector; government functioning under shadow of fear. Department of Telecommunications may allow spectrum sharing among operators. Telecom Minister Kapil Sibal expects to announce the new telecom policy by October. Former telecom minister Raja has named Prime Minister Manmohan Singh and the then finance minister P. Chidambaram in the 2G scam. Home Minister P. Chidambaram refutes former telecom minister Raja's charges of being involved in 2G spectrum scam. Tata Group to merge its telecom businesses that provide separate mobile services using CDMA and GSM. A dozen of senior executives of the company have lost their jobs due to operational inefficiency. Vodafone and IDEA CELLULAR have hiked tariffs in some circles by 20%. Former Telecom Secretary Siddhartha Behura blames D. Subbarao, who was the finance secretary in 2007, for not revising the 2G spectrum price. Vodafone and IDEA CELLULAR have raised tariff prices by 20% in different circles over the past few weeks. Telecom panel gives nod to Rs.200bn broadband network The Telecom Commission has given its approval to the proposed national optical fibre network (NOFN) for offering broadband services in rural areas. The network, to be built at an estimated cost of Rs.200 bn, will connect all the gram panchayats. The project will be funded by the Universal Services Obligation Fund. The proposal will now be placed before the Union Cabinet for final approval. A Special Purpose Vehicle (SPV) will assume the responsibility for execution of the project after approval of the scheme by the Cabinet. The SPV will be finally owned by the Government/USOF. State-owned BSNL has been entrusted with the task of undertaking the preparatory activity for project execution and establishment of the SPV. “In economic terms, the benefits from the scheme are expected through additional employment, e-education, e-health, e- agriculture etc. and reduction in migration of rural population to urban areas. It will also facilitate the Government to implement its various e-governance initiatives such as e-health, e-banking, and e-education thereby facilitating inclusive growth,” Mr Sibal said. Telecom minister says to announce new policy by Oct Communications Minister Kapil Sibal said he expects to announce the new telecom policy by October. He said the Telecom Commission, the Department of Telecommunications' apex decision-making body headed by the secretary, had discussed half of the policy and would discuss the remaining part soon. Sibal said he wanted the new policy to go to the Cabinet for clearance. The National Telecom Policy-1999 currently governs the sector. Sibal said some of the existing operators had approached the government for being allowed to exit the telecom sector. While Sibal did not name any particular company, some of the new operators who got licences in 2008, are reported to have approached the government to be allowed to exit the sector. These firms have been not been to lay down the telecom network and hence unable to attract customers into their fold. India to announce new telecom policy by October The Indian government will announce a new telecommunications policy by October. India's telecom regulator had recently submitted its recommendations on the policy, and the minister said the Telecom Commission will consider the suggestions at its meeting and then forward them to the cabinet. The policy is being prepared at a time when the government is sorting out issues including on licensing, spectrum allocation, pricing, service roll-out and mergers and acquisitions. Two federal minister had to resign in recent times following allegations that they manipulated the sale of spectrum and favored some companies.

Weekly Newsletter 32 Info-Spectrum Bridging the Information Gap in Corporate Landscape

CBI struggling with definition of 'associate' in 2G case The Central Bureau of Investigation is struggling with the definition of an 'associate' company, as the concept is key to charges it has filed against the top brass of Swan Telecom and three executives of the Reliance ADA Group. CBI's ongoing investigation to determine whether Loop telecom is a front for Essar Group is also based on the definition of an associate company. While the investigation agency believes Loop is an associate of Essar and is, therefore, liable to be charged, the corporate affairs ministry, in an interim report, has said Swan and Loop are not associates of Reliance Telecom and Essar respectively. Raja drags PM, Chidambaram in 2G scam, tells court they were aware Former telecom minster A. Raja dragged Prime Minister Manmohan Singh and the then Finance Minister P. Chidambaram into the 2G scam, stating in the court that Telenor buying a stake in Unitech Wireless and Etisalat buying a stake in DB Realty were totally legal as per corporate laws and Chidambaram had approved of the sale in the presence of the prime minister. After PM, Chidambaram, Subbarao's name now gets dragged in 2G case Two days after former telecom minister A. Raja dragged Prime Minister Manmohan Singh and then finance minister P. Chidamrabam in the 2G scam, former telecom secretary Siddhartha Behura now named current Reserve Bank of India Governor D. Subbarao, who was finance secretary at the time, in the case. Bharti joins race to acquire Zimbabwe telecom company NetOne After news of Mahanagar Telephone Nigam Ltd mulling buying 51% stake in Zimbabwe's telecom operator NetOne, Bharti Airtel Ltd has now joined the race. NetOne Managing Director, Reward Kangai said high profiled telecom firms such as MTN Group Ltd and Bharti were ready to purchase shares of the company. Raja and Behura quizzed by CBI for Loop-Essar Carrying on its probe into the 2G scam, the CBI has recorded the statements of jailed former telecom Minister A Raja and the then telecom secretary Siddhartha Behura in connection with grant of spectrum licence to Loop and the role of Essar group. Tata Teleservices to merge CDMA, GSM ops; employees fear job cuts Tata Teleservices, the telecom unit of the Tata Group, has decided to merge its CDMA and GSM divisions. The move has raised fears of jobs cuts. The company operates CDMA business under the Tata Indicom brand, and offers GSM services under the Tata Docomo brand. DoT accepts Trai's recommendations on Green Telecom Telecom Ministry has accepted most of the recommendations given by Trai on promoting energy efficient technologies and reducing carbon emissions in the fast growing telecom sector, official sources said. Micromax Informatics shelves Rs.4.26 bn IPO due to volatile market Micromax Informatics, has shelved its planned initial public offering worth Rs.4.26 bn due to volatile market conditions. It sought to withdraw the draft red herring prospectus from market regulator Securities and Exchange Board of India on Jun 17. Vodafone, Idea increase pre-paid tariff by 20% Two leading mobile operators, Vodafone Essar and Idea Cellular, are understood to have increased pre-paid tariffs by up to 20%, in line with the recent Bharti Airtel move. Mobile VAS to be Rs.67,100 crore market by 2015: Study Mobile value added services (VAS) such as music, news and internet will be a Rs.67,100-crore market by 2015 contributing 31% to overall wireless revenues, says a study. Indian telecom revenue at Rs.283,000 crore in FY'11 The total revenue of the Indian telecom sector grew by 7% to Rs.2,83,207 crore for 2010-11 financial year, estimates telecom journal Voice & Data. MTNL to get CMD very soon: Sibal Loss making PSU MTNL will soon have a regular Chairman and Managing Director, as Telecom Minister Kapil Sibal has asked the Cabinet Secretary to expedite the appointment. TATA TELESERVICES (MAHARASHTRA): Posts net loss of Rs.1.19 bn in Apr-Jun as against a profit of Rs.5.58 bn year ago. BHARTI AIRTEL: Has raised call charges by 20% in some circles due to falling margins and high 3G auction bids.

Weekly Newsletter 33 Info-Spectrum Bridging the Information Gap in Corporate Landscape

BANKING & FINANCIAL SERVICES BANKING: Deutsche Bank set to appoint Anshu Jain as co-CEO. Banks seek a special dispensation from the Reserve Bank of India for not setting aside finds for possible default on loans worth Rs.100 bn lent to builders in Noida, Delhi. Reserve Bank of India says norms for new bank licence to take more time. Banks to hike lending, deposit rates to protect cost of funds, following the Reserve Bank of India's steeper-than-expected interest rate hike. Anshu Jain has been appointed as co-CEO of Deutsche Bank. Banks warn of raising service charges on basic services such as use of cheques and ATMs if savings rates are deregulated. HSBC Holdings may cut over 10,000 jobs as part of its plan to slash costs by up to $3.5 bn a year. IFC may buy up to 20% in Tata Cap's proposed NBFC on clean energy International Finance Corp may acquire up to 20% stake in a proposed non-banking finance company backed by Tata Capital Ltd, according to information on the website of World Bank's private investment arm. The company will focus on providing funding and advisory services to small and medium enterprises operating in sectors relating to energy efficiency, sustainable water and waste management and emission reduction, IFC said. The formation of the non-banking finance company is subject to the approval of Tata Capital's board. IFC said it proposes to make an equity investment into the company but did not give details. The initial capital of the proposed non-banking finance company is expected to be up to $20 mn, according to information on IFC's website. IPO funds to help L&T Finance Holdings grow infra, finance arms Funds that will be raised through the L&T Finance Holdings Ltd's initial public offer will be used for expanding its subsidiaries L&T Infrastructure Finance Co and L&T Finance, Y.M. Deosthalee, director and chief financial officer, Larsen & Toubro, said. "This money is going to be used for the growth of two NBFCs...out of the total, Rs.5.15 bn is going to be used by L&T Finance and Rs.4.85 bn approximately by (L&T) infra, the balance money... we have kept the flexibility, depending upon the needs of the business," Deosthalee said. L&T Finance Holdings Ltd, an arm of engineering major Larsen & Toubro Ltd, plans to raise around Rs.12.45 bn through an IPO by issuing shares in the price band of Rs.51-59. The issue opens Wednesday and will close Friday. Ram Kaashyap to mull $150 mn fund raising plan Aug 3 Ram Kaashyap Investment Ltd has informed that a meeting of the Board of Directors of the Company will be held on August 03, 2011, inter alia, to consider the following agendas: 1.To consider and approve the Valuation Report regarding the acquisition of 100% equity stake in M/s. Gemmia Worldwide S.A. as received from M/s. Vicarage Capital Ltd, London. 2. To consider and approve the proposed acquisition of 100% equity stake in M/s. Gemmia Worldwide S.A. based on the valuation report received from internationally reputed valuer. 3. To consider, approve and record the in-principle sanction letter received from the Stock Exchange for the proposed GDR issue of USD 75mn and FCCB issue of USD 75mn. 4. To consider and approve the placement of GDRs of USD 75mn. Cholamandalam Invest to raise Rs.108.5 bn via NCDs Cholamandalam Investment and Finance Company Ltd has that the Board of Directors of the Company at its meeting held on July 28, 2011, inter alia, has approved the following: 1. Issue of 1, 00, 000 short term / long term, Redeemable, Non-Convertible Debentures of a face value of Rs.10 lakhs each at par in one or more tranches on private placement basis. 2. Issue of 4500 unsecured Redeemable, Non-Convertible Debentures (subordinated debt) of a face value of Rs. 10 lakhs each at par aggregating to Rs. 450 crores in one or more series on private placement basis. 3. Issue of 8000 unsecured Redeemable, Non-Convertible Debentures (perpetual debt) of a face value of Rs. 5 lacs each at par aggregating to Rs. 400 crores in one or more series on private placement basis. Allahabad Bank to offer loans to promote solar energy Allahabad Bank will provideloans to farmers and rural artisans to buysolar off-grids made byEnviron Energy Corporation India Pvt Ltd. It has entered into an agreement with thesolar energy solution company on Tuesday to this end. The Kolkata-based public sector bank will offer the loan at 5% under the government's

Weekly Newsletter 34 Info-Spectrum Bridging the Information Gap in Corporate Landscape capital subsidy-cum-refinance scheme for promotion of solar off-grid. Farmers, agricultural labourers, rural artisans, entrepreneurs and salaried persons are eligible to get a loan under the scheme. To avail of the loan, borrowers are required to foot 20% of the cost of the project as margin while 30% is available as capital subsidy. Borrowers will also get a Rs.500 rebate from the solar company. ICICI Bank ups some deposit rates by 25-75 bps; Union Bank hikes BPLR ICICI Bank has hiked interest rates on some deposits by 25-75 basis points, while Union Bank of India will increase its Benchmark Prime Lending Rate by 25 bps from Jul 25. As per ICICI Bank's website, for deposits under Rs.1.5 mn, interest rate on 46-60-day maturity has been raised to 6.25%, on 61-90 maturity to 6.50%, and on 390-days to 9.25%. Interest rate on deposits over Rs.1.5 mn to less than Rs.10 mn for 390- day maturity has been hiked to 9.25%. Earlier in the month, ICICI Bank had hiked its Base Rate and Benchmark Prime Lending Rate by 25 bps to 9.50% and 18.25% respectively. Union Bank of India said it will hike the Benchmark Prime Lending Rate by 25 bps to 14.50% from Jul 25. Religare Enterprise arm buys majority stake in South Africa's Noah Religare Enterprises Ltd's investment banking arm, Religare Capital Markets Ltd has acquired controlling stake in South African brokerage Noah Financial Innovation (Proprietary) Ltd. "South Africa is one of the markets RCML (Religare Capital Markets) has identified as of key strategic importance and the Noah acquisition complements the existing team by providing a meaningful local presence," the company said in a release, without giving financials of the deal. Noah Financial offers tailored execution and independent research to institutional investment community. The acquisition will aid Religare Capital Market's existing trading and research operations in South Africa and add 20 professionals to its team. Open offer for 20% stake of Hari Om Trades to begin on Sep 16 Dubai-based Delma Investments, LLC, and Ushadevi Pathiyil have made a joint open offer to buy 49,800 shares of Hari Om Trades & Agencies Ltd, representing a 20% stake in the company, at Rs.200 per share. Delma Investments has made the offer through manager, Fedex Securities Ltd, in a newspaper notice. The advertisement also said that Delma Investments is planning to buy 1,84,450 equity shares, representing a 74.08% stake of Hari Om Trades & Agencies from its promoters also at 200 rupees. The open offer will remain open from Sep 16 - Oct 5. IFCI raises Rs.6.5 bn via retail issue IFCI Ltd raised around Rs.6.50 bn through 10-year and 15-year bonds at a retail issue that closed on Jul 15, a company official said. The company issued the 10-year bond with a call option at the end of the seventh year and the 15-year bond with a call option at the end of the tenth year. The 10-year bond will pay an annual coupon of 10.50% and the 15-year bond will pay a coupon of 10.75%. The bond issue opened for subscription on Jun 1, and the bonds are rated AA- by BRICKWORK and CARE A by CARE. Official says Dena Bank seeks Rs.4 bn infusion from govt FY12 State-owned Dena Bank has sought Rs.4 bn capital infusion from the government to meet growth requirements this financial year, S.K. Jain, general manager - financial management, told. "We have sought 400 crore (4 bln) rupees capital infusion by way of PNCPS (perpetual non cumulative preference shares)," Jain said. The advantage of capital infusion via perpetual non cumulative preference shares is that it will maintain government shareholding at 58.01%, he said. The bank is aiming for growth of 20% in advances and 18% in deposits in 2011-12 (Apr-Mar). Central Bank, IDBI Bank, Bank of Baroda to hike lending rates Aug 1 Three state-owned banks--Central Bank of India, IDBI Bank, and Bank of Baroda--will hike lending rates from Aug1 in response to the 50-basis-point increase in repo rate by the Reserve Bank of India. Central Bank of India will hike its Base Rate by 75 bps to 10.75%, and Benchmark Prime Lending Rate by 50 bps to 15.00%. IDBI Bank will raise Base Rate and Benchmark Prime Lending Rate by 75 bps each to 10.75%, and 15.25%, respectively. Bank of Baroda will also increase Base Rate and Benchmark Prime Lending Rate to 10.75%, and 15.00%, respectively, a hike of 50 bps. The three banks will also revise interest rates on some deposits Punjab National Bank buys 30% stake in Metlife India Insurance Punjab National Bank will buy a 30% stake in Metlife India Insurance Co Ltd via fresh issuance of shares, Chairman and Managing Director of the bank K.R. Kamath said. The deal will help the country's second largest public sector bank enter life insurance segment. "30% of stake will come out from fresh issuance of shares. This will dilute the percentage of existing shareholders proportionately. But Metlife will do

Weekly Newsletter 35 Info-Spectrum Bridging the Information Gap in Corporate Landscape arrangements with existing shareholders and will increase their stake to 26%," Kamath told reporters at the announcement of the venture. Corporation Bank says unions strike Aug 5 may impact ops Corporation Bank has informed that the Bank have been informed by the Indian Banks' Association that United Forum of Bank Unions (UFBU) has given a notice that all the constitute unions (AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC NOBW, NOBO) has given a call for a nation wide strike on August 05, 2011 in support of some of their demands. A section of Bank's employees may take part in the proposed strike on the said day, if the strike materialises. In view of this, it is likely that the normal functioning of Bank's Branches may get affected. Oriental Bank, Punjab National Bank to up deposit, lending rates Aug 1 State-owned Oriental Bank of Commerce and Punjab National Bank announced an increase in their Base Rate, Benchmark Prime Lending Rate as well as the interest rate on some deposits from Aug 1. Oriental Bank of Commerce will hike some deposit rates by 35-100 basis points, while Punjab National Bank will increase them by 75 bps, the Delhi-based banks said in their press releases. Punjab National Bank's Base Rate and BPLR will be hiked 75 bps each to 10.75% and 14.25%, respectively. Oriental Bank's Base Rate and BPLR will go up by 50 bps each to 10.75% and 15%, respectively. Dewan Housing to raise up to Rs.3 bn Dewan Housing Finance Corporation Limited has informed that the Board of Directors of the Company at its meeting held on July 27, 2011 has consider the following: (a). Borrowings by way of Private Placement of Secured Debentures upto an amount not exceeding Rs.1000 crore, in one or more tranches (including an option to retain over-subscription for issuance of additional NCDs, in such manner as the Board may at its sole discretion determine).(2) Issue of Innovative Perpetual Debt Instruments Shriram City Union plans retail NCD issue Shriram City Union Finance Ltd will raise at least Rs.3.75 bn through public issue of non-convertible debentures in August, merchant bankers said. The NCD issue has a greenshoe option to raise an additional Rs.3.75 bn and will offer three-year and five-year bonds, a company official said. ICICI Securities, AK Capital Services, JM Financial Consultants Pvt Ltd are lead arrangers for the issue. The NCDs are rated AA-/Stable by CRISIL and CARE AA by CARE. Hasti Finance to mull bonus share issue Aug 2 Hasti Finance Ltd has informed that a meeting of the Board of Directors of the Company will be held on August 02, 2011, inter alia, to transact the following: 1. To approve and issue the notice for Annual General Meeting of the Company for the year ended March 31, 2011. 2. To fix the book closure date. 3. To consider the increase in Authorized Capital. 4. To consider Capitalization of the Profit. 5. To issue Bonus Shares of the Company to its shareholder in the ratio decided by the Board. Canara Bk, Development Credit Bk to hike Base Rate, BPLR by 50 bps Canara Bank announced that it will hike its Base Rate and Benchmark Prime Lending Rate by 50 basis points effective Aug 1. The bank's revised Base Rate from Aug 1 would thus be 10.75% and the BPLR would be 15.00%. The bank will also hike rates on some term deposits by 25-150 basis points effective Aug 1. Besides Canara Bank, Development Credit Bank will also hike its Base Rate by 50 bps to 10.50% and BPLR by 50 bps to 17.75% from Aug 1. ICICI Bank invokes pledge, takes control of 29.3% stake in GTL ICICI Bank has become the largest shareholder in GTL Ltd, with 29.3% stake, after the bank invoked a pledge on 28.5 mn shares placed as collateral by company's promoter. Following this, total holding of promoters Global Holding Corp Pvt Ltd in GTL will come down to 23.4%. The pledge was invoked on Tuesday. As of Jun 30 promoter held 51.28 mn shares or 52.72% stake in GTL, out of which 22.6% stake or 22 mn shares were pledged. Religare Enterprises to raise 5 bln rupees via pref shrs Religare Enterprises Ltd has informed that the Board of Directors of the Company at its meeting held on July 28, 2011, inter alia, has considered and approved the following: 1. Issue of Redeemable Preference Shares up to an amount of Rs.500 Crores subject to the approval of shareholders; and 2. Increase of Authorised Share Capital of the Company from existing Rs.250 Crores to Rs.300 Crores subject to the approval of shareholders.

Weekly Newsletter 36 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Sundaram Finance raises Rs.200 mn Jul 13 Sundaram Finance raised Rs.200 mn through three-year bonds on Jul 13, merchant bankers said. The company will pay an annual coupon of 10.20% on the bonds. The non-banking finance company had also raised Rs.100 mn through three-year bonds at the same level on Jul 12, merchant bankers said. These bonds are rated AA+ by CRISIL. LIC Housing Finance to raise Rs.2 bn LIC Housing Finance Ltd will raise Rs.2 bn through five-year floating rate bonds. The coupon LIC Housing Finance sets on the bonds would be 120 basis points higher than the Indian benchmark, or INBMK, government paper, the official said. Standard Chartered Bank is the sole arranger for the bond issue. These bonds are rated AAA by CRISIL. PNB to tie-up with MetLife for life insurance ops Punjab National Bank has informed that in response to the Request for Proposal issued to ten shortlisted Life insurance companies for strategic partnership the Bank's Board on July 28, 2011 approved, subject to regulatory approvals, the offer of M/s. MetLife India for acquiring stake and a corporate agency distribution arrangement in the Company. Blue Star Infotech eyes global banking, financial services entry Blue Star Infotech Ltd plans to "aggressively evaluate" entry into the banking, financial services and insurance segment globally, which has traditionally been the largest growth driver for Indian information technology companies, Chief Executive Officer and Managing Director Sunil Bhatia said at the company's annual general meeting held on Jul 22. Lic Housing Finance will raise Rs.2 bn LIC Housing Finance Ltd will raise Rs.2 bn through five-year floating rate bonds on Jul 29, a company official told. The coupon LIC Housing Finance sets on the bonds would be 120 basis points higher than the Indian benchmark, or INBMK, government paper, the official said. Standard Chartered Bank is the sole arranger for the bond issue. These bonds are rated AAA by CRISIL. Vijaya Bank to pay 2.50 rupees per share dividend Vijaya Bank has informed that at the Annual General Meeting of the Bank held on July 29, 2011, Bank declared a dividend of Rs.2.50 per Share on Bank's Equity Share Capital and a dividend of 7.75% p.a. on Perpetual Non Cumulative Preference Share Capital (PNCPS) of the Bank for the Financial Year 2010-2011. IDFC raises Rs.2.50 bn via 2-yr bonds Infrastructure Development Finance Co Ltd raised Rs.2.50 bn through two-year bonds on Jul 22, merchant bankers said. The company will pay an annual coupon of 9.50% on the bonds, which have been rated AAA by CRISIL. Standard Chartered Bank was the sole arranger for the issue. HDFC raises Rs.5 bn via 1-yr-1-day bond Housing Development Finance Corp Ltd has raised Rs.5 bn through one-year-one-day bonds on Jul 19, merchant bankers said. HDFC will pay an annual coupon of 9.66% on the bonds that are rated AAA by CRISIL. Barclays Capital was the arranger for the bond issue. Muthoot Finance to raise up to Rs.10 bn via NCDs Muthoot Finance Ltd has informed that the Board of Directors of the Company at its meeting held on July 25, 2011, has decided to raise funds by public issue of Secured Non Convertible Debentures (NCDs) aggregating to a total of up to Rs.10 bn. Oriental Bk Apr-Jun net muted as NIM pressure offsets income growth State-owned Oriental Bank of Commerce's net profit for the quarter ended June fell 2.4% on year to Rs.3.55 bn, as interest expenses offset its core and non-interest income. High interest expenses pulled down the bank's net interest income by 3.7% to Rs.10.18 bn. IFC may buy up to 20% in Tata Cap's proposed NBFC on clean energy International Finance Corp may acquire up to 20% stake in a proposed non-banking finance company backed by Tata Capital Ltd, according to information on the website of World Bank's private investment arm.

Weekly Newsletter 37 Info-Spectrum Bridging the Information Gap in Corporate Landscape

IPO funds to help L&T Finance Holdings grow infra, finance arms Funds that will be raised through the L&T Finance Holdings Ltd's initial public offer will be used for expanding its subsidiaries L&T Infrastructure Finance Co and L&T Finance, Y.M. Deosthalee, director and chief financial officer, Larsen & Toubro, said. Cni infoXchange ties up with SBI Cni infoXchange Pvt Ltd, a subsidiary of the BSE-listed research house that focuses on the small and mid-cap segment CNI Research Limited, has tied up with SBI for distribution of its Financial Products like mutual funds, debt schemes and bonds. IPO ALERT: L&T Finance raises Rs.1.53 bn via anchor investors The engineering giant Larsen & Toubro's subsidiary L&T Finance said it has raised Rs.1.53 bn through three anchor investors for its initial public offering that will open Wednesday, and close Friday for retail and non- institutional bidders. Bank of India hikes Base Rate by 75 bps to 10.75% Bank of India has informed that the Bank has decided to increase its Base Rate from the existing 10% p.a. to 10.75% p.a. and Benchmark Prime Lending Rate (BPLR) from existing 14.25% p.a. to 15% p.a. with effect from July 28, 2011. Head says Andhra Bank FY12 credit growth seen up 18-20% Andhra Bank expects its advances to grow 18-20% in 2011-12 (Apr-Mar) in line with Reserve Bank of India's estimate in the first quarter review of monetary policy, according to R. Ramachandran, Chairman and Managing Director. Ujiivan Financial Services will raise 320 mn Ujjivan Financial Services Pvt Ltd will raise Rs.320 mn though two-year bonds Jul 29, a company official told. The company will pay an annual coupon of 12.80% on the bonds. Standard Chartered Bank is the sole arranger for the issue. Mas Financial Services Ltd will raise Rs.250 mn MAS Financial Services Ltd will raise Rs.250 mn through two-year bonds on Jul 29. The company will offer a coupon of 13%, payable annually, and the bonds are rated BBB+ by CRISIL. Standard Chartered Bank is the arranger for the bond issue, the official said. PNB to hike Base Rate, BPLR by 75 bps from Aug 1 Punjab National Bank has informed that the Bank has decided:- (1) To increase the BPLR and Base Rate by 75 bps to 14.25% and 10.75% respectively w.e.f. August 01, 2011.(2) To raise interest rates on domestic term deposists by up to 75 bps in selected maturity buckets w.e.f August 01, 2011. Allahabad Bank to up Base Rate, BPLR 50 bps from Aug 1 Allahabad Bank has informed that the Bank has decided to raise its BASE RATE from existing 10.25% to 10.75% and Benchmark Prime Lending Rate (BPLR) from existing 14.50% to 15.00% effective from August 01, 2011. HDFC raises Rs.5 bn via 10-year bonds Housing Development Finance Corp raised Rs.5 bn through 10-year bonds on Jul 20, merchant bankers said. The company will pay an annual coupon of 9.55% on the bonds. The bonds are rated AAA by CRISIL. Head says Bank of Maharashtra aims net interest margin of 3% FY12 Bank Of Maharashtra is aiming for a net interest margin of 3% for the current financial year, said Chairman and Managing Director Anup Shankar Bhattacharya. Canara opens 10 rural branches in Andhra Pradesh Canara Bank opened 10 branches in rural areas of Andhra Pradesh, along with 10 ATMs and 15 SME cells and counselling centres. State Bank of Hyderabad Q1 net up 41% to Rs.284 cr Public sector lender State Bank of Hyderabad (SBH) reported a net profit of Rs.284 crore for the first quarter ended June 30, up 41.1% over the same period last fiscal.

Weekly Newsletter 38 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Indians may have much more than $2.5 bn in Swiss banks Indians hold about USD 2.5 bn (over Rs.11,000 crore) in Swiss banks, but this figure of Switzerland's central bank may be a gross understatement of the total wealth SBI Life Q 1 net rises 26% to Rs.144 cr SBI Life Insurance reported a 26% growth in net profit at Rs.144 crore for the first quarter ended June 30, over the corresponding period an year ago. Banking facilities must be available to all: Moily Banking facilities must be made accessible to each and every citizen of the country, Corporate Affairs Minister M Veerappa Moily said. Bank of India Q1 profit down 28% at Rs.517 cr State-owned Bank of India (BoI) posted a 28% decline in net profit at Rs.517.5 crore for the first quarter ended June 30, 2011. YES Bank takes cues from RBI; hikes Base Rate, BPLR by 50 bps Private sector lender YES Bank was the first bank to raise its Base Rate and Benchmark Prime Lending Rate following the Reserve Bank of India's hike in Repo Rate. Bank of Baroda Q1 profit soars 20% to Rs.1,033 cr State-owned Bank of Baroda (BoB) posted a 20% jump in net profit to Rs.1,032.8 crore for the first quarter ended June 30, 2011. RBI ED Mahapatra says norms for new bank licence to take more time The guidelines for new bank licences is likely to take some more time as the government is still studying the draft norms put forth by the Reserve Bank of India, Executive Director B. Mahapatra told. 'Home loans to cost more as RBI tightens policy' Reserve Bank of India's decision to raise key rates for the third time in the current fiscal would make home, auto and corporate loans expensive by up to 50 basis points. Bank of Baroda ED says govt may infuse Rs.4.0-4.5 bn in FY12 Bank of Baroda is likely to get Rs.4.0-4.5 bn capital from the central government in 2011-12 (Apr-Mar), Executive Director N.S. Srinath told. Karur Vysya Bank hikes Base Rate, BPLR by 50 bps Karur Vysya Bank Ltd has informed that the Bank has increased the Base Rate by 50 bps and the Base Rate of the Bank is 11.00 % as also the BPLR of the Bank has increased to 16.00% p.a. Corporation Bank Q1 net up 5% to Rs.351 crore Corporation Bank reported a 5.29% increase in net profit to Rs.351.45 crore for the first quarter ended June 30, 2011. RELIGARE ENTERPRISES: Investment banking arm Religare Capital Markets to acquire a controlling stake in South Africa's Noah Financial Innovation for an undisclosed sum. Religare Macquarie Private Wealth joint venture offers stock options in order to retain its around 200 employees. To raise Rs.5 bn via preference share issue. BANK OF MAHARASHTRA: Apr-Jun net profit up 3.05% on year at Rs.1.22 bn while total income rose 28.43% on year to Rs.16.44 bn. Is aiming for net interest margin of 3% in 2011-12 (Apr-Mar). AXIS BANK: May consider raising Tier-I capital in 2012 and has sought modifications to the in-principle approval given by Reserve Bank of India for acquiring Enam Securities. SYNDICATE BANK: Has sought bids for sale of Vertex Spinning's plant and property in Dhar district of Madhya Pradesh. UNITED BANK OF INDIA: Open to a follow-on public offer in order to meet capital requirement to comply with Basel-III norms.

Weekly Newsletter 39 Info-Spectrum Bridging the Information Gap in Corporate Landscape

DEVELOPMENT CREDIT BANK: Has increased its Base Rate and Benchmark Prime Lending Rate by 50 basis points each. BANK OF INDIA: Has hiked base rate and benchmark prime lending rate by 75 bps to 10.75% and 15%, respectively, with effect from Jul 28. PUNJAB NATIONAL BANK: Buys 30% stake in Metlife India Insurance through a fresh issue of shares. KARUR VYSYA BANK: Has hiked Base Rate and BPLR by 50 bps to 11% and 16%, respectively. STATE BANK OF INDIA: SBI Life Insurance Apr-Jun net profit rises 26% on year to Rs.1.4 bn. DEWAN HOUSING FINANCE CORP: To raise up to Rs.3 bn via perpetual bonds. INDIAN OVERSEAS BANK: Plans to raise around Rs.12 bn as Tier-I capital. FIRST FINANCIAL SERVICES: To raise authorised share capital by Rs.110 mn. ING VYSYA BANK: Has hiked Base Rate by 50 bps to 10.2% from Aug 1. ICICI BANK: Has raised rates on some deposits by 25-75 basis points. UNION BANK OF INDIA: Hikes BPLR by 25 bps to 14.5%. CANARA BANK: May hire 3,000 personnel in 2011-12.

Weekly Newsletter 40 Info-Spectrum Bridging the Information Gap in Corporate Landscape

STEEL, METALS & MINERALS STEEL: The government will announce a new steel policy by year end. METAL: Gold hits a high $1,622.49 an ounce July 25; commodity traders see the yellow metal touching $1,700 an ounce by Diwali. Coal India seeks clarity from government on overseas asset buys Coal India Ltd has sought clarifications from the government on acquisition of unlisted coal assets of overseas listed companies and their internal rate of return, Chairman and Managing Director N.C. Jha said. "We have sought from the government whether this guideline for domestic investment still holds good for foreign investments or some change can be expected," he told reporters. At present, government's norms stipulate an internal rate of return of 12% for acquisition of domestic assets. "...but in foreign investment 12% IRR is not feasible. Generally, they are looking for a lower level (of between 8-9%)," Jha said. On the company's plans to acquire assets in Indonesia, he said Coal India was looking to buy about 30% stake in a company there provided it got clarifications on the two issues of stake buys in overseas coal assets and IRR. "There is one proposal from Indonesia also. There are proposals from Australia and US as well," he added, without giving any further detail. According to reports, Coal India is looking to buy a stake in Indonesia- based Golden Energy Mines. Separately, Coal Minister Sri PrakashJaiswal said the government was likely to finalise rules on bidding for coal blocks soon. "We have got very good suggestions (from different stakeholders). This will help the ministry for the bidding process," he said without giving a definite timeframe on finalising the rules. However, he said the government would start the auction of coal blocks in the ongoing financial year. VBC Ferro Alloys OKs raising funds via rights issue VBC Ferro Alloys Ltd has informed that the Board of Directors of the Company at its meeting held on July 26, 2011, inter alia, has considered and decided the following: 1. The Board has recommended the payment of dividend of Rs.3/- per equity share of Rs.10/- each (i.e., 30%) for the Financial Year ended March 31, 2011 and the dividend on equity shares, if declared at the ensuing Annual General Meeting, will be credited / dispatched between September 28, 2011 and September 30, 2011. 2. Accorded approval for raising resources by way of Rights Issue of equity shares to the existing shareholders subject to the approval of the Members and all other Regulatory authorities, wherever applicable for implementation of 2x60MW Captive Power Project and setting up of 3x9 MVA furnaces for Ferro Alloy production situated at Bodepalli (V&GP), KagaznagarMandal, Adilabad District, Andhra Pradesh. 3. Accorded approval to raise the borrowing powers and to pledge the assets of the Company from Rs.150 Crs. to Rs.1000 Crs. For implementation of the 2x60MW Captive Power Project and setting up of 3x9 MVA furnaces for Ferro Alloy production situated at Bodepalli (V&GP), KagaznagarMandal, Adilabad District, Andhra Pradesh subject to the approval of the Members and all other Regulatory authorities, wherever applicable. India to be second largest steel producer by 2013: Minister India will emerge as the second largest steel producer by 2013 with an installed capacity of 120 mn tonnes, said the Steel Minister, MrBeni Prasad Verma. At present, India is the fourth largest steel producer with a capacity of 80 mn tonnes, while China tops the list. The steel demand in the country is growing at an average of 10%, which may exceed even 12% in the near future. In order to meet the domestic demand, steel production capacity must increase at an average of 10-15%, MrVerma said. Various government social schemes such as NREGA and Indira AwasYojana are expected to bring about development resulting in increased steel consumption, MrVerma said. The Steel Secretary, Mr P.K. Misra, said capacity addition should be fast tracked to make the country self reliant in meeting future demand. Considering the challenges faced by the industry, the Government is planning to come out with a New Steel Policy by the year-end. “The New National Policy and vision document on Steel Sector will project a medium-term horizon of 10 years and also a long-term vision of 25 years,” MrMisra said. The Ministry has set up four task forces to look into the issues relating to demand, technology, transportation and infrastructure issues. These task forces are expected to submit their reports by December. JSW Steel starts drilling at 3 coal blocks for Bengal steel project JSW Steel Ltd has started drilling at its three coal blocks in West Bengal for captive use at its proposed 10- mn-tn steel project in the state, JayantAcharya, director of commercial and marketing told. Drilling is an initial stage to quantify recoverable reserves of a mine, after which the actual mining operations begin. The

Weekly Newsletter 41 Info-Spectrum Bridging the Information Gap in Corporate Landscape three mines are at Kulti, Sitarampur, and Itchapur. JSW Steel is setting up a steel plant at Salboni in West Bengal's Midnapore district at an estimated investment of Rs.350 bn. The company has received regulatory approvals for the first phase, which will start operations by 2014. The investment for the first phase of the steel plant is Rs.160 bn, JSW Steel Group Chief Financial Officer Sheshagiri Rao said. RCC Cements OKs restructuring of company RCC Cements Ltd has informed that the Board of Directors of the Company at its meeting held on July 27, 2011, inter alia, has transacted the following: Approved the Scheme of Arrangement among RCC Cements Ltd. and Marg-Darshan Estate and Invest Private Ltd. and Kameshwari Buildwell Ltd. and valuation report thereof. Under the scheme, in the first part the capital structure of the Company will be reorganized by writing off the past accumulated losses and the unlisted part of the paid up capital of the Company. And in the second part of the scheme. M/s Marg- Darshan Estate and Invest Private Ltd. and M/s. Kameshwari Buildwell Ltd. will get merged with RCC Cements Ltd. SRF to invest Rs.2.90 bn in Thailand polyfilm unit SRF Ltd has informed that the Board of Directors of the Company at its meeting held on July 28, 2011, inter alia, has approved the following capital expenditure proposals: 1. Investment in a thin BOPET film line (28500 TPA) and metalizer (7050 TPA) in Thailand as a cost of USD 65 million equivalent to Rs.2.9 bn 2. The plan to set up 28500 MT BOPET Film plant in Bangladesh through a 80:20 joint venture with Nitol Niloy Group will be reviewed by the Board. 3. Revised capital expenditure for the Multipurpose Chemical Plant at Dahej to Rs.132 Crores from Rs.97 Crores (approved by the Board at its meeting held on March 29, 2010). Gujarat Fluoro gets 1.15 mn carbon credits worth Rs.717 mn Gujarat Fluorochemicals Ltd has been awarded 1,154,147 certified emission reductions for the company's project in Gujarat. The project, which is located in Panchmahal district, reduces green house gases by thermal oxidation of refrigerant gas HFC23, which was previously emitted in the atmosphere. Based on the settlement price of 9.81 euros (Rs.621) per carbon credit of the benchmark December contract on the European Climate Exchange, the carbon credits are valued at around Rs.717 mns. Naveen Jindal made CMD of Jindal Steel & Power Jindal Steel & Power Ltd has informed that the Board of Directors of the Company at its meeting held on July 28, 2011, inter alia, has taken the following decisions: 1. Smt. Savitri Jindal has been re-designated as Chairperson Emeritus. However, she will continue as a Director of the Company. 2. Shri Naveen Jindal, Executive Vice Chairman & Managing Director has been elevated as Chairman & Managing Director of the Company. SC bans iron ore mining in Bellary, Karnataka; seeks demand details The Supreme Court suspended indefinitely iron ore mining on 10,868 ha in the Bellary district of Karnataka with immediate effect. The forest bench of the court, headed by Chief Justice S. H. Kapadia, ordered the environment ministry to prepare an interim report on the iron ore requirements of the steel industry. The Supreme Court also asked the ministry to detail the amount of ore required for exports and for domestic consumption. Kirloskar Ferrous Ind to expand castings capacity Kirloskar Ferrous Industries Ltd board has cleared investment proposal of Rs.200 crore to install a new high pressure moulding line at its existing plant at Koppal in Karnataka to meet increased demand for castings. With the production capacity of castings is expected to increase up by 72,000 metric tonnes per annum. Western Coalfields offers 348,000 tn coal for sale via e-auction Western Coalfields Ltd has offered 348,000 tn of coal for sale under spot e-auction. The e-auctions will be conducted by MSTC Ltd on Jul 29, while mjunction Services Ltd will conduct another on Jul 30. The Coal India Ltd subsidiary company is offering coal from its mines in Pench in Madhya Pradesh and Wani north and Nagpur areas in Maharashtra. Maan Aluminium OKs merger of SMW Metal with self Maan Aluminium Limited has informed that a meeting of the Board of Directors of the Company was held on July 27, 2011 and the following businesses, amongst others, were transacted thereat : "In Principle" approval was accorded to the merger of SMW Metal Private Limited with the Company, with effect from April 01, 2011, subject to receipt of all regulatory and statutory approvals.

Weekly Newsletter 42 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Gujarat Narmada starts weak nitric acid project operations Gujarat Narmada Valley Fertilizers Company Ltd has informed that 300 MTPD Weak Nitric Acid-II Project of the Company has been completed at a cost of about Rs.262 Crores. WNA-II Project has started its operation from July 23, 2011 Sales official says JSW Steel seeks coal, ore linkages JSW Steel Ltd is tying up coking coal and iron ore linkages through captive mines across the globe to support its aggressive capacity expansion plans amid volatility in the prices of these commodities, SharadMahendra, vice president--sales and marketing, told in an interview. Goa mining industry not averse to corridor, says umbrella body The iron ore exporters in Goa said they were not averse to funding the construction of mining corridors - dedicated roads for the transport of ore, bypassing villages and towns - provided that the state government linked them with jetties. CIL inventory touches 70MT; asks Railways for rakes Worried over soaring stockpile which has touched the all-time high of 70 mntonnes, Coal India said it plans to evacuate 25 mntonnes of coal from inventory this fiscal and has sought adequate rakes from the Railways for the purpose. Source says NMDC may today OK Tata Steel JV for Chhattisgarh plant NMDC Ltd is likely to finalise its joint venture with Tata Steel Ltd for setting up an integrated steel plant in Chhattisgarh, a source close to the development told. "NMDC is expected to seek board nod for the proposed joint venture for a 2 mn tn steel plant in Chhattisgarh," the source said. "It is on their agenda." Higher coking coal prices hurt Jindal Steel's Apr-Jun PAT Jindal Steel & Power Ltd's Apr-Jun consolidated net profit fell 2.4% on year to Rs.9.19 bn because of higher coking coal prices and depreciation cost, said Sushil Maroo, director and group chief financial officer, in a media conference call. SAIL record date for MEL merger changed to Aug 10 Steel Authority Of India Limited had informed regarding Record Date in connection with the amalgamation of MEL with SAIL as August 08, 2011. The company has now informed the Exchange that the Record Date has now been changed to August 10, 2011. Resurgere Mines board to mull mine acquisition Aug 4 Resurgere Mines & Minerals India Ltd has informed that the Board of Directors meeting proposed to be held on July 29, 2011 is postponed to August 04, 2011. Now the Board meeting shall be held on August 04, 2011 instead July 29, 2011, inter alia, to consider the offer received for the acquisition of new mine. SAIL to head consortium of 6 cos for Afghanistan's ore deposits bid Steel Authority of India Ltd will head a consortium of six firms that will bid for iron ore deposits in Afghanistan. The group includes state-owned NMDC Ltd and Rashtriya Ispat Nigam Ltd, and private companies Tata Steel Ltd, JSW Steel Ltd, and Jindal Steel and Power Ltd. Coal India gains on overseas mine acquisition buzz Bucking the weak trend in broader market, Coal India shares spurted by nearly 7% on reports that the state-run coal producer is in advanced stages of talks to acquire about 30% stake in an Indonesian coal asset. Hindustan Zinc ups zinc price by Rs.1,400/tn to Rs.126,900 Hindustan Zinc Ltd raised zinc price by Rs.1,400 per tn to Rs.126,900. The company, however, left lead price unchanged at Rs.137,000 per tn. The Vedanta group company aligns product prices every Monday and Thursday in line with London Metal Exchange prices. UltraTech Q1 PAT up 22% to Rs.683 crore on strong sales UltraTech Cement reported a profit after tax of Rs.683 crore for the April-June quarter, against that of Rs.558 crore for the same period last year, on the back of increased sales. Jindal Steel Apr-Jun net profit seen Rs.9.4 bn, down 3% YoY Jindal Steel & Power Ltd's Apr-Jun net profit is seen falling 3% year on year to Rs.9.4 bn due to lower merchant power realisations and weakness in steel volumes, analysts said.

Weekly Newsletter 43 Info-Spectrum Bridging the Information Gap in Corporate Landscape

CIL to hire outside agency for sustainability guidance State-owned Coal India Ltd (CIL) would hire a consulting firm to guide the PSU on sustainability matters, its chairman N C Jha said. 'India to be second largest steel producer by year 2013' Steel Minister Beni Prasad Verma exuded confidence that India will become the world's second largest producer of the alloy by 2013, with an installed annual production capacity of 120 MT. Director Mehrotra resign from ACC's board ACC Ltd has informed that Mr. D. K. Mehrotra has ceased to be a Director of the Company with effect from July 28, 2011 consequent upon his resignation from the Board. JSW STEEL: Embarks upon a complete restructuring programme for ISPAT INDUSTRIES. Is tying up coking coal and iron ore linkages through captive mines across the globe; plans to add 5 mn tn capacity in three-four years. Has secured iron ore supplies Chitradurga in Karnataka due to supply disruptions in the Bellary district of the state. Has started drilling at its three coal blocks in West Bengal for captive use at its proposed 10-mn- steel project in the state. NMDC: Reported a 20% year-on-year increase in Apr-Jun net profit at Rs.18.01 bn. M.S. Rana set to be appointed as chairman and managing director of the company. Details of company's alleged encroachments into forest areas as well as unpaid forest development taxes of Rs.4.7 bn to the state expected to be made public. TATA STEEL: Plans to invest in last-mile rail connectivity and building specially designed wagons. To close defined benefit schemes for employees in UK and also plans to limit contribution rate for existing members to manage pension risks; move a part of reworked compensation framework for new recruits. JINDAL STEEL & POWER: Consolidated net profit for Apr-Jun decline 2.5% on year to Rs.9.19 bn. Revenue for the quarter grew 31.4% on year to Rs.39.40 bn. To raise Rs.60-80 bn in next 6 months via debt. COAL INDIA: Has said that delay in receipt of environmental clearance for mining projects has stalled investment decision on 67 new projects and delayed expansion of ongoing projects. ACC: Consolidated net profit in Apr-Jun declined 6.1% on year to Rs.3.28 bn. Revenues for the quarter rose 17.2% on year to Rs.25.39 bn. STEEL AUTHORITY OF INDIA: Has scrapped its $1.2-bn natural gas factory project with Japan's Kobe Steel due to shortage of fuel. SRF: To invest Rs.2.90 bn in Thailand polyfilm unit; increases investment for Dahej unit to Rs.1.32 bn from Rs.970 mn. STERLITE INDUSTRIES: Apr-Jun net profit rose 63% on year to Rs.16.39 bn, while revenue jumped 66% to Rs.98.24 bn. VISA STEEL: Buys 280 acre for its Rs.80 bn, 2.5-mn-tn-a-year integrated steel plant in Raigarh district of Chhattisgarh. SESA GOA: Has refuted allegations over an under-invoicing of exports and imports worth over Rs.10 bn. RESURGERE MINES & MINERALS INDIA: To mull new mine acquisition offer July 29. MAAN ALUMINIUM: Approves merger of SMW metal with self.

Weekly Newsletter 44 Info-Spectrum Bridging the Information Gap in Corporate Landscape

AUTO & AUTO ANCILLARIES AUTOMOBILE: Volvo to introduce corporate luxury sedans in India next year. US auto parts maker Tenneco to set up a plant in Chakan to meet increasing demand from its global clients Volkswagen and General Motors. Japan's Isuzu is looking at increasing its role in the management of SML Isuzu, earlier known as Swaraj Mazda, signalling its intention to raise stake in the company. GM India launches Beat diesel model, hopes to take on bigger rivals General Motors India launched the Beat hatchback model with a 936 cc diesel engine, the smallest being offered by any carmaker in the country. General Motors has also priced the diesel Beat aggressively with the base model coming for Rs.429,000, ex-Delhi. General Motors India currently sells a 1,200 cc petrol variant of the Beat. "Car sales have switched from being a 30% diesel market. Petrol volumes have disappeared because of the difference between the price of diesel and petrol," General Motors India President and Managing Director Karl Slym said. Moreover, diesel engines are more fuel-efficient than their petrol counterparts. This is the first time General Motors India has launched a diesel model in the small car segment, although it has had diesel-powered engines for its bigger models. On the other hand, Maruti Suzuki, Hyundai, Tata Motors, Ford, Volkswagen, Fiat, and Nissan all sell diesel hatchbacks in India--Asia's third-largest automobile market. "We have the option of using the Beat diesel engine on other models also," Slym said, hinting that the company could also offer a diesel variant on its least expensive model Spark. Slym said the diesel model could add incremental volumes of 4,000-5,000 units per month. According to estimates, growth in diesel car sales is expected to outstrip that in petrol cars as the gap between petrol and diesel prices continues to widen. Volvo to introduce corporate luxury sedans in India next year Swedish automobile manufacturer Volvo Cars Corp is considering introducing corporate editions of its luxury sedans S60 and S80 to shore up volumes in the Indian market. The corporate editions would have less features and may hit the Indian market in the first quarter of the next year. A stripped-down version would help Volvo reduce the prices of its cars and help compete with much larger German rivals BMW, Mercedes and Audi. Currently, Volvo Cars imports and sells luxury sedans S60 and S80 and premium sports utility vehicles (SUVs) XC60 and XC90 in the country. Volvo cars in India are priced between Rs.27 lakh and Rs.52 lakh (ex-showroom). The company has no plans to set up a manufacturing unit in India in “the foreseeable future”. The company‟s scale of operations in India is currently small. Volvo sold 130 units last year and expects to triple its sales to 400-500 units this year. It sells its four models through seven sales outlets in New Delhi, Mumbai, Chandigarh, Coimbatore, Hyderabad, Kochi and Pune. The luxury car market in India stood at around 15,000 units in 2010. The segment has been posting strong growth numbers and is projected to increase by 40% to touch 21,000 units this year. Volvo Cars is owned by Chinese automaker Zhejiang Geely Holding Group Co, which bought the company from Ford Motor Co last year. Tata Motors starts commercial vehicles assembly in S. Africa To support its growing volumes in the African market, Tata Motors has opened a new plant in South Africa for the assembly of commercial vehicles. The plant in Rosslyn, north of Pretoria, has seen an investment of Rs.72 crore (110 mn South African Rand) and has the initial capacity to manufacture 3,650 vehicles a year. In its current format, it can assemble light, medium and heavy commercial vehicles in the 4-50 tonne range, from semi-knocked down kits. “Tata Motors (SA), Tata Motors' joint venture with Tata Africa Holding, formally opened its assembly plant in the Gauteng province of South Africa. The establishment of the plant is a major step towards bolstering the operations and presence of the Tata Group in South Africa. “The capacity can be further expanded as required. To begin with, it is assembling two models, the Tata LPT 813 and Tata LPT 1518, both already popular in South Africa,” a company statement said. Spread over an area of 34,500 sq. metres, the plant has been awarded the ISO 9001 accreditation by Bureau Veritas, South Africa. It has been built over a period of 18 months and employs built-in flexibilities to assemble large numbers and different variants in mixed mode production. Ashok Leyland, Nissan set 150,000-unit sales target Ashok Leyland, which rolled out its light commercial vehicle (LCV) 'Dost' has set a target of 140,000 vehicles for the next three years. Though the 'Dost' was jointly developed along with its Japanese partner Nissan, it was manufactured at Ashok Leyland's Hosur facility. The two partners are betting big on the new premium vehicle segment. The new vehicles will be on three different platforms and the two companies will sell the

Weekly Newsletter 45 Info-Spectrum Bridging the Information Gap in Corporate Landscape products on their own respective brands. While the first vehicle will be from Ashok Leyland, the second would be rolled out from Nissan's Oragadam facility and the third from Ashok Leyland's facility. Sumantran said the joint venture partners had planned an outlay of Rs.2,400crore, and would launch two more vehicles before 2013. In Phase I, the investment would be Rs.1,500 crore to launch three vehicles, while in Phase II, the joint venture partners would set up a greenfield facility at Pillaipakkam, near Chennai. The company has sold 850,000 vehicles worldwide last year. Sumantran said Nissan's vehicles would not be displayed in Leyland's network and vice versa. He added that Ashok Leyland's focus had been on commercial side, while Nissan's has been more on the personal segemnt. Australia keen to offer tech, products for 'green' vehicles Australia has offered to provide innovative products and technologies to India for developing new vehicle designs. “The Indian automotive industry wants to develop new manufacturing processes and low-emission technologies and Australia is well placed to provide these,” Australia's Minister for Innovation,Mr Kim Carr, said. Senator Carr is visiting India to strengthen cooperation between the Indian automotive industry and Australian firms. Among those he will meet are Mahindra & Mahindra, Tata Motors, Samvardhana Motherson Reflectec, the Society of Indian Automobile Manufacturers, the Automotive Components Manufacturers Association of India, and also the Minister for Commerce and Industry. “With the help of the Australian Government's „A new car plan for a greener future,' our auto industry has not only survived the global economic downturn but is transforming and becoming a world leader in new technology. This expertise makes our companies attractive partners for international companies,” he said in an official release. Toyota Kirloskar to invest Rs.8.98 bn on capacity expansion Toyota Kirloskar Pvt Ltd plans to invest Rs.8.98 bn to raise its annual capacity to 310,000 units by 2013 to meet the growing demand for its products. The company had earlier announced plans to expand the annual production capacity to 210,000 units per year by Jan-Jun 2012 from the current 150,000 units. "The demand for Etios and Etios Liva has been encouraging and we are gearing up to cater to a larger number of customers...We have received more than 4000 bookings for EtiosLiva so far." The company launched Etios Liva in June. Toyota Kirloskar has two units located on the outskirts of Bangalore. The release also said that the company's auto parts vendor Toyota Kirloskar Auto Parts Pvt Ltd plans to invest Rs.7.5 bn to install aluminium casting and machining lines. The new lines, which is scheduled to begin operations in early 2014, will be used for the Etios and EtiosLiva's engine plant. Toyota Kirloskar Auto Parts has been jointly promoted by Toyota Motor Corp, Toyota Industries Corp, and Kirloskar Oil Engines Ltd. Maruti Suzuki Q1 net rises 18% to Rs.549 crore Maruti Suzuki posted better-than-expected 18% increase in June quarter profit, boosted by other income and rise in sales. Maruti, where 54.2% stake is held by Japan's Suzuki Motor Corp, suffered production losses worth 483 crores during the quarter as 13-day strike by employees crimped production at its Manesar facility. Maruti is confident of beating the slowdown through measures like discount offers and launch of new products. "There is definitely a slowdown. But demand will pick up during the festive season," said Ajay Seth, CFO, Maruti. New Delhi-based company posted a net profit of Rs.549.2 crore during the quarter. The company's net sales rose by 3.3% to Rs.83,19crore during the first quarter. Maruti reported other income of Rs.180 crore for the June quarter. Return on investments accounted for major portion of the other income. "Rising Yen is worrying sign for Maruti. The company has hedged yen imports for the first quarter and partly for the second quarter," Jain said. GM may launch Spark diesel General Motors India, which launched diesel version of its hatchback „Beat‟ said it may consider launching diesel version of „Spark‟ also. “This is the smallest diesel engine-powered passenger car for GM globally. The 1.0 litre diesel engine has been developed specifically for India by GM‟s Technical Centre in Bangalore in collaboration with GM Powertrain Europe. When asked whether the company would introduce this diesel engine into „Spark‟ also, Slym said: “Who knows? Diesel is very positive. We don‟t have any issue going with a diesel engine in Spark as potential of this engine is great.”Slym added that the company may have to modify the engine to fit into Spark. But he refused to give any further information on the same. Production restarts at Maruti Manesar unit as employees resume work Production at Maruti Suzuki India Ltd's Manesar factory was temporarily halted after a section of employees struck work protesting suspension of few workers. "Normal production has resumed," a Maruti Suzuki official told. "There was no production for almost one-and-a-half hours." Trouble erupted earlier in the day when the Maruti Suzuki management suspended four to five employees after they were found to have manhandled a

Weekly Newsletter 46 Info-Spectrum Bridging the Information Gap in Corporate Landscape plant supervisor. "They (workers) immediately stopped all work protesting the suspension," the official said. "But, have come back now." The fresh labour problem comes within weeks of a 13-day long strike in June in Manesar that saw the company lose production of almost 12,600 cars. M&M enjoying solo ride with Verito Auto major Mahindra & Mahindra seems to be enjoying a solo ride with the Logan better than in the company of a joint venture partner. After buying out its partner Renault's stake in Mahindra Renault Pvt Ltd in April last year, the Indian firm has been able to significantly increase the mileage of the sedan in the domestic C-segment in the last few months. It dropped the Renault badge and changed the name to Verito in April this year. Now, the company has bigger plans for the Verito, taking initiatives to hasten the launch of two new variants — a refreshed model and a sub-four metre one — by this fiscal. For the moment, the company will continue to roll out the Verito with Renault engines, with plans to localise the engine at a later date. Maruti Suzuki plans Rs.3,000-cr investment in 2012-13 Maruti Suzuki India has announced plans to pump in Rs.3,000 crore in FY 2012-13 on developing new assembly lines, new model launches, marketing activities and R&D. Currently, it is investing over Rs.4,000 crore in the ongoing fiscal. The company has planned two new plants inside Manesar plant at Gurgaon. The plants with an annual capacity of 2.5 lakh each will be set up at an investment of Rs.3,625 crore. One plant is expected be commissioned by October this year and the second by 2013. Besides, the company is also investing Rs.2,500 crore for its K-series engine plant and setting up a dedicated R&D facility at Rohtak in Haryana. In the 2010-11 financial year, the company has introduced nearly 9.5 lakh units from its Gurgaon facility and 3.5 lakh units from the existing Manesar plant. Force Motors enters into technology pact with Daimler AG Force Motors Ltd plans to foray into the passenger and goods vehicles segment, and has tied up with Daimler AG for technology. The company is also in talks with the Madhya Pradesh government to set up a second production facility at Pithampur. The company manufactures light commercial vehicles at its existing plant in Pithampur. The new unit, with initial production capacity of 24,000 multipurpose vehicles a year, will start operations by December 2012. Force is a contract manufacturer, and assembles engines and axels for Daimler-owned Mercedes-Benz India Pvt Ltd and manufactures premium Mercedes- Benz passenger cars in India. HMSI begins production in Rajasthan unit Honda Motorcycles and Scooters India (HMSI) has started production of two-wheelers at its Tapukara plant in Rajasthan. Initially, HMSI is manufacturing Activa, the country‟s largest selling scooter and the Twister motorcycle in an attempt to bring down the waiting period for both models from around 90 days at present to 15-20 days. The company is preponing the phase two of expansion of capacity to 12 lakh units per year by February-March 2012, as against earlier plan of expanding it in 2012-13. In the second phase, the company will start manufacturing other models such as Honda Unicorn and Honda Shine, which are at present manufactured at HMSI‟s first plant at Manesar in Haryana. Beru India sets up auto parts unit at Pune Beru Diesel Start Systems Pvt. Ltd. (Beru India), a 51:49 joint venture between the Pune-based Jayant Group and BorgWarner Beru of Germany, has set up a new manufacturing unit at Talegaon MIDC, Pune. The company has invested Rs.30 crore in the greenfield facility to manufacture cold starting systems like glow plugs, grid heaters, glow plug controllers, electronic parts & allied system components for the auto industry. Beru had launched a manufacturing unit for glow plugs in Pune in1996. This plant has now merged with the new Talegaon plant. With this, the capacity has now increased to 5 mn glow plugs from the existing 1 mn glow plugs. Ford Motor to invest Rs.40 bn in Gujarat vehicle, engine plant Ford Motor Co will invest Rs.40 bn in a new vehicle assembly and engine manufacturing facility at Sanand, Gujarat, to churn out nearly quarter of a million cars every year. Ford already operates a vehicle and engine unit in Chennai. The latest investment follows a recent announcement by Ford to invest $72 mn by 2012 in Chennai to expand the powertrain facility. The US-based carmaker said the Gujarat plant would be operational in 2014 with a capacity to produce 240,000 cars and 270,000 engines per year. Ford said it selected Gujarat due to the state's access to ports and also because of its proximity to the northern and western Indian regions, which have the largest share of India's car industry.

Weekly Newsletter 47 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Banco Products to transfer 95% in arm Kilimanjaro Banco Products (I) Limited has informed that pursuant to the authority granted in the meeting of the Board of Directors of the Company on May 30, 2011, the Company has executed a Share Purchase Agreement with the Company's Wholly Owned Subsidiary (WOS) Lake Minerals (Mauritius) Limited, Mauritius for transfer of the Company's holding of 42, 923 equity shares (95%) of Kilimanjaro Biochem Limited (KBL) at a consideration of USD 3.51 mn. The Company will continue to hold balance 5% of the equity shares of KBL. Atul Auto Gujarat LCV unit outlay seen up on rise in land cost Three-wheeler manufacturer Atul Auto Ltd may have to spend more than Rs.400 mn envisaged to acquire land for its proposed light commercial vehicle unit in Ahmedabad, Gujarat, Director Vijay Kedia told. This could translate in an escalation in project cost from Rs.1.5-Rs.1.6 bn estimated. The Ahmedabad unit would mark the company's entry into the four-wheeler segment. Kedia said the company had hoped to complete the land acquisition by this month, but has not been able to do so due to the sudden rise in land prices as several companies are planning units in the state. Exide plans Rs.370 crorecapex Exide Industries Ltd has planned a capex of Rs.370 crore this fiscal for expanding its capacity for two- wheeler and four-wheeler batteries., pumping in Rs.370 crore. Production capacity will be increased to 12 mn batteries for four-wheelers and 21.6 mn batteries for two-wheelers. Currently, Exide produces 10.2 mn batteries for four-wheelers and 14 mn batteries for two-wheelers. The expansion would be funded through internal resources. Tube Investments to raise Rs.1 bn Tube Investments of India Ltd will raise Rs.1 bn through five-year bonds in the first week of August, merchant bankers said. The bonds have a put/call option at the end of the third year. The company will pay annual coupon of 9.85% on the bonds, which are rated AA by CRISIL. Kotak Mahindra Bank is the sole arranger for the issue. Witzenmann India bags Hyundai order Witzenmann India has secured order to supply decouplers to the upcoming Hyundai small car project. The order anticipated at 1,44,000 units per annum, will be supplied from the company‟s plant at Chennai, Tamil Nadu. Witzenmann India will be the sole supplier of decouplers for the small car. Witzenmann India will be supplying to the SUV project of Mahindra & Mahindra also. Tube Investments will raise Rs.1 bn Tube Investments of India Ltd will raise Rs.1 bn through five-year bonds in the first week of August, merchant bankers said. The bonds have a put/call option at the end of the third year. The company will pay annual coupon of 9.85% on the bonds, which are rated AA by CRISIL. Kotak Mahindra Bank is the sole arranger for the issue. Tata Sons revokes pledge on 9 mn shares of Tata Motors Jul 18 Tata Motors Ltd said its promoter Tata Sons Ltd has revoked pledge on 9 mn shares of the automaker on Jul 18. Tata Motors, in a notice to the stock exchanges, said the number of shares pledged by Tata Sons in the company has fallen to 29 mn, or 21.04% of the stake held by the latter. Australia plans to build ties with Indian auto industry Australia is exploring possibilities of building better ties between its world-class firms and rapidly growing Indian automotive industries to create new export opportunities and help secure the ongoing strength of the multi-billion-dollar auto industry there. Goenka says M&M may reconsider phase-II expansion of Chakan unit Mahindra and Mahindra Ltd may revisit the planned Rs.20 bn second phase expansion of its Chakan unit after the Maharashtra government changed the refund rules for value added tax to automobile companies, President - Automotive and Farm Equipment Sector Pawan Goenka said. TATA MOTORS: Has begun assembling commercial vehicles after it opened a 110-mn-rand CV assembly unit with a capacity 3,650 vehicles/year in South Africa in a joint venture. Has cut its net debt by 21% to Rs.241.80 bn in 2010-11. LML: The scooter manufacturer expects to re-enter western and eastern India markets by 2011 end and will reach southern market by 2013.

Weekly Newsletter 48 Info-Spectrum Bridging the Information Gap in Corporate Landscape

FORCE MOTORS: Plans to foray into the passenger and goods vehicles segment and has tied up with Daimler AG for technology. ASHOK LEYLAND: Joint venture with Nissan Motor Co has started production of its first light commercial vehicle, Dost. MARUTI SUZUKI INDIA: Production restarts at Manesar unit as employees resume work. TUBE INVESTMENTS OF INDIA: To raise Rs.1 bn via five-year bonds at 9.85%.

Weekly Newsletter 49 Info-Spectrum Bridging the Information Gap in Corporate Landscape

MISCELLANEOUS RETAIL: A Committee of Secretaries has approved a proposal to allow 51% foreign direct investment in multi- brand retail. Future Group has sought tie-ups for home retail and electronics business. Slowdown in volume growth, margin pressure, and falling consumer discretionary spending likely to weigh on Apr-Jun earnings of the companies. US' Franklin Templeton to buy a 20% stake in Kimaya Fashions for around Rs.600 mn. Cabinet note on foreign direct investment in retail likely in 10 days. Online retailer Amazon.com may set up operations in India next year. L'Oreal SA plans to invest Rs.5 bn to expand its operations in India. REGULATORY: Foreign institutional investors' pre-earnings buying spree under SEBI lens. Securities and Exchange Board of India may approve slashing the mandatory open offer to 51% of the total shares from the recommended 100%. Securities and Exchange Board of India likely to decide on the takeover code of listed companies in its board meeting. SEBI is likely to permit a single know-your-customer norm for Indian retail investors in its meeting today. SEBI set to consider norms for infrastructure debt fund. SEBI has allowed asset management companies to charge a transaction fee of Rs.150 for every new folio, and Rs.100 for every transaction thereafter if it exceeds Rs.10,000. INSURANCE: The Insurance Regulatory and Development Authority may set a timeline for life insurance companies to list their shares. The Supreme Court has ruled that insurance companies are liable to pay compensation to claimants even if ownership of the vehicle in question changes. Insurance Regulatory and Development Authority to soon allow promoters of life insurance firms, holding at least 26% stake, to sell strategic stake after five years of obtaining license, instead of the present limit of 10 years. MEDIA: UTV's broadcasting arm UTV Entertainment Television set to launch a Bollywood entertainment channel in mid-August. Public sector broadcaster Prasar Bharati to e-auction slots on its direct-to-home platform DD Direct Plus. Radaan Media Works Chairperson Radikaa Sarathkumar willing to dilute 20% of her stake in the company to a strategic partner. EDUCATION: Indians spending more on children's education, less on food. GEMS & JEWELLERY: The domestic industry is likely to touch Rs.2.13 trn by 2015, according to a study by Assocham. INVESTMENT: Future Ventures has acquired additional 30% stake in Amar Chitra Katha, taking its stake in the company to 56%. PRIVATE EQUITY: IDFC Private Equity has invested Rs.1.5 bn in GVR Infra Projects.

Weekly Newsletter 50 Info-Spectrum Bridging the Information Gap in Corporate Landscape

MARKET: Huge differences in yields between India sovereign funds and US dollar treasury paper may trigger fresh foreign fund inflows. STOCK MARKET: Individual foreign investors seeking entry into Indian stock markets will need Permanent Account Number for all financial transactions. CONGLOMERATE: UK-based pension fund advisory PIRC and Aviva Investors, a shareholder in Vedanta Resources, may oppose company's resolution seeking approval to award bonuses to 3 executives, including Chairman Anil Agarwal. FDI: The Foreign Investment Promotion Board has allowed France's Societe Anonyme to pick up 25% stake in IDFC Pension Fund. FMCG: Reckitt Benckiser overhauls Paras Pharma's distribution network and also cuts margins offered by the latter by around five percentage points. CORPORATE: Ministry of Corporate Affairs has issued a circular for simplified process of online incorporation of companies, which is likely to be implemented with effect from Aug 11. Multinational companies that have liaison offices in India may soon have to start paying taxes. MICROFINANCE: Andhra Pradesh government seeks changes in some provisions in the proposed MFI Bill; objects to keeping microfinance firms out of the purview of state's money-lending laws. SPECIAL ECONOMIC ZONE: The commerce ministry likely to re-look at the land ceiling of 5,000 ha for multi-product special economic zones. TEXTILE: The textile ministry has made provisions for Rs.19.72 bn towards subsidy under the Restructured Technology Upgradation Fund Scheme. Registration of overseas online firms to be made mandatory New Companies Bill to make direct-to-home shopping sites accountabe to Registrar of Companies. In a bid to make foreign companies engaged in online and direct-to-home business practices in India accountable, the Ministry of Corporate Affairs (MCA) will make enrolment of all such companies with the country‟s Registrar of Companies (RoC) mandatory. The need to have control over such organisations was felt in the wake of increasing instances of online businesses that cut across national boundaries. The proposal for mandatory registration will form part of the new Companies Bill 2011, a senior official said. The government may also verify that the promoters of the overseas firms or their business associates in India, including logistic partners, have not committed any economic offences under any national or international jurisdiction. “The track record of the directors of the company will be sought to ensure they are not fly-by-night operators who had been convicted or banned from conducting business or establishing firms in other countries,” the official said. Details of previous businesses of the promoters and their associates will also be sought before the company gets an approval to do business in India. The Companies Bill 2009, a revised version of which is being finalised now, already contains the existing set of basic disclosures that are required to enable a company to operate in the country. These include details of the companies‟ charter, statutes, memorandum, articles etc. Contact details of the senior management team will also be sought. DGCX to launch options trading in Indian rupee Traders will have more options to dabble in the Indian currency in Dubai. After the success of rupee futures trading, the Dubai Gold and Commodity Exchange (DGCX) will launch options contract in rupee-dollar from September 26. India‟s Financial Technologies owns 44% stake in DGCX. In India, the National Stock Exchange, United Stock Exchange and MCX Stock Exchange together put average daily turnover of over Rs.25,000 crore in currency trading. Of that, around 70% trading is done in rupee-dollar contracts. In the

Weekly Newsletter 51 Info-Spectrum Bridging the Information Gap in Corporate Landscape past four months, the option volumes in currency futures in India, too, jumped to over 20% of the overall currency volumes. The domestic exchanges already face tough competition from the non-deliverable forward (NDF) market for currency based in Singapore and New York. Dubai was only adding to it. While the turnover in Indian currency is still small in Dubai compared to that in the domestic market, the growth is alarming. Also, Dubai is a major hub for trade between Asia, Africa and Europe. A host of Indian diamond and bullion merchants have opened offices in the emirate. It is also reputed to be a major conduit for hawala operators. Orbit Exports to shut Jalgaon manufacturing unit Orbit Exports Ltd has informed that the Board of Directors of the Company at its meeting held on July 26, 2011, inter alia, took the following decisions: 1. The Board considered and approved appointment of Ms. Neha Nangalia as Company Secretary and Compliance Officer of the Company in place of Shri S. N. Baser, Compliance Officer of the Company w.e.f. July 26, 2011. 2. The Board considered and approved appointment of Mr. Varun Daga as Additional Director of the Company w.e.f. July 26, 2011. 3. The Board considered and approved appointment of Shri Vinod Jain as CFO as recommended by the Audit Committee. 4. The Board decided to close manufacturing operation at factory situated at Gat No.447/B, Vikhram Road, Erandol, Dist. Jalgaon due to uneconomical working. 5. The Board considered and approved Shifting of Registered Office of the Company situated at 11- Mehta Chambers, Kalyan Street, P D'Mello Road, Masjit Bunder Road (E), Mumbai - 400009 to its Administrative Office address situated at E 27-29, Manglore Street, Adi Marzaban Street, Ballard Estate, S. Bhagat Singh Road, Mumbai - 400038. 6. The Board considered and decided to apply for the SBI Platinum Corporate Card. Opera fine-tunes mobile entertainment Opera Software and UTV Indiagames plan to offer gaming content on Opera Mini browsers, which are optimised for surfing on cellphones. Starting this month, Opera Mini browsers will sport a UTV Indiagames icon that would allow users a one-click access to play games—from puzzles to action and strategy. Existing users, however, would have to upgrade their Opera Mini browsers. “Opera users can access high-definition games on their mobile devices, including DLF IPL Cricket, Pirates of the Caribbean and Cars 2,” says Samir Bangara, chief operating officer, UTV Indiagames, an integrated game developer-publisher across mobile, online and interactive TV platforms. “The Speed Dial (Opera's browser bookmark) solves the 'discovery' problem and gives users immediate and convenient access to thousands of games and other entertainment products tailored for their mobile phones,” he says. Meant essentially for low-end Java-based phones, Opera Mini is the most downloaded browser in India and is available for over 3,000 handset models. Opera's own estimates suggest an estimated 113.5 mn Indian subscribers used the browser in May, and 9.6 petabytes of operator data was compressed for Opera Mini users. NTC to set up technical textile cluster State-owned National Textile Corporation (NTC) is making a foray into processing and plans to set up a technical textiles cluster with private partnership. The processing facility, coming up at its newly-set-up unit at Hassan in Karnataka, would commence operations "very soon," a top NTC official said. The facility, which would have a capacity to process 40,000 metres of fabric a day, would be housed at NTC's 40-acre unit. The composite greenfield unit is being set up with an investment of Rs.250 crore with 40,000 spindles and 48 shuttle-less looms for weaving. Modalities were also being worked out for setting up a technical textile cluster, which would have a minimum of 10 projects at a cost of Rs.250 crore, with private partnership, he said. NTC would provide infrastructure facilities such as land and building and choice of the location would depend upon private players, Pillai told reporters on the sidelines of a seminar on technical textiles organised by CII here. It shortlisted some locations including a 135-acre plot in Kanpur, Vidarbha region of Maharsthra and also Coimbatore for the cluster, he said. Trent-Inditex to bring Massimo Dutti to India Trent, the retailing arm of the Tata Group, said it had signed a memorandum of understanding with Inditex Group of Spain to develop and promote Massimo Dutti stores in India. Trent and Zara Holding BV, a unit of Inditex Group, would set up a joint venture in which the latter would hold 51% and Trent the remaining 49%. Though the company did not say how many stores it would open or how much it would invest, sources in the know said the company could look to open at least three-four stores in the first year of operations. Massimo Dutti has 542 stores in 50 countries and offers a variety of collections from high-end fashion to easy-going casual wear. This is the second joint venture for Trent and Inditex in India. The group operates different formats such as Zara, Pull & Bear, Massimo Dutti, Breshka, Oysho, Stradivarius, Zara Home and

Weekly Newsletter 52 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Uterque. Trent runs department store Trent, hypermarket chain Star Bazaar, book chain Landmark among others. The company posted revenues of Rs.716 crore in financial year 2010-11. Berggruen Hotels to invest Rs.575 cr on expansion Berggruen Hotels, promoted by New York based Berggruen Holdings is investing Rs.575 crore over the next four years in Indian operations. The company has signed a management contract with the Cama Hotels in Ahmedabad, which shall be known as Keys Cama Hotel. Keys Hotels is a mid market brand of Berggruen Hotels. Currently, Berggruen Hotels operates its own hotels at Pune, Kochi, Trivandrum, Ludhiana and Bangalore and operates hotels for owner partners in Lonavala, Mahabaleshwar, Chennai and Mumbai. It manages 584 rooms and tie up with Camas will add 50 more rooms. The company also has seven properties are under various stages of development. Besides, Berggruen will also acquire eight more sites in India for new projects taking the total to 20 company-owned hotels and another 20 managed hotels, which will take the total room count to 4,200-4,500 by 2015-16. Of the Rs.575 crore investment planned, Rs.275 crore will be through equity and balance Rs.300 crore through debt. JMD Telefilms to sell 5% stake to Hong Kong co for Rs.92 mn JMD Telefilms Industries Ltd said its board has decided to sell 5.10% stake in the company to Hong Kong- based Century Exports Ltd for Rs.92 mn. JMD Telefilms, in a notice to the stock exchanges, said Century Exports has the option to raise its stake in the company to 14.99% in the second phase. "After the completion of (the) second phase, Century Exports if they desire can get controlling stake by way of preferential route or from open market," JMD Telefilms said. The company will sell the 5.10% stake, or 3.68 mn shares, at Rs.25 each. This is a premium of nearly 55% to the stock's closing price of Rs.16.20. JMD Telefilms said it would induct one member nominated by Century Exports on its board. In June, the Indian company had entered into a pact with Century Exports for import of mobile phones. JMD Telefilms had also said Century Exports might look at picking up strategic stake in the company in the future. Sumitomo buys stake in VA Tech Wabag Sumitomo Corporation of Japan has acquired a 4.65% stake in the Chennai-based VA Tech Wabag Ltd, a water management company with an international presence. According to information available on the NSE, Sumitomo Corporation has acquired 4.91 lakh shares at a price of Rs.1,400 a share of a face value of Rs.5 from two funds controlled by ICICI Ventures. The Japanese company has acquired the shares in bulk deals from Dynamic India Fund I and India Advantage Fund I A/C IDBI Trusteeship Services. This is a significant development for the company which has an agreement with Sumitomo Corporation to jointly bid for large BOOT-based projects in water management, according to VA Tech Wabag officials. This also marks the exit of ICICI Ventures from Wabag fully. ICICI Ventures supported a management team buyout of Indian arm of the multinational Wabag and subsequently the acquisition of the Austrian parent company by the management team in 2007. Cox & Kings arm to buy UK's Holidaybreak at 432.1 pence/share Cox & Kings Ltd, through its wholly-owned arm Prometheon Holdings (UK) Ltd, has entered into an agreement to acquire UK's Holidaybreak Plc at 432.1 pence a share. The deal would cost Cox & Kings around 312 mn sterling pounds (Rs.22.48 bn). Among other approvals, the nod of shareholders representing 75% of Holidaybreak's share capital would be required for the deal to go through, and for the company to be subsequently delisted from the UK bourses. The company has already received approvals from shareholders representing 31.8% of the company's share capital, he said. "If everything goes as per process, the deal will be completed by Sep 27," Kerkar said. The all-cash deal will be funded through debt and internal accruals. "Axis Bank is our lead bankers in this whole arrangement, and they have issued letters of credit to buy 100% of this company," Khandelwal said. Cadbury Kraft India one of fastest growing operations for Kraft globally Chicago-headquartered Kraft Foods, which acquired Cadbury last January for $18.9 bn, is earning a double bonanza from British chocolate maker's Indian operations. Not only is Cadbury Kraft India one of the fastest growing operations for Kraft globally, revenues spurted by 40% in January-March 2011 quarter, the domestic business is proving to be a ripe hunting ground for talent. Within a year-and-a-half of acquiring Cadbury, the $50 bn Kraft has picked up 21 managers for global and regional roles from the Indian affiliate. On the brands front, that integration became visible recently when Kraft's iconic biscuits brand Oreo was launched in India under the Cadbury umbrella-something that hasn't been done in any other market. Since the acquisition, Cadbury India has moved into two new Kraft categories - biscuits with Oreo and fruit juices

Weekly Newsletter 53 Info-Spectrum Bridging the Information Gap in Corporate Landscape and beverages with Tang. While Tang is manufactured at Kraft's Hyderabad plant, Punjab-based Bector Foods makes Oreo. Viceroy Hotels completes sale of Bangalore project Viceroy Hotels Ltd has informed BSE that: 1. The Company has successfully completed slump sale of Bangalore Project Division to M/s. Viceroy Bangalore Hotels Private Ltd. 2. The Company has invested Rs. 47.3 Crores in equity share capital of M/s. Viceroy Bangalore Hotels Private Ltd. by way subscription of 59,90,000 equity shares of Rs.10/- each at a price of Rs.78.96/- per share in accordance with the Business Transfer Agreement. 3. M/s. Viceroy Bangalore Hotels Private Ltd. ceased to be Subsidiary of the Company on account of strategic investment of Rs.74 Crores out of Rs.90 Crores infused by 'JP Morgan India Property Mauritius II' by way subscription of 74,00,000 equity shares of Rs.10/- each at a price of Rs.100/- per share. 4. Mr. Gunjan Bahl and Mr. Hrushikesh Kar were inducted as Directors on the Board of M/s. Viceroy Bangalore Hotels Private Ltd to represent JP Morgan India Property Mauritius II'. Kilburn Chemicals to sell titanium dioxide unit Kilburn Chemicals Ltd has informed that the Board of Directors of the Company at its meeting held on July 29, 2011, has considered and approved the sale and transfer of its chemical division relating to manufacturing and marketing of the Anatase grade Titanium Dioxide including the identified assets and liabilities to Mr. S Vaikundarajan as partner of the partnership firm M/s. V V Mineral registered under the Indian Partnership Act, 1932 and having its registered office at Tisayanvilai, Tirunelveli, Tamil Nadu, or any entity controlled by them, as a going concern on a slump sale basis (Purchaser) subject to fulfillment of conditions precedents and other regulatory consents/approvals, as may be required for a lump-sum consideration of about Rs.110 Crores subject to such adjustments as may be agreed (Transaction). 51% FDI in multi-brand retail moves step closer to reality After a delay of several years, the move for 51% foreign direct investment (FDI) in multi-brand retail took a significant step forward. A Committee of Secretaries (Cos), headed by the Cabinet Secretary, Mr Ajit Kumar Seth, that met gave the go-ahead for this politically-sensitive decision, which will now have to be approved by the Union Cabinet. The nod at the CoS level comes, significantly, just a week after the US Secretary of State, Ms Hillary Clinton's visit to India. The US has, for long, been urging India to open up its retail trade to allow companies such as Walmart, Carrefour and Tesco to sell grocery, food and other merchandise directly to consumers. Currently, these companies are only permitted to operate cash-and-carry format stores catering to wholesalers and business consumers. UTV Software promoter The Walt Disney Co offers to delist co UTV Software Communications Ltd said its board has approved a proposal from promoter The Walt Disney Co (Southeast Asia) Pte Ltd to delist the company from Indian bourses. In a notice to the stock exchanges, UTV Software Communications said The Walt Disney Co has offered to buy outstanding shares of the company at up to Rs.1,000 a share. Currently, The Walt Disney Co owns 20.4 mn shares, or 50.44% stake, of UTV Software Communications. The other promoters of the company, including Rohinton Screwvala, together own 19.82% stake. The Walt Disney Co has offered to buy out the stake of other promoters at the same price. All the promoters have consented to the delisting proposal, the company said. India Infoline NBFC arm to offer 3-,4-, 5-yr bonds via public issue India Infoline Ltd's subsidiary, India Infoline Investment Services Ltd, will raise Rs.3.75 bn through a public issue of three-, four, and five-year bonds. The non-banking finance company has set an annual coupon of 11.70% on the three-year bonds, and 11.90% on the five year bonds for retail investors. The company will offer the four-year zero coupon bonds at 11.70% to the retail investors. The NBFC will pay an annual coupon of 11.70% to qualified institutional buyers across all maturities, bankers said. The issue will be open for subscription from Aug 4-12, merchant bankers said.The bond issue also has a green shoe option of 3.75 bln rupees. The bonds have been rated as AA- (stable) by ICRA, and AA- by CARE. Axis Bank, AK Capital Services, and JM Financial are among the arrangers for the bond issue. United Phosphorus acquires 51% stake in Brazil's DVA Agro United Phosphorus Ltd said it has acquired 51% stake in DVA Agro Do Brazil, the Brazilian arm of German agrochemicals group DVA, for an undisclosed amount. This is United Phosphorus's second strategic stake buy this financial year. In April, the company acquired 50% stake in Sipcam Isagro Brazil, a producer and distributor of agrochemicals in the Brazilian market. In a release, United Phosphorus said the latest stake acquisition would help the company claim a larger share of Brazil's agrochemicals market. DVA Agro, which

Weekly Newsletter 54 Info-Spectrum Bridging the Information Gap in Corporate Landscape is into manufacturing, marketing, sales, and distribution of crop protection products, had net revenue of around $130 mn in 2010, United Phosphorus said. Jyothy Lab's open offer for Henkel India to start Aug 2, end Aug 22 Jyothy Laboratories Ltd's open offer to buy additional 20% stake in Henkel India Ltd will start on Aug 2 and end Aug 22, the companies said in an advertisement in The Economic Times newspaper. Earlier, the open offer was scheduled to begin Jun 24 and close Jul 14, but Jyothy Laboratories postponed the open offer pending an approval from the Securities and Exchange Board of India. On May 5, Jyothy Laboratories announced it was entering into a share purchase agreement to acquire 50.97% stake in Henkel India from Henkel AG at Rs.20 a share, or a total of Rs.1.19 bn. Jyothy Laboratories had set the open offer price at Rs.41.20 a share. Value Industries to de-list from regional exchanges Value Industries Ltd has informed that the Board of Directors of the Company at its meeting held on July 28, 2011, have accorded their approval to file a revised application and the documents to the Stock Exchanges for voluntary delisting of equity shares from Ahmedabad Stock Exchange Ltd; Bangalore Stock Exchange Ltd; Madras Stock Exchange Ltd; The Calcutta Stock Exchange Ltd and Pune Stock Exchange Ltd as required under Chapter II of the SEBI (Delisting of Equity Shares Regulations, 2009) and by the Stock Exchanges. The equity shares shall continue to remain listed on Bombay Stock Exchange Ltd and The National Stock Exchange of India Ltd having nationwide terminal. Hinduja Foundries plan Rs.70 cr capex Hinduja Foundries has planned a capex of Rs.70 crore for capacity expansion & modernisation at its plants in Tamil Nadu. The company will ramp up production at the Sriperumbudur plant from 50,000 tonnes to 72,000 tonnes and also modernise the old factory at Ennore. The company proposes to bring in additional capital infusion of Rs 125 crore through a rights issue. “With the growth in the auto sector, the demand for quality castings will grow and Hinduja Foundries is in the forefront of technological capability to meet this demand,” said Mr Seshasayee, Chairman, Hinduja Foundries. Promoter group co Leela Lace ups stake in Hotel Leelaventure to 6% Leela Lace Software Solutions Pvt Ltd, a promoter group company of Hotel Leelaventure Ltd, has raised its stake to 5.89% through open market purchases, according to a regulatory filing with the stock exchanges. Between Jun 30 to Jul 23, Leela Lace Software bought 3.31 mn shares of Hotel Leelaventure. As on Jun 30, the promoter group company was holding 1.95 mn shares, or 5.04% of the total paid up capital of the company, as per the shareholding pattern available on the National Stock Exchange's website. Radaan Media to divest Sri Lankan JV stake, set up arm Radaan Mediaworks India Ltd has informed that the Board of Directors of the Company at its meeting held on July 26, 2011, inter alia, has taken the following decisions: 1. Disinvestment of Company's shareholding in Radaan Talent Factory (Private) Limited, the Sri Lankan joint venture was approved. 2. Formation of a wholly owned subsidiary in Sri Lanka to run it's business independently alter withdrawal of the joint venture was approved. 3. Setting up a joint venture in Chennai in partnership with Anupam Kher's Actor Prepares to train budding actors was approved. SKS Microfinance to raise up to Rs.9 bn via QIP SKS Microfinance Ltd has informed that the Board of Directors of the Company at its meeting held on July 26, 2011, inter alia, has approved the following: - Subject to the approval of the shareholders of the Company and other statutory approvals, to make Qualified Institutional Placement (QIP) of eligible securities up to Rs.9 bn by issue of equity shares and / or any securities convertible into Equity Shares, with or without warrants, to Qualified Institutional Buyers in accordance with the applicable guidelines of Securities & Exchange Board of India. Freescale opens R&D center in Hyderabad's SEZ US based Freescale Semiconductor has set up its India research and development centre in Hyderabad to drive innovation and development of solutions for the company's new platforms. The company has established its centre here to take advantage of India's cost advantage and easy availability of technically skilled manpower. Activity at the new facility is expected to deliver solutions that enhance Freescale's platform for applications including data center, security appliances, mobile wireless infrastructure and small business networking among other leading edge technologies.

Weekly Newsletter 55 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Usha Martin Education OKs Rs.200 mn rights issue Usha Martin Education & Solutions Ltd has informed that the Board of Directors of the Company at its meeting held on July 28, 2011, has transacted the following: Consent was accorded to issue equity shores on rights basis to the existing equity shareholders of the Company up to Rs.200 mn. The Board constituted a Rights Issue Committee of Directors and delegated powers to the said Committee to decide about the ratio of the issue, the Issue price, appointment of merchant banker and all other matters required or necessary in connection with the issue. Taiwan co MediaTek to invest $20 mn in Spice Digital Taiwan-based fabless semiconductor company MediaTek Inc said it would invest $20 mn in mobile value- added services provider Spice Digital Ltd. A press release issued by MediaTek did not specify the stake the Taiwanese company would acquire in Spice Digital for its investment. "Through this investment in Spice Digital, we are hoping to capitalize on its market potential and reinforce its strong operator relationship and leading position in India, southeast Asia, Africa and Middle East (West Asia)," Chairman of MediaTek Ming- Kai Tsai said. Spice Digital is a subsidiary of Spice Global Group. TTK Prestige: No concrete proposal framed on stock split TTK Prestige Ltd has informed about the following: "The Company has been receiving suggestions from various shareholders for a Stock Split. Though the suggestion is receiving attention, no concrete proposals have been framed. As and when concrete proposal is prepared for consideration of the Board of Directors, the Company will issue necessary notice to Stock Exchanges as required under the listing agreement. In the meantime, any news appearing in the Media is only speculative." MMTC floats tender to export up to 60,000 tn pig iron in Aug-Sep State-owned MMTC Ltd has issued a tender to export up to 60,000 tn basic grade pig iron from Paradip port for shipment during Aug-Sep. The interested parties are required to submit the bids in dollars per tn on the basis of free on board price at Paradip port. The bidding for the tender will take place on Aug 5 and end at 1500 IST and it will be opened the same day at 1530 IST. However, the bids will remain valid until 1730 IST on Aug 10. Orient Paper to demerge cement division into a new entity Orient Paper and Industries Ltd will demerge its cement operations into a new company, Orient Cement Ltd, Chairman C.K. Birla said. The demerger is expected to be completed by Apr-May 2012. Shareholders of Orient Paper will get one equity share of Orient Cement for each share held in the company. The company at present has cement manufacturing capacity of 5 mn tn per year. Cement contributed around 53% to the company's revenue in 2010-11. Fitch says perpetual bonds riskier than other debt instruments Fitch Ratings has warned investors to be cautious while investing in perpetual debentures as they are riskier than other debt instruments. The rating agency said the recent issuances of perpetual bonds were not found eligible for equity credit as they had debt-like characteristics. These include a look back feature and/or call option with a step up coupon in excess of 1%, which reduces stability in the capital structure. United Phosphorus picks up 51% in Brazilian agrochem company United Phosphorus, an agriculture and specialty chemical company, has acquired 51% stake in Brazilian company DVA Agro Do Brasil (DVA Agro Brazil) from DVA Group, Germany, and other shareholders. The acquisition will result in an outgo of about Rs.675 crore ($150 mn) which includes infusion of funds in DVA Agro Brazil and purchase of shares from the existing shareholders. The DVA Agro deal is the second acquisition made by United Phosphorus in Brazil in four months. IDFC Mutual Fund cuts stake in Deep Industries to 0.08% from 6.36% IDFC Mutual Fund has cut its stake in Deep Industries Ltd to 0.08% from 6.36% by selling over 1.4 mn shares through open market transaction on Jun 30. IDFC now holds 19,023 shares of the company through its mutual fund scheme, IDFC Premier Equity Fund. Deep Industries is into air and gas compression, drilling, oil and gas exploration and production businesses. REC may raise Rs.10 bn via 10-yr bonds Rural Electrification Corp may raise Rs.10 bn through 10-year bonds this week. "We have received interest from LIC (Life Insurance Corporation) and we may place bonds at 9.36%," he said. The company may offer 9.36% coupon on annualised basis. The bonds are rated AAA/Stable by CRISIL and LAAA/Stable by ICRA.

Weekly Newsletter 56 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Temptation Foods to mull 10-for-1 stock split Temptation Foods Ltd has informed that a meeting of the Board of Directors of the Company will be held on July 30, 2011, inter alia, to consider and approve the following; 1. Preferential Allotment of Equity shares to Non promoters. 2. Split up / Sub division of Equity shares (Face value from Rs.10/- Paid up to Re.1/- paid up). Nirlon raises Rs.745 mn via preferential issue of shares Nirlon Ltd has raised over Rs.745 mn via a preferential issue of 13.55 mn shares to four institutional investors at an average price of Rs.55 per share. The company has issued over 5.8 mn shares to Real India Invest Aktiengesellschaft, 909,000 shares to HDFC, over 4.36 mn shares to Geraldton Finance Ltd and over 2.45 mn shares to Athena India Opportunities Fund via a preferential issue. IRDA may OK insurance cos' promoters to divest stake after 5 yrs Insurance Regulatory and Development Authority will soon allow promoters of life insurance companies to divest strategic stake after five years of obtaining a licence, instead of the present holding period of 10 years. The new norms, likely to be in place by August, may also clarify that a five-year lock-in period does not apply for those subscribing to initial public offerings of insurers. Orient Paper to mull business restructuring Orient Paper & Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on July 27, 2011, inter alia, to consider the Unaudited Quarterly Financial Results of the Company for the quarter ended June 30, 2011 subject to "Limited Review" by the Auditors of the Company and to consider various options for business restructuring of the Company. Crest Animation to mull 21.6-mn-shr issue to 3 cos Crest Animation Studios Ltd has informed that a meeting of the Board of Directors of the Company will be held on July 28, 2011, inter alia, to consider and approve allotment of 2, 16, 26, 958 equity shares pursuant to the Scheme of Amalgamation of Crest Animation Holdings Inc., USA, Crest Communication Holdings Limited, Mauritius and Crest Interractive Limited, India with Crest Animation Studios Limited. Sundaram MF's stake in Mcnally Bharat Engineering rises to 5.27% Sundaram Mutual Fund's stake in Mcnally Bharat Engineering Co Ltd rose to 5.27% from 4.03% after the fund house acquired 386,631 shares of the company on Jul 18. The shares were bought by Sundaram S.M.I.L.E Fund via open market. Sundaram Mutual now holds 1.64 mn shares of the engineering company. Vertex Securities OKs 5-for-1 stock split Vertex Securities Ltd has informed that the Board of Directors of the Company at its meeting held on July 20, 2011, inter alia, have approved the proposal to sub-divide the nominal value of the equity shares of the Company from the nominal value of Rs.10/- each to the nominal value of Rs.2/- each, subject to approval of members of the Company. RBI says govt bought back Rs.60.32 bn of fertiliser bonds The central government bought back Rs.60.32 bn worth of special bonds issued to various fertiliser companies. The government bought back Rs.17.36 bn of 6.20%, 2022 bond, Rs.22.17 bn of 6.65%, 2023 bond, Rs.20.32 bn of 7.00%, 2022 bond, Rs.426.29 mn of 7.95, 2026 bond, and Rs.50 mn of 8.30%, 2023 bond, the RBI release showed. Competition panel OKs RIL's buyout of Bharti share in insurance co The Competition Commission of India has cleared the bid by Reliance Industries to acquire Bharti group's stake in Bharti AXA Life Insurance. Reliance Industries notified the commission about the proposed acquisition on Jul 8. The commission has cleared the application within three weeks of submission. Apollo Hospitals to invest Rs.16 bn on expansion Apollo Hospitals Enterprise Ltd plans to add 3,000 beds with an investment of Rs.16 bn in the next three years. The expansion will be funded through debt and equity. The company at present has 8,700 beds with 54 hospitals across the country. Religare Capital will buy controlling stake in a South African brokerage Religare Capital Markets will acquire a controlling stake in South African brokerage Noah Financial Innovation for an undisclosed amount. The original promoters, two local businessmen, will retain the residual minority stake in the privately held firm.

Weekly Newsletter 57 Info-Spectrum Bridging the Information Gap in Corporate Landscape

US' Wal-Mart, Bharti to invest Rs.1.2 bn more in JV Bharti Enterprises and US-based Wal-Mart plans to invest an additional Rs.1.2 bn into the 50:50 joint venture company—Bharti Wal-Mart. The joint venture firm has issued 120 mn new shares from its unissued share capital, equally divided between the JV partners, at Rs.10 each to raise the fund. SEBI bars Consortex karl from issuing shares, accessing market Securities and Exchange Board of India barred Consortex karl Doelitzsch (India) Ltd from issuing more shares or altering its share capital for violating the prohibition of fraudulent and unfair trade practices regulation, until the company rectifies anomalies in its share capital. Textile Ministry to encourage production of speciality fibres Union Textile ministry would encourage manufacturing units to produce some speciality fibres required for technical textiles not available in India, either indigenously or through joint venture in the 12th five year plan, a senior ministry official said. Franklin Templeton to buy 20% stake in Kimaya for about Rs.600 mn US' Franklin Templeton will buy a 20% stake in Kimaya Fashions for around Rs.600 mn. Franklin Templeton will route the investment through its Indian private equity arm Franklin Templeton PE Strategy. Kimaya will issue fresh shares to the private investor. Second round of campus recruitment in Tihar jail Buoyed by the success of the first recruitment drive inside the prison premises in February, in which 43 inmates were hired by different companies, Tihar jail authorities today conducted the second round of campus placement interviews. Aegis to sell market research arm to Ipsos for around Rs.33.40 bn UK-based advertising and marketing conglomerate Aegis Group Plc has agreed to sell its market research firm Synovate to Ipsos SA for around Rs.33.40 bn. Synovate had launched its India operations in 2004. Mavi Investment Fund sold 1.63% stake in Alchemist Jul 25 Alchemist Ltd said Mavi Investment Fund Ltd sold 200,000 shares, or 1.63% stake, of the company via open market on Jul 25. The fund's stake in the company now stands at 3.23%, Alchemist said in a disclosure to the stock exchanges. Bajaj Electricals appoints Anant M. Purandare as CFO Bajaj Electricals Ltd has informed that the Audit Committee and the Board of Directors, in their respective meetings held on July 28, 2011, have approved the appointment of Shri Anant M. Purandare, as Vice President & Chief Financial Officer 'CFO' of the Company. SEBI OKs flat Rs.150 transaction fee on new mutual fund folios The Securities and Exchange Board of India allowed asset management companies to charge a transaction fee of Rs.150 for every new folio, and Rs.100 for every transaction thereafter if it exceeds Rs.10,000. Ex-Henkel MD joins GSK Consumer Health as marketing director GlaxoSmithKline Consumer Healthcare has named former Henkel India MD Jayant Singh as its new marketing director. The marketing post is being vacated by Shubhajit Sen, who now takes charge as vice- president of the new childhood growth and development vertical. PVH to buy Tommy Hilfiger India rights from Mohan Murjani New York-based PVH Corp, which last year bought Tommy Hilfiger worldwide rights, excluding India, now plans to buy the rights of the brand from Mohan Murjani in India. Murjani holds the rights for Tommy Hilfiger in India in perpetuity. Midvalley Entertainment in pact with Cinema Station Midvalley Entertainment Ltd has informed BSE regarding "Mid Valley Entertainment Ltd enters into agreement with M/s. Cinema Station Pvt Ltd, Andhra Pradesh. Expected enhancement of Rs.100-105 cr. in turnover & Rs.13-14 crore in profit." Radico Khaitan redeems FCCBs of $33.91 mn nominal value at premium Radico Khaitan Ltd said it has redeemed its remaining foreign currency convertible bonds of nominal value $33.91 mn for a final redemption payment of $44.22 mn, including premium.

Weekly Newsletter 58 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Godrej Consumer Products Q1 net up 94% Godrej Consumer Products (GCPL) reported 94% growth in consolidated net profit at Rs.239 crore for the quarter ended June 30, following a strong demand in both domestic and international markets. 37K job applications rejected each yr: Overseas Manpower Overseas Manpower Corporation, promoted by the Tamil Nadu government, rejects at least 37,000 applications every year due to lack of requisite job skills of students applying to it, a top official said. Indian Hotels may raise Rs.2.50 bn Indian Hotels Ltd may raise Rs.2.50 bn through 10-year bonds this week. The company will offer the bonds at an annual coupon of 9.95%. The company official were not available to confirm the deal. United Spirits refinances debt worth 370 mn sterling In a bid to reduce its interest cost, United Spirits Ltd refinanced debt worth 370 mn pound sterling, the company said in a release. Fin Min to meet Sebi, exchange officials on market reforms With a view to discuss ways to expedite policies for growth and reforms in the stock market, the Finance Ministry has called a meeting of top officials from Sebi and various stock exchanges early next month. India Nippon Electricals to mull bonus shr issue Aug 8 India Nippon Electricals Ltd has informed that a meeting of the Board of Directors of the Company will be held on August 08, 2011, to consider issue of bonus shares. Dabur says to merge consumer care, consumer health business units Fast moving consumer goods major Dabur India Ltd will integrate its consumer care and consumer health business units, Chief Executive Officer Sunil Duggal said. Jewellery ops lift Titan Ind's Apr-Jun net profit 76.4% on year The watch-to-jewellery maker, Titan Industries Ltd, posted a 76.4% year-on-year rise in Apr-Jun net profit at Rs.1.43 bn, and a 61.3% increase in revenue to Rs.20 bn. ITC Q1 net shoots 24.51% to Rs.1,332.72 crore Diversified business firm ITC posted a 24.51% increase in net profit to Rs.1,332.72 crore for the quarter ended June 30, 2011. Shri Ram New Horizons appoints new brand ambassador Shri Ram New Horizons (SRNH), a joint venture between Shri Ram Group of India and US-based New Horizons Worldwide, today said it has signed Bollywood star Irrfan Khan as its brand ambassador. HUL Q1 net goes up 17.62% to Rs.627.18 crore FMCG giant Hindustan Unilever (HUL) posted a 17.62% increase in net profit to Rs.627.18 crore for the quarter ended June 30, 2011, on the back of strong volume growth across segments. SKS MICROFINANCE: To raise up to Rs.9 bn via qualified institutional placement. Has reported net loss of Rs.2.19 bn in Apr-Jun as against a profit of Rs.667 mn year ago due to steep rise in provisions and loan write-offs. COX & KINGS: In talks to acquire UK travel firm Holiday break. Arm has inked a pact to buy UK's Holiday break at 432.1 pence a share. CONTAINER CORP OF INDIA: Plans to start ocean freight carrier service along with TRANSPORT CORP OF INDIA. Will start trial operations for non-vessel operating common carrier service in six months on India- Singapore route STERLING HOLIDAY RESORTS: Rakesh Jhunjhunwala and Radhakishan Damani to acquire over 6% and 8% stake, respectively, in the company via preferential allotment of shares and warrants issue. HAVELLS INDIA: Osram Sylvania Inc has sued the company in the US district court for infringement of its trademark 'Sylvania' and unfair competition in north America. GODREJ CONSUMER PRODUCTS: Apr-Jun consolidated net profit up 94% on year at Rs.2.39 bn on strong local and global sales, and recent acquisitions.

Weekly Newsletter 59 Info-Spectrum Bridging the Information Gap in Corporate Landscape

TRENT: Plans around Rs.5 bn investment in next 3-4 years and increase the number of 'Star Bazaars' across western and southern India to more than 50. THOMAS COOK INDIA: Apr-Jun net profit up 40% on year at Rs.214.6 bn. Income from operations for the quarter rose 27.1% on year to Rs.1.06 bn. HERITAGE FOODS INDIA: Has tied up with State Bank of Hyderabad for dairy loans; the collaboration will provide assured supply of milk to company. AKZO NOBEL INDIA: Is planning its biggest paint plant in India, make an acquisition, and will tap the mid- market segment for faster growth. GLAXOSMITHKLINE CONSUMER HEALTHCARE: Former HENKEL INDIA Managing Director Jayant Singh joins the company as a marketing director. SHREE RAM MILLS: Three entities made open offer for 20% shares of the company at Rs.147 each. The offer will begin Sep 14, end Oct 3. PVR: Plans to spend $45 mn over the next two years on expansion; to open 15 screens in over 11 cities with $25 mn investment this year. UNITED SPIRITS: Says it has refinanced $600 mn of the remaining debt taken to acquire Scottish spirit maker Whyte & Mackay. EMAMI: Group company Emami Biotech to invest Rs.5.5 bn to expand edible oil refinery capacity in next two years. VA TECH WABAG: ICICI Ventures exits by selling its balance 4.65% stake in the open market for around Rs.687.7 mn. NILKAMAL: Marked its foray into the construction business by bagging three low-cost housing projects. SEAMEC: Has got an extension of contract, valued at $9.3 mn, for its vessel SEAMEC-III until Mar 31. ARVIND: US-based PVH Corp plans to buy the rights of Tommy Hilfiger brand from Mohan Murjani. APOLLO HOSPITALS ENTERPRISE: To invest Rs.16 bn to add 3,000 beds in next three years. EDELWEISS CAPITAL: Promoter has pledged 1 mn shares of the company on Jul 14. CROMPTON GREAVES: HDFC MF ups stake in the company to 5.77% from 4.76%. USHA MARTIN EDUCATION & SOLUTION: Approves Rs.200 mn rights issue. DABUR INDIA: To merge its consumer care and consumer health business units. MMTC: Has floated tender to export up to 60,000 tn pig iron in Aug-Sep. VALUE INDUSTRIES: To de-list from regional exchanges. VERTEX SECURITIES: Approves 5-for-1 stock split.

Weekly Newsletter 60 Info-Spectrum Bridging the Information Gap in Corporate Landscape

EARNINGS Reliance Industries Ltd has posted an unaudited net profit of Rs.56610 mn for Q1FY12 against Rs.48510 mn for Q1FY11. Total Income has increased from Rs.589500 mn for Q1FY11 to Rs.820960 mn for Q1FY12. Oriental Bank of Commerce has announced has posted an unaudited net profit of Rs.3547.00 mn for Q1FY12 against Rs.3633.10 mn for Q1FY11. Total Income has increased from Rs.30455.40 mn for Q1FY11 to Rs.39203.60 mn for Q1FY12. Bank of India has posted an unaudited net profit of Rs.5175.30 mn for Q1FY12 against Rs.7251.30 mn for Q1FY11. Total Income has increased from Rs.54076.20 mn for Q1FY11 to Rs.72936.80 mn for Q1FY12. Patni Computer Systems Ltd has posted an audited net profit of Rs.820.30 mn for Q1FY12 against Rs.1530.00 mn for Q1FY11. Total Income is Rs.5478.00 mn for Q1FY12 against Rs.5033.30 mn for Q1FY11. The company has posted an audited consolidated net loss of Rs.(515.20) mn for Q1FY12 against net profit at Rs.1467.40 mn for Q1FY11. Total Income is Rs.8745.70 mn for Q1FY12 against Rs.8150.30 mn for Q1FY11. National Thermal Power Corporation Ltd has posted an unaudited net profit of Rs.20757.80 mn for Q1FY12 against Rs.18418.90 mn for Q1FY11. Total Income has increased from Rs.135163.10 mn for Q1FY11 to Rs.151678.90 mn for Q1FY12. Sterlite Industries (India) Ltd has posted an unaudited net profit after extraordinary items of Rs.3428.60 mn for Q1FY12 against Rs.4194.30 mn for Q1FY11. Total Income has increased from Rs.37386.40 mn for Q1FY11 to Rs.45622.20 mn for Q1FY12. The company has posted an unaudited consolidated net profit after tax after exceptional items of Rs.16397.30 mn for Q1FY12 against Rs.10084.30 mn for Q1FY11. Total Income is Rs.107023.40 mn for Q1FY12 against Rs.66470.90 mn for Q1FY11. Shriram Transport Finance Company Ltd has posted an unaudited profit after tax of Rs.3473.00 mn for Q1FY12 against Rs.2889.40 mn for Q1FY11. Total Income has increased from Rs.12869.30 mn for Q1FY11 to Rs.14654.30 mn for Q1FY12. Maruti Suzuki India Ltd has posted an unaudited net profit of Rs.5492.30 mn for Q1FY12 against Rs.4653.60 mn for Q1FY11. Total Income has increased from Rs.84096.20 mn for Q1FY11 to Rs.87093.70 mn for Q1FY12. Bharat Heavy Electricals Ltd has posted an unaudited net profit of Rs.8155.10 mn for Q1FY12 against Rs.6676.50 mn for Q1FY11. Total Income has increased from Rs.67644.90 mn for Q1FY11 to Rs.75201.10 mn for Q1FY12. Glenmark Pharmaceuticals Ltd has posted an unaudited net profit of Rs.724.65 mn for Q1FY12 against Rs.607.91 mn for Q1FY11. Total Income has increased from Rs.2776.27 mn for Q1FY10 to Rs.3307.78 mn for Q1FY11. The company has posted an unaudited consolidated net profit of Rs.2101.08 mn for Q1FY12 against Rs.1705.41 mn for Q1FY10. Total Income has increased from Rs.6948.08 mn for Q1FY11 to Rs.8808.03 mn for Q1FY12. Asian Paints Ltd has posted an audited profit after tax of Rs.2504.20 mn for Q1FY12 against Rs.2009.60 mn for Q1FY11. Total Income has increased from Rs.15085.50 mn for Q1FY11 to Rs.19533.50 mn for Q1FY12. The company has posted an unaudited consolidated net profit attributable to shareholders of Rs.2636.60 mn for Q1FY12 against Rs.2221.90 mn for Q1FY11. Total Income has increased from Rs.18486.30 mn for Q1FY11 to Rs.22909.00 mn for Q1FY12. JSW Steel Ltd has posted an unaudited net profit after tax of Rs.5783.20 mn for Q1FY12 against Rs.3502.70 mn for Q1FY11. Total Income has increased from Rs.46802.40 mn for Q1FY11 to Rs.70862.60 mn for Q1FY12. The company has posted an unaudited consolidated net profit after tax after Share of Profit / (Loss) Minority and Share of Profits of Associates of Rs.4851.60 mn for Q1FY12 against Rs.2953.70 mn for Q1FY11. Total Income has increased from Rs.48580.90 mn for Q1FY11 to Rs.74556.70 mn for Q1FY12. Mangalore Refinery and Petrochemicals Ltdhas posted an unaudited net profit of Rs.1727.10 mn for Q1FY12 against Rs.284.60 mn for Q1FY11. Total Income has increased from Rs.79315.80 mn for Q1FY11 to Rs.135043.30 mn for Q1FY12. Opto Circuits (India) Ltd has posted an unaudited consolidated net profit after Minority Interest of Rs.1163.899 mn for Q1FY12 against Rs.830.978 mn for Q1FY11. Total Income has increased from Rs.3013.531 mn for Q1FY11 to Rs.5257.318 mn for Q1FY12. Cairn India Ltd has posted an unaudited net loss of Rs.(163.10) mn for Q1FY12 against net loss of Rs.(427.70) mn for Q1FY11. Total Income has increased from Rs.195.40 mn for Q1FY11 to Rs.278.40 mn for Q1FY12. The company has posted an unaudited consolidated net profit of Rs.27265.60 mn for Q1FY12

Weekly Newsletter 61 Info-Spectrum Bridging the Information Gap in Corporate Landscape against Rs.2814.10 mn for Q1FY11. Total Income has increased from Rs.8686.70 mn for Q1FY11 to Rs.37654.60 mn for Q1FY12. HCL Technologies Ltd has posted an unaudited net profit of Rs.3855.90 mn for Q1FY12 against Rs.2378.20 mn for Q1FY11. Total Income has increased from Rs.13662.20 mn for Q1FY11 to Rs.19964.80 mn for Q1FY12. The company has posted an audited net profit of Rs.11982.80 mn for Q1FY12 against Rs.10565.80 mn for Q1FY11. Total Income has increased from Rs.52505.30 mn for Q1FY11 to Rs.69607.50 mn for Q1FY12. The company has posted an audited consolidated net profit of Rs.16465.10 mn for Q1FY12 against Rs.12591.90 mn for Q1FY11. Total Income has increased from Rs.122862.40 mn for Q1FY11 to Rs.160300.80 mn for Q1FY12. Bank of Baroda has posted an unaudited net profit of Rs.10328.50 mn for Q1FY12 against Rs.8591.60 mn for Q1FY11. Total Income has increased from Rs.53442.00 mn for Q1FY11 to Rs.72726.40 mn for Q1FY12. Canara Bank has posted an unaudited net profit of Rs.7258.50 mn for Q1FY12 against Rs.10133.70 mn for Q1FY11. Total Income has increased from Rs.58948.50 mn for Q1FY11 to Rs.77075.90 mn for Q1FY12. UCO Bank has posted an unaudited net profit of Rs.2925.30 mn for Q1FY12 against Rs.2602.10 mn for Q1FY11. Total Income has increased from Rs.28627.30 mn for Q1FY11 to Rs.36768.80 mn for Q1FY12. UltraTech Cement Ltd has posted an unaudited profit after tax of Rs.6831.10 mn for Q1FY12 against Rs.2427.30 mn for Q1FY11. Total Income has increased from Rs.18380.70 mn for Q1FY11 to Rs.44311.50 mn for Q1FY12. Lupin Ltd has posted an audited net profit of Rs.727.50 mn for Q1FY12 against Rs.1574.20 mn for Q1FY11. Total Income has increased from Rs.10096.90 mn for Q1FY11 to Rs.11060.00 mn for Q1FY12. The company has posted an unaudited consolidated net profit after of Rs.2100.80 mn for Q1FY12 against Rs.1963.00 mn for Q1FY11. Total Income has increased from Rs.13351.10 mn for Q1FY11 to Rs.15689.20 mn for Q1FY12. Dabur India Ltd has posted an unaudited net profit of Rs.911.00 mn for Q1FY12 against Rs.895.20 mn for Q1FY11. Total Income has increased from Rs.7614.10 mn for Q1FY11 to Rs.8626.70 mn for Q1FY12. The company has posted an unaudited consolidated net profit after minority interest of Rs.1277.40 mn for Q1FY12 against Rs.1067.90 mn for Q1FY11. Total Income is Rs.12276.70 mn for Q1FY12 against Rs.9312.70 mn for Q1FY11. Marico Ltd has posted an unaudited net profit of Rs.816.165 mn for Q1FY12 against Rs.675.717 mn for Q1FY11. Total Income has increased from Rs.5878.285 mn for Q1FY11 to Rs.8119.047 mn for Q1FY12. The company has posted an unaudited consolidated net profit of Rs.850.019 mn for Q1FY12 against Rs.737.350 mn for Q1FY11. Total Income has increased from Rs.7917.322 mn for Q1FY11 to Rs.10575.881 mn for Q1FY12. Infrastructure Development Finance Company Ltd has posted an unaudited net profit of Rs.3297.709 mn for Q1FY12 Rs.3197.109 mn for Q1FY11. Total Income has increased from Rs.9970.360 mn for Q1FY11 to Rs.13020.921 mn for Q1FY12. The company has posted an unaudited consolidated net profit of Rs.3136.953 mn for Q1FY12 against Rs.3351.113 mn for Q1FY11. Total Income has increased from Rs.10972.324 mn for Q1FY11 to Rs.13579.815 mn for Q1FY12. Oil India Ltd has posted an unaudited net profit of Rs.8496.10 mn for Q1FY12 against Rs.5011.10 mn for Q1FY11. Total Income has increased from Rs.18165.10 mn for Q1FY11 to Rs.26687.20 mn for Q1FY12. Gail (India) Ltd has posted an unaudited net profit of Rs.9846.70 mn for Q1FY12 against Rs.8868.80 mn for Q1FY11. Total Income has increased from Rs.71635.00 mn for Q1FY11 to Rs.89536.50 mn for Q1FY12. Manappuram Finance Ltd has posted an unaudited net profit of Rs.1078.280 mn for Q1FY12 against Rs.461.510 mn for Q1FY11. Total Income has increased from Rs.1868.059 mn for Q1FY11to Rs.4934.890 mn for Q1FY12. BGR Energy Systems Ltd has posted an unaudited net profit of Rs.502.50 mn for Q1FY12 against Rs.605.40 mn for Q1FY11. Total Income has decreased from Rs.9093.10 mn for Q1FY11 to Rs.7341.70 mn for Q1FY12. Engineers India Ltd has posted an unaudited net profit of Rs.1480.746 mn for Q1FY12 against Rs.1145.588 mn for Q1FY11. Total Income has increased from Rs.6350.085 mn for Q1FY11 to Rs.8953.738 mn for Q1FY12. Hindustan Unilever Ltd has posted an unaudited net profit of Rs.6271.60 mn for Q1FY12 against Rs.5332.10 mn for Q1FY11. Total Income has increased from Rs.49183.40 mn for Q1FY11 to Rs.56299.60 mn for Q1FY12.

Weekly Newsletter 62 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Corporation Bank has posted an unaudited net profit of Rs.3514.513 mn for Q1FY12 against Rs.3337.800 mn for Q1FY11. Total Income has increased from Rs.22938.565 mn for Q1FY11 to Rs.32680.132 mn for Q1FY12. ITC Ltd has posted an unaudited net profit of Rs.13327.20 mn for Q1FY12 against Rs.10703.10 mn for Q1FY11. Total Income has increased from Rs.49587.30 mn for Q1FY11 to Rs.60040.20 mn for Q1FY12. Ambuja Cements Ltd has posted an unaudited net profit of Rs.3475.00 mn for Q1FY11 against Rs.3912.10 mn for Q1FY11. Total Income has increased from Rs.21143.00 mn for Q1FY11 to Rs.22452.20 mn for Q1FY12. Sun Pharmaceutical Industries Ltd has posted an unaudited net profit after tax of Rs.4232.00 mn for Q1FY12 against Rs.3226.30 mn for Q1FY11. Total Income has increased from Rs.7796.10 mn for Q1FY11 to Rs.9014.30 mn for Q1FY12. The company has posted an unaudited net profit after minority interest of Rs.5010.00 mn for Q1FY12 against Rs.5643.20 mn for Q1FY11. Total Income is Rs.17010.30 mn for Q1FY12 against Rs.13563.00 mn for Q1FY11. Indian Overseas Bank has posted an unaudited net profit of Rs.2055.814 mn for Q1FY12 against Rs.2004.394 mn for Q1FY11. Total Income has increased from Rs.28823.841 mn for Q1FY11 to Rs.43317.709 mn for Q1FY12. Punjab National Bank has posted an unaudited net profit of Rs.11050.70 mn for Q1FY12 against Rs.10682.90 mn for Q1FY11. Total Income has increased from Rs.68633.80 mn for Q1FY11 to Rs.93989.10 mn for Q1FY12. Andhra Bank has posted an unaudited net profit of Rs.3857.10 mn for Q1FY12 against Rs.3204.10 mn for Q1FY11. Total Income has increased from Rs.20732.40 mn for Q1FY11 to Rs.28511.80 mn for Q1FY12. IFCI Ltd has posted an unaudited profit after tax of Rs.1320.60 mn for Q1FY12 against Rs.1180.00 mn for Q1FY11. Total Income has increased from Rs.5063.40 mn for Q1FY11 to Rs.6104.30 mn for Q1FY12. Titan Industries Ltd has posted an unaudited net profit of Rs.1433.60 mn for Q1FY12 against Rs.812.80 mn for Q1FY11. Total Income has increased from Rs.12608.50 mn for Q1FY11 to Rs.20436.20 mn for Q1FY12. National Fertilizers Ltd has posted an unaudited net profit of Rs.59.80 mn for Q1FY12 against Rs.177.80 mn for Q1FY11. Total Income has increased from Rs.11703.30 mn for Q1FY11 to Rs.14237.30 mn for Q1FY12. Religare Enterprises Ltd has posted an unaudited net loss of Rs.(220.504) mn for Q1FY12 against net loss of Rs.(46.774) mn for Q1FY11. Total Income has increased from Rs.142.546 mn for Q1FY11 to Rs.235.262 mn for Q1FY12. The company has posted an unaudited consolidated net loss of Rs.(1496.665) mn for Q1FY12 against net loss of Rs.(494.084) mn for Q1FY11. Total Income has increased from Rs.4754.283 mn for Q1FY11 to Rs.7897.572 mn for Q1FY12. Jindal Steel & Power Ltd has posted an unaudited net profit of Rs.4701.60 mn for Q1FY12 against Rs.4356.90 mn for Q1FY11. Total Income has increased from Rs.21278.00 mn for Q1FY11 to Rs.25431.80 mn for Q1FY12. The company has posted an unaudited consolidated net profit of Rs.9187.90 mn for Q1FY12 against Rs.9418.20 mn for Q1FY11. Total Income has increased from Rs.30099.20 mn for Q1FY11 to Rs.39725.10 mn for Q1FY12. NMDC Ltd has posted an unaudited net profit of Rs.18011.50 mn for Q1FY12 against Rs.15040.40 mn for Q1FY11. Total Income has increased from Rs.27398.20 mn for Q1FY11 to Rs.32244.30 mn for Q1FY12. ACC Ltd has posted an unaudited net profit of Rs.3365.840 mn for Q1FY12 against Rs.3589.329 mn for Q1FY11. Total Income has increased from Rs.20804.191 mn for Q1FY11 to Rs.24800.894 mn for Q1FY12. The company has posted an unaudited consolidated net profit of Rs.3281.170 mn for Q1FY12 against Rs.3494.739 mn for Q1FY11. Total Income has increased from Rs.22273.002 mn for Q1FY11 to Rs.26162.749 mn for Q1FY12. Oil & Natural Gas Corporation Ltd has posted an unaudited net profit of Rs.40949.00 mn for Q1FY12 against Rs.36611.40 mn for FY11. Total Income has increased from Rs.142302.20 mn for Q1FY11 to Rs.171288.90 mn for Q1FY12. Indian Bank has posted an unaudited net profit of Rs.4069.310 mn for Q1FY12 against Rs.3681.494 mn for Q1FY11. Total Income has increased from Rs.24772.455 mn for Q1FY11 to Rs.30307.418 mn for Q1FY12.

Weekly Newsletter 63 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Central Bank of India has posted an unaudited net profit of Rs.2807.80 mn for Q1FY12 against Rs.3368.10 mn for Q1FY11. Total Income has increased from Rs.36579.70 mn for Q1FY11 to Rs.48401.40 mn for Q1FY12. Motherson Sumi Systems Ltd has posted an unaudited net profit of Rs.655.00 mn for Q1FY12 against Rs.292.60 mn for Q1FY11. Total Income has increased from Rs.5615.50 mn for Q1FY11 to Rs.7751.10 mn for Q1FY12. The company has posted an unaudited consolidated net profit of Rs.652.70 mn for Q1FY12 against Rs.595.50 mn for Q1FY11. Total Income has increased from Rs.19079.90 mn for Q1FY11 to Rs.23035.10 mn for Q1FY12. Idea Cellular Ltd has posted an audited net profit after tax of Rs.8446.00 mn for Q1FY12 against Rs.10536.60 mn for Q1FY11. Total Income has increased from Rs.119620.80 mn for Q1FY11 to Rs.153890.00 mn for Q1FY12. The company has posted an audited consolidated net profit after tax of Rs.8987.10 mn for Q1FY12 against Rs.9539.40 mn for Q1FY11. Total Income has increased from Rs.125307.10 mn for Q1FY11 to Rs.155032.20 mn for Q1FY12. Idea Cellular Ltd has posted an unaudited net profit after tax of Rs.1497.30 mn for Q1FY12 against Rs.2016.40 mn for Q1FY11. Total Income has increased from Rs.36296.10 mn for Q1FY11 to Rs.44841.10 mn for Q1FY12. The company has posted an unaudited consolidated net profit after tax of Rs.1772.60 mn for Q1FY12 against Rs.2014.00 mn for Q1FY11. Total Income has increased from Rs.36537.00 mn for Q1FY11 to Rs.45207.20 mn for Q1FY12. United Phosphorus Ltd has posted an unaudited net profit from ordinary activities after tax of Rs.966.90 mn for Q1FY12 against Rs.73.00 mn for Q1FY11. Total Income has increased from Rs.7212.10 mn for Q1FY11 to Rs.9327.40 mn for Q1FY12. The company has posted an unaudited consolidated net profit after tax with Income from Associate Co. of Rs.1843.10 mn for Q1FY12 against Rs.1417.50 mn for Q1FY11. Total Income has increased from Rs.14871.90 mn for Q1FY11 to Rs.18847.10 mn for Q1FY12. ICICI Bank Ltd has posted an audited net profit of Rs.13322.00 mn for Q1FY12 against Rs.10259.80 mn for Q1FY11. Total Income has increased from Rs.74930.50 mn for Q1FY11 to Rs.92614.10 mn for Q1FY12. The company has posted an unaudited consolidated net profit of Rs.16667.70 mn for Q1FY12 against Rs.10910.00 mn for Q1FY11. Total Income has increased from Rs.135353.10 mn for Q1FY11 to Rs.147497.90 mn for Q1FY12. Syndicate Bank has posted an unaudited net profit of Rs.3429.10 mn for Q1FY12 against Rs.2653.60 mn for Q1FY11. Total Income has increased from Rs.28197.30 mn for Q1FY11 to Rs.36899.20 mn for Q1FY12. The company has posted an unaudited consolidated net profit of Rs.3431.50 mn for Q1FY12 against Rs.2654.50 mn for Q1FY11. Total Income has increased from Rs.28197.40 mn for Q1FY11 to Rs.36899.40 mn for Q1FY12. Neyveli Lignite Corporation Ltd has posted an unaudited net profit of Rs.3428.30 mn for Q1FY12 against Rs.3421.00 mn for Q1FY11. Total Income has increased from Rs.12579.20 mn for Q1FY11 to Rs.14251.60 mn for Q1FY12. Federal Bank Ltd has posted an unaudited net profit of Rs.1461.60 mn for Q1FY12 against Rs.1318.60 mn for Q1FY11. Total Income has increased from Rs.10616.80 mn for Q1FY11 to Rs.13616.10 mn for Q1FY12. Torrent Power Ltd has posted an unaudited net profit of Rs.3487.10 mn for Q1FY12 against Rs.3044.10 mn for Q1FY11. Total Income has increased from Rs.18438.60 mn for Q1FY11 to Rs.20890.40 mn for Q1FY12. The company has posted an unaudited consolidated net profit of Rs.3435.70 mn for Q1FY12 against Rs.2992.40 mn for Q1FY11. Total Income has increased from Rs.18396.20 mn for Q1FY11 to Rs.20981.50 mn for Q1FY12. Bharat Electronics Ltd has posted an unaudited net profit of Rs.1228.047 mn for Q1FY12 against Rs.814.138 mn for Q1FY11. Total Income has increased from Rs.9756.248 mn for Q1FY11 to Rs.10849.964 mn for Q1FY12. Steel Authority of India Ltd has posted an unaudited net profit of Rs.8380.60 mn for Q1FY12 against Rs.11766.50 mn for Q1FY11. Total Income has increased from Rs.95195.20 mn for Q1FY11 to Rs.113890.40 mn for Q1FY12. Mahindra & Mahindra Financial Services Ltd has posted an unaudited net profit after tax of Rs.1022.024 mn for Q1FY12 against Rs.741.996 mn for Q1FY11. Total Income has increased from Rs.4014.166 mn for Q1FY11 to Rs.5639.634 mn for Q1FY12. The company has posted an unaudited consolidated net profit after Minority Interest of Rs.1054.656 mn for Q1FY12 against Rs.797.428 mn for Q1FY11. Total Income has increased from Rs.4126.604 mn for Q1FY11 to Rs.5845.731 mn for Q1FY12.

Weekly Newsletter 64 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Voltas Ltd has posted an unaudited net profit after tax of Rs.1257.00 mn for Q1FY12 against Rs.846.00 mn for Q1FY11. Total Income has increased from Rs.13953.00 mn for Q1FY11 to Rs.14121.30 mn for Q1FY12. The company has posted an unaudited consolidated net profit after tax Minority Interest and Share in Loss of Associates of Rs.1317.90 mn for Q1FY12 against Rs.932.40 mn for Q1FY11. Total Income has decreased from Rs.14276.30 mn for Q1FY11 to Rs.13672.30 mn for Q1FY12. Power Finance Corporation Ltd has posted an unaudited net profit of Rs.6861.890 mn for Q1FY12 against Rs.6523.581 mn for Q1FY11. Total Income has increased from Rs.24175.496 mn for Q1FY11 to Rs.29241.339 mn for Q1FY12. Bhushan Steel Ltd has posted an unaudited net profit of Rs.2099.60 mn for Q1FY12 against Rs.2057.40 mn for Q1FY11. Total Income has increased from Rs.13782.80 mn for Q1FY11 to Rs.22393.10 mn for Q1FY12. The company has posted an audited net profit of Rs.10050.90 mn for FY11 against Rs.8458.00 mn for FY10. Total Income has increased from Rs.57581.30 mn for FY10 to Rs.70599.80 mn for FY11. The company has posted an audited consolidated net profit of Rs.10073.90 mn for FY11 against Rs.8431.80 mn for FY10. Total Income has increased from Rs.57480.80 mn for FY10 to Rs.70728.90 mn for FY11. Siemens Ltd has posted an unaudited net profit of Rs.1547.773 mn for Q1FY12 against Rs.1561.243 mn for Q1FY11. Total Income is Rs.27988.725 mn for Q1FY12 against Rs.22464.040 mn for Q1FY11. Godrej Consumer Products Ltd has posted an unaudited net profit of Rs.2198.40 mn for Q1FY12 against Rs.1118.70 mn for Q1FY11. Total Income is Rs.6618.40 mn for Q1FY12 against Rs.5327.30 mn for Q1FY11. The company has posted an unaudited consolidated net profit of Rs.2392.90 mn for Q1FY12 against Rs.1231.90 mn for Q1FY11. Total Income is Rs.10215.90 mn for Q1FY12 against Rs.7261.20 mn for Q1FY11. Bharat Heavy Electricals Ltd has posted an unaudited net profit of Rs.8155.10 mn for Q1FY12 against Rs.6676.50 mn for Q1FY11. Total Income has increased from Rs.67644.90 mn for Q1FY11 to Rs.75201.10 mn for Q1FY12. Geometric Apr-Jun net profit falls 34% on quarter, net sales up 2% Geometric Ltd posted a 34% sequential decline in net profit to Rs.117.42 mn for the Apr-Jun quarter, and a tepid 2% growth in net sales to Rs.1.73 bn.

Weekly Newsletter 65 Info-Spectrum Bridging the Information Gap in Corporate Landscape

GLOBAL ECONOMY Australia wants to finalize trade pact with China Senior Australian and Chinese ministers have discussed a need to accelerate negotiations to successfully conclude a bilateral free-trade agreement. Sixteen rounds of negotiations for a FTA have taken place since the first round in April 2005, but there still are outstanding issues to resolve, Rudd said without detailing these, but which are known to include access for farm products. "It's in both our countries' interest for this matter to be brought to a conclusion," Rudd told reporters after talks with his counterpart Yang Jiechi on the sidelines of the ASEAN Regional Forum and East Asia Summit on Bali, Indonesia. A joint study before the talks started found there would be significant economic benefits for both countries and that there are significant impediments to trade and investment flows. Rudd also urged Australian business to study China's 12th Five-Year Plan, which he said changes China's economic growth model away from labor-intensive manufactures in coastal megacities toward the services sector in other metropolitan centers. This represents a new range of economic opportunities for Australian business beyond agricultural and mining commodities, and beyond Australia's traditional forms of engagement to encompass trade in services such as education, health, environmental matters, tourism and others, he said. China is Australia's number one trading partner with two-way trade growing 25% on year in 2010 to A$97.56 bn. Typically, Australia exports raw and lightly processed farm, mineral and energy products to China, including iron ore and concentrates valued at A$34.67 bn, and imports a range of manufactured goods. U.S. durable-goods orders fall 2.1% in June Weaker orders for airplanes and automobiles translated into a steeper-than-forecast 2.1% decline in durable-goods orders in June. It was the second large drop in the past three months for durable-goods orders, raising fears that manufacturing is running out of steam after leading a tepid recovery over the past two years. Without a strong manufacturing sector, it is hard to see how forecasts of a strong second-half recovery can be realized. The decline in orders in June followed a revised 1.9% rise in May and a 2.5% drop in April. Durable-goods orders have been swinging wildly this year in a saw-tooth pattern. The ex- transportation category has been much more stable. Durable-goods orders excluding automobiles and planes rose 0.1% in June after a 0.7% gain in May. Shipments of durable goods rose 0.5% in June for the second straight month. Inventories of durable goods rose 0.4% in June. This is the 18th straight monthly gain in inventories. Declining orders were seen in motor vehicles, civilian aircraft and military planes. Orders for machinery fell 2.3% in June while computer orders fell 0.8%. Orders for nondefense capital equipment excluding aircraft fell 0.4% in June after a 1.7% rise in May. Shipments of core capital goods — a figure that feeds directly into calculations of gross domestic product — rose 1% in June. Fitch warns on Australia's Queensland debt rating Fitch Ratings revised to negative the outlook for Australia's Queensland state and warned a potential downgrade is likely if it doesn't limit the growth of its debt. Fitch, which upheld a long and short-term foreign and local currency rating of AA+ for Queensland, noted that while the coal-rich state's mining sector is booming and helped the state recover from a series of floods earlier this year, a slow pace of growth continues in its non-mining sectors. The agency warned that if the state can't recover to sufficiently positive operating margins over the next 24 months, a cut is likely as a slow budget recovery and a challenging operating environment provide challenges. Coal-rich Queensland, which is Australia's only non-AAA rated state, accounts for around 25% of the national economy and is expected to be the biggest state borrower in the current fiscal year, planning to issue some A$ 22 bn in bonds. December and January flooding washed away vast swathes of the state and hit the economy hard during late 2010 and early 2011 as coal production suffered a major disruption. Still, investor appetite for the state's debt remains strong as Queensland drew solid response to a A$1.5 bn issue of 2021 date bonds last week. Investors in China and Japan, as well as local banks looking to adhere to new global banking standards, have been robust buyers, partly thanks to the higher yield created by the state's lower rating. Following the bond issue, in an interview with Dow Jones Newswires, Queensland Premier Anna Bligh said that getting the state back to AAA remains a priority. "The sooner we can get back to a AAA rating the better," said Bligh. Greek banks' borrowing from ECB hit high in June Greek banks further increased their borrowings from the European Central Bank in June to EUR 103.0 bn for the second month running, hitting a record high, data released by the Greek central bank showed. That is up from EUR 97.5 bn in May--and EUR 86.9 bn in April--as the banks stepped up their reliance on the ECB's emergency facility offered to banks in Europe facing liquidity squeezes. The previous record was December's EUR 97.7 bn. In May 2010, the Greek government narrowly avoided default with the help of a EUR 110 bn

Weekly Newsletter 66 Info-Spectrum Bridging the Information Gap in Corporate Landscape bailout from the European Union and the International Monetary Fund, but its bonds have since been downgraded to junk status. Since then, Greek banks have been effectively frozen out of European interbank markets amid fears that a Greek sovereign default would drag down the country's banks. Greece's four main lenders--the National Bank of Greece SA, EFG Eurobank Ergasias SA , Alpha Bank AE and Piraeus Bank SA -- have all been under pressure to reduce their dependence on ECB liquidity. Since late last year, the banks had managed to reduce their dependency on ECB funding. But in recent months, fresh jitters about Greece's financial problems--and its impact on Greek banks--prompted a fresh wave of deposit withdrawals, further crimping the banks' liquidity. This month, Greek banks recorded an acceleration in withdrawals in May, when the apparent risk of a sovereign default and a new banking crisis moved many savers to transfer their money elsewhere. Bank deposits held by Greek corporations and households fell 2.5% to EUR 191.933 bn in May from EUR 196.76 bn in April, recent central bank data show. New Zealand to spend $31.2 bn on infrastructure The New Zealand government said it plans to invest around NZ$36 bn (US$31.2 bn) over the next 10 years through a national land transport fund to improve transport infrastructure so as to boost business, tourism and job creation. The government also plans to spend NZ$1.6 bn to develop Auckland's metro rail system and NZ$488.4 mn to upgrade Wellington's metro rail and its network, it said in a statement. "Taken together, the National Land Transport Fund investments and the parallel rail investments we are making are a huge investment in transport for a country of New Zealand's size," Transport Minister Stephen Joyce said. The government has also set up a task force that will focus on improving the maintenance of roads as well as look into the transport ministry's procurement practices, the ministry said in a separate statement U.S. firms spend $3.5 bn a year on education. Australia’s CPI rises more than expected Australia‟s most recent quarterly consumer price index inflation reading exceeded economist forecasts, data out showed, propelling the Australian dollar to a fresh record high. Second-quarter consumer price index inflation hit 0.9%, compared to a rise of 1.6% in the March quarter. Fruit prices jumped 26.9% while gasoline prices climbed 4% in the quarter. CPI rose 3.6% on an annual basis, up from a rise of 3.3% recorded for the March quarter. The Australian dollar traded at $1.1041 after the data, just off a fresh high of $1.1062 — its highest level since it was floated in 1983.The central bank has a mandate to contain inflation. The RBA has been on hold since last November, with its current cash rate at 4.75%. It meets next week to decide on interest rates. U.S. home prices rise for second month in May U.S. home prices rose for a second straight month in May, though the gains could be more reflective of the new buying season than of revived demand in the struggling housing market. The S&P/Case-Shiller 20-city index tracking changes in home prices rose 1% from April, the increase for which was revised down to 0.6%. Over the 12 months through May, prices have fallen 4.5% and have tumbled 32% from their peak in 2006. Among the 20 cities, prices rose in 16, though troubled markets Detroit, Las Vegas and Tampa slipped. Phoenix was flat. Using S&P‟s seasonal adjustment, prices were flat. Other data including single-family housing starts and sales of existing homes point to a languishing home market, though apartment building has picked up. Moody’s cuts Greek rating, warns on precedent; Debt swap almost certain to result in default, ratings firm says Moody‟s Investors Service cut Greece‟s credit ratings by three notches, describing default as almost certain and warning that the new bailout plan for the country sets a negative precedent for creditors of other debt- strapped euro-zone nations. Moody‟s lowered Greece‟s local- and foreign-currency bond ratings from Caa1 to Ca, one level above default, and assigned them a developing outlook. Fitch Ratings said the bond swap would constitute a “restricted default.” Fitch said it would downgrade Greece‟s rating on the day the proposed exchange closes, then issue new ratings on the replacement bonds that would likely be “low speculative grade.” Moody‟s said it would also reassess Greece‟s ratings after the debt exchange. Iraq to export 10,000 barrels of oil/day to Syria Iraq is about to reach a final agreement with the Syrian government to start exporting some 10,000 barrels a day of Iraqi crude oil to Syria and gradually increase that amount, a senior Iraqi oil official said. The official said details of the agreement wouldn't be made public until it was signed officially between the two sides. The Iraqi crude oil will be shipped to Syria through an existing pipeline which has been idle since the U.S.-

Weekly Newsletter 67 Info-Spectrum Bridging the Information Gap in Corporate Landscape led invasion in 2003. The pipeline was used to transfer some 150,000 barrels a day to the Mediterranean port of Banias when Saddam Hussein was the Iraqi leader. Vietnam Inflation Soars in July Vietnam's consumer price index rose 22.16% in July from a year earlier, the fastest increase since December 2008. The rise in the July CPI mainly stemmed from higher prices for food, education services, housing and building materials. The index rose 1.17% from a month earlier. In June, the index rose 1.09% on month and was up 20.82% from a year earlier. From the end of 2010, the index is up 14.61%. Last month the government lifted its inflation forecast for this year to 15% from 11.75%, which was in turn lifted from an initial target of 7% in early May. 6.4 earthquake hits northern Japan; no damage A strong 6.4-magnitude earthquake hit northern Japan, but there were no reports of damage and no danger of a major tsunami, geologists said. The quake struck at 1:34 p.m. (0434 GMT) off the Pacific coast of Miyagi prefecture, around the same area as the giant March 11 earthquake and tsunami, the United States Geological Survey said. The Japan Meteorological Agency estimated the magnitude at 6.5. U.S. consumer confidence rises in July Growing numbers of consumers are expecting more jobs and increased income in coming months, the Conference Board said as it reported that its consumer-confidence index rose in July. The nonprofit organization said its consumer-confidence index increased to 59.5 in July from a downwardly revised 57.6 in June. While consumers‟ expectations improved in July, their views on the present situation declined. N.Korea urges foreign help on rare earths: report North Korea wants foreign companies to help develop what the impoverished communist state says is its abundance of rare earth metals, a pro-Pyongyang newspaper said. US ends ban on gays serving openly in military "As of September 20th, service members will no longer be forced to hide who they are in order to serve our country," Obama said. Crash may dash China's bullet train expansion plan China's first bullet train crash, less than a month after the launch of Beijing-Shanghai train may dash Beijing's multi-billion dollar plans to expand high speed train network Malaysia inks refugee exchange pact with Australia Malaysia and Australia signed a landmark agreement to swap and resettle refugees - a move aimed at deterring asylum seekers from undertaking boat journeys to Australia. 'N Korea proposes new framework for nuclear talks' North Korea has called for launching talks among the two Koreas, the United States and China, excluding Japan and Russia from the current framework of six-party talks on the North's denuclearization. India inks civil nuclear deal with South Korea The pact, signed after summit talks between President Pratibha Patil and her South Korean counterpart Lee Myung-bak provides legal ground for South Korea's participation in India's atomic power plant construction projects. World Bank pledges USD 500 mn for Horn of Africa The World Bank pledged more than USD 500 mn to aid the drought-stricken Horn of Africa region, as United Nations aid chiefs met in Rome to discuss ramping up relief efforts. China approves plan to set up first Tibetan bank China's banking regulator has given the nod to the establishment of the first provincial bank in Tibet, with initial capital adding up to 1.5 bn yuan (USD 233 mn). Strong earthquake strikes off Papua New Guinea A strong earthquake has struck off the coast of the Pacific nation of Papua New Guinea. There are no immediate reports of damage or injuries and no tsunami alert was issued.

Weekly Newsletter 68 Info-Spectrum Bridging the Information Gap in Corporate Landscape

China's top smuggler repatriated from Canada to face trial As 53-year-old Lai, who is the chief suspect of a multi-billion-dollar smuggling case in the southeastern city of Xiamen in the 1990s, was brought here from Vancouver by Canadian official at the Beijing airport the Chinese police announced his arrest and took him into custody, an official statement here said. Sun Mark gets Queens Award for Enterprise From H S Rao London, Jul 23 (PTI) Sun Mark Ltd, a UK-based company founded by NRI entrepreneur Rami Ranger, has been given the Queens Award for Enterprise 2011 for the third year in a row. Mattel co-founder Elliot Handler dies at age 95 Elliot Handler, who with his wife grew Mattel Inc. from a small picture-frame business into the largest US toy maker and created the Hot Wheels brand, died. Iraq Oil Ministry inks contract for refinery at Karbala Iraq's Oil Ministry has signed an implementation agreement for construction of a new refinery at Karbala on a build-own-operate basis, it has been announced here. After 7-city Europe tour, Abu Dhabi tourism body eyes India A seven-city European roadshow by the Abu Dhabi Tourism Authority (ADTA) looks certain to reap dividends by the end of the year, even as the emirate plans a similar event in India. Bahrain is Gulf's 'most open economy', says report Bahrain holds comparatively less hydrocarbons than other Gulf states, but concerted efforts to reduce the dependence of the economy on mineral exploitation has led to its status as one of the region's most ''financially forward-thinking'' countries, a new report claims. Manufacturing sector contributes 13% to Dubai's GDP: Report The UAE's manufacturing sector has been among the largest non-oil contributors to Dubai's GDP since 2009, owing to increased government support and funding, it has been revealed. AIR CRASH: A military plane crashed in the south of Morocco, killing more than 30 people, an interior ministry official said. The plane, a Hercules C-130, slammed into a mountain near the town of Guelmin. NORWAY TERROR: After initial denial, far-right English Defence League has admitted Norwegian mass killer Anders Behring Breivik had links to the group. Breivik had met leaders of the group when he went to London last year. DGCX to launch rupee option contract in September The Dubai Gold and Commodities Exchange (DGCX) is set to expand its Indian rupee (INR) product offerings with the launch of an INR options contract on September 26, it has been announced. Qatar, Saudi Arabia to lead Gulf growth this year Saudi Arabia, the largest Arab economy, is likely to enjoy the second-fastest GDP growth rate in the Gulf Cooperation Council (GCC) region this year, National Commercial Bank (NCB) has said in a new study on GCC economies. IndiGo plans flights from Dubai to Delhi and Mumbai Budget carrier IndiGo will soon start services between Dubai and New Delhi and Dubai and Mumbai, company officials said here. Intl Monetary Fund urges swift lifting of US debt limit IMF has warned US to lift its debt ceiling swiftly for the sake of the US and global economy. The IMF executive board called on authorities to only gradually reduce spending. 'Golden touch' Indian new Deutsche Bank co-chairman Anshu Jain has long captained Deutsche Bank's cricket team in London, but from May 2012 the Indian will be skipper of the German banking powerhouse's entire operations. China launches satellite to reduce GPS dependence The orbiter, launched from the Xichang Satellite Launch Center in southwestern Sichuan Province, was boosted by a Long March-3A carrier rocket into a geostationary orbit. US, North Korea hold nuclear talks The United States opened discussions with North Korea, in a move testing Pyongyang's willingness to negotiate giving up its nuclear arsenal.

Weekly Newsletter 69 Info-Spectrum Bridging the Information Gap in Corporate Landscape

Nepal PM, Prachanda talk cabinet reshuffle During the meeting, Khanal and Prachanda dwelt on reshuffling of the cabinet and the latter handed a list of his party members who would replace the incumbent ministers representing the Maoist party in the cabinet, sources said. US House panel OKs USD 47.2 bn in foreign aid A House of Representatives panel has approved a USD 47.2 bn bill that would cut US foreign aid and restrict assistance to Pakistan. US Senate confirms Gary Locke as China ambassador Former US commerce secretary Gary Locke won unanimous Senate confirmation as ambassador to China, succeeding Republican Jon Huntsman who is making a run for the White House in 2012.

Weekly Newsletter 70 Info-Spectrum Bridging the Information Gap in Corporate Landscape

GLOBAL BUSINESS MTR Picks New York Transit Chief as CEO Hong Kong rail operator MTR Corp. Ltd. has named the head of New York's Metropolitan Transportation Authority, Jay Walder, as its new chief executive with effect from January 2012. It is the government- controlled company's first nonlocal hire for the top job in more than 16 years. Mr. Walder, 52 years old, will take the helm of the city's sole rail transit system at a time when the company is aggressively expanding outside of Hong Kong, particularly in mainland China and Europe. MTR opened and manages a subway line in Beijing and signed concession agreements for subway services in Chinese cities, including Shenzhen, Shenyang and Hangzhou. Mr. Walder will join the company for an initial term of 30 months, MTR said. His annual base salary will be 7.2 mn Hong Kong dollars (US$924,060). He is paid a base salary of US$350,000 at MTA. Australian Regulator Stalls Foxtel Bid for Austar News Corp. affiliate Foxtel's proposed 2.5 bn Australian dollar (US$2.71 bn) takeover of regional pay television company Austar United Communications Ltd. was stymied when Australia's competition regulator said it is concerned the deal would create a near-monopoly. Clorox Board Rejects Icahn Bid Clorox Co.'s board of directors unanimously rejected Carl Icahn's latest offer to buy the company, saying the billionaire's $80-a-share bid undervalues Clorox and lacks credibility. Tepco Casts Doubt on Chevron LNG Stake Deal Tokyo Electric Power Co. said that it may have to back away from a plan to buy a stake in one of Chevron Corp.'s Australian natural gas projects, citing its deteriorating financial position, on the same day they sealed a major gas supply deal. GM Says Opel `Not for Sale' General Motors Co. Chief Executive Dan Akerson said its Adam Opel European unit is "not for sale," the company's first direct rebuttal of persistent speculation the business is on the block. Four More Credit Suisse Bankers Charged in Tax Case U.S. prosecutors charged Credit Suisse Group's former top offshore banking executive in North America and three other senior bankers with defrauding the U.S. government, increasing pressure on the Swiss bank over U.S. customers' secret accounts that the officials say were used to evade taxes. South African Coal Workers to Strike Workers at coal mines in South Africa will go on strike to press their demand for wage increases this year, bringing coal mining to a halt, the National Union of Mineworkers said. If it does halt production and the strike is prolonged this would put the country's power supply at risk in about five weeks, state-owned electricity producer Eskom Holdings Ltd. warned. The union said it expects 150,000 miners to join the strike across 20 coal mining companies. Commonwealth Bank Australia Appoints CEO Commonwealth Bank of Australia Ltd. has appointed another New Zealander as its chief executive, with its head of business banking Ian Narev to succeed Ralph Norris in a selection of little surprise to the market. Supplier Reaches Deal With Saab Saab Automobile owner Swedish Automobile NV said that Saab Automobile unit Saab Automobile Tools AB reached agreement on payment terms with the supplier that filed to put it into bankruptcy. Supplier SwePartVerktyg i Tyringe AB petitioned a Swedish district court to declare a unit of the troubled Swedish car maker bankrupt, the first such application received by the court for a Saab company. Macmillan Fined Over Africa Contracts Fraud Macmillan Publishers Ltd, the international publishing house, became the second U.K.-based company in as many days to be sanctioned following a fraud inquiry. The company said it's agreed to pay a fine of £11.2 mn ($18.3 mn) levied by the Serious Fraud Office over illegal payments made by its education division to secure contracts in East and West Africa.

Weekly Newsletter 71 Info-Spectrum Bridging the Information Gap in Corporate Landscape

FAA Faces Shutdown Amid Budget Battle The Obama administration is set to furlough 4,000 federal workers and stop payments to airport construction projects because congressional leaders failed to agree on a measure to keep the Federal Aviation Administration running. Verizon Calls Up New CEO When Lowell McAdam takes over Verizon Communications Inc. in August, the 57-year-old former Navy engineer must keep it growing in a telecom world where the once-lucrative landline business is fading away and the wireless business is maturing increasingly under the sway of technology giants Apple Inc. and Google Inc.Mr. McAdam, currently chief operating officer of Verizon, must also finesse a union fight and navigate this fast-changing industry even as the company's prized wireless business remains partly owned by Vodafone Group PLC. AT&T to Submit Evidence in Proposed Acquisition of T-Mobile AT&T is expected to submit evidence this week in the Federal Communications Commission review of its proposed $39 bn acquisition of T-Mobile. Last week the FCC extended its review of the deal, and a top senator called for the government to block it. Regulators Seize Banks in Florida and Colorado U.S. regulators announced the collapse of two more banks in Florida, one of the most failure-plagued states in the country this year, as well as a failure in Colorado. France Télécom to Bid Adieu to Minitel Next year, Minitel—France's precursor to the Internet—will finally meet its maker.For 30 years the toaster- sized screen weathered the Internet revolution. Despite a text-only service, basic graphics and snail-like speed, the terminal generated €30 mn ($43.1 mn) in revenue in 2010, with around 85% redistributed to service providers such as banks and weather forecasters, according to France TélécomSA, which operates the service. Despite the service still being profitable, the telecommunications operator has decided to swing the axe. "The Minitel will die on June 30, 2012," said a France Télécom spokeswoman. Flipboard and Condé Nast Partner in Brand Ads Deal on Social Reading App Flipboard and Condé Nast bring brand advertising to the popular social magazine for iPad with web content from The New Yorker, Wired and Bon Appétit, with additional titles coming to Flipboard throughout 2011. American Express will be first to launch its campaign starting today in The New Yorker with Lexus following suit in October in Bon Appétit, The New Yorker and Wired. Airbnb Raises $112 mn for Vacation Rental Business Airbnb, the site that lets you rent everything from spare rooms in apartments and homes to cabins, tree houses, boats, parking spaces and even a the country of Liechtenstein, has raised a significant sum of money to rival major online travel sites.The San Francisco-based company has received $112 mn in a second round of funding from well-known valley investor Andreessen Horowitz. Other investors participating include DST Global and General Catalyst. Investors to Buy Into Bank of Ireland Investors plan to buy a large stake in Bank of Ireland PLC, helping to keep the country's largest lender out of majority government ownership, Irish Finance Minister Michael Noonan said. Mr. Noonan said investors have committed to buy €1.12 bn ($1.61 bn) in shares in Bank of Ireland that will reduce the amount the government will have to inject into the bank in recapitalization aid. Brazil's Vale to invest $2.25 billion in logistics Brazilian mining company Vale SA (VALE, VALE5.BR) is planning to invest 3.5 bn Brazilian reais ($2.25 bn) through the next four years in order to improve its logistic operations in Sao Paulo state. The company will use the investments to increase the current capacity of its railway called Ferrovia Centro-Atlatica and Ultrafertil maritime terminal operating concession. Judge dismisses Winklevoss Facebook case A federal judge in Massachusetts dismissed a suit against Facebook Inc. by the Winklevoss twins, alleging that the social-networking service suppressed evidence that could have bolstered their claims that founder Mark Zuckerberg stole their idea for the site.

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Petrobras unveils $225 billion investment plan The third time proved to be the charm for Brazilian federal oil company PetroleoBrasileiro (PBR, PETR4.BR), or Petrobras, with the company's board finally approving a five-year investment plan that honored requests to keep a lid on spending. Petrobras said that it will invest $224.7 bn in the 2011-2015 period, up slightly from the $224 bn in outlays set in the 2010-2014 investment plan. Investments for 2011 were set at $55 bn, down slightly from the previous plan's projection of about $60 bn. Regulators close 3 more U.S. banks U.S. regulators announced the collapse of two more banks in Florida, one of the most failure-plagued states in the country this year, as well as a failure in Colorado. Blackstone Group in talks to buy U.K. Mint Hotels Blackstone Group is in exclusive talks to buy U.K. hotel group Mint in a deal worth GBP575 mn, a person familiar with the situation told. Blackstone beat off a bid from rival U.S. buyout firm TPG for the group which operates seven U.K. hotels and one in Amsterdam. Mint is owned by the Orr family and financed by Lloyds Banging Group.JPMorgan Chase & Co. are handling the sale process Shell seeks partner for Canadian gas exploration Oil giant Royal Dutch Shell PLC (RDSA.LN) is seeking a joint-venture partner for its Nikanassin gas prospect in the Chinook deep basin in Canada, the Independent on Sunday reports, without citing sources. TD Securities has been hired to run bidding to take a 25% to 50% stake expected to fetch several hundred million dollars, the paper reports. Western Canada is undergoing a gas deal and development boom as modern technology reaches once inaccessible reserves. Carlyle Group looks to sell RAC stake: report U.S. private equity firm the Carlyle Group is looking to sell up to GBP200 mn of equity in RAC, the roadside rescue business it bought from Aviva PLC (AV.LN) for GBP1 bn a month ago.The report says it is understood that Carlyle has begun talks with a number of investors including Government of Singapore Investment Corp., the Singaporean sovereign wealth fund, about off-loading some of the company's ownership. Lloyds receives just 2 bids for retail network Lloyds Banking Group PLC only received two formal bids for its retail branch network before the deadline.NBNK Investments PLC (NBNK.LN), a bank buyout vehicle led by Peter Levene and The Co- operative Bank submitted bids. The lack of interest has prompted Lloyds' advisors to consider plans to demerge Verde into a separate listed entity, handing shareholders equity in a "rump" bank. This would become the country's seventh-biggest bank. Another option would be to postpone the sale, the report says. Honda to build third motorcycle plant in Vietnam Honda Motor Co. (7267.TO) said it will build a third motorcycle plant in Vietnam at a cost of $120 mn to shore up its leading market presence there. The third plant, to become operational in the second half of 2012, will lift annual production capacity at Honda's local subsidiary, Honda Vietnam Co., to 2.5 mn motorcycles a year from 2 mn. Pirelli Forms Russian Joint Venture Italy's Pirelli & C SpA and state corporation Russian Technologies have bought €222 mn ($318.7 mn) worth of assets including a plant from Sibur Holding for a joint venture to make winter tires in Russia, a fast- growing car market. Validus's $3.5 Billion Bid for Transatlantic Holdings Turns Hostile Validus Holdings Ltd. took its $3.5 bn tender offer to acquire Transatlantic Holdings Inc. directly to the reinsurer's shareholders after its board insisted Validus agree to a standstill agreement. Nespresso Rival Removes Capsules From Sale A rival to Nestlé SA's Nespresso coffee brand has removed its capsules from sale in Switzerland following the clarification of a court ruling but said it is talking with lawyers about the possibility of marketing the product again. Dow, Aramco Set Chemicals Venture Saudi Arabian Oil Co. and Dow Chemical Co. outlined plans to build one of the world's largest chemical plants in the Gulf kingdom and float the $20 bn joint venture ahead of its planned start-up in 2015.

Weekly Newsletter 73 Info-Spectrum Bridging the Information Gap in Corporate Landscape

BP Awarded New Trinidad Deepwater Blocks BP PLC's plan to increase its global deepwater portfolio has been boosted by the award of two more exploration and production blocks offshore Trinidad and Tobago. ING Sells Latin American Unit for $3.7 Billion ING Groep NV said it will sell its Latin American pensions business to Colombian conglomerate Grupo de InversionesSuramericana SA for €2.6 bn ($3.73 bn), marking the company's first step in divesting its global insurance arm as it repays €3 bn worth of state aid. Baristas Put Pressure on Starbucks Baristas are putting up pressure on Starbucks Corp. to come to terms with 200 unionized workers in Chile who have been on strike for more than two weeks. Citadel Again Presses E*Trade on Exploring Alternatives E*Trade Financial Corp.'s largest shareholder, Citadel LLC, has again demanded the online brokerage firm call a special shareholder meeting, raising the pressure on E*Trade to find a buyer. Korea to Raise Electricity Charges The South Korean government said it will raise electricity charges by 4.9% on average from Aug. 1 to help the nation's electricity provider finance its fuel costs. Saint-Gobain buys two companies from Wolseley French construction material firm Saint-Gobain SA (SGO.FR) said it agreed to buy two units from U.K. companyWolseley PLC for EUR351 mn. Saint-Gobain will pay EUR165 mn for the Build Center, a retailer of building materials with branches all over the U.K. Saint-Gobain said Build Center posted total revenue of EUR360 mn in 2010. The French company also agreed to pay EUR186 mn for Brossette, the French unit of Wolseley. Brossette, a retailer of plumbing, heating and sanitary products in France, generated EUR714 mn in revenue in the fiscal year that ended on July 31, 2010. S&P puts Microsemi on negative watch Standard & Poor's Ratings Services said it will review Microsemi Corp.'s junk-level rating for a possible downgrade, citing the company's $548.7 mn hostile bid for the Canadian chip maker Zarlink Semiconductor Inc. (ZARLF, ZL.T). EU clears GE to buy French power firm Converteam The European Commission cleared General Electric Co. to take over French power conversion company Converteam Group SAS, it said in a statement. Mitsui Mining, others sign $1.4B Chile loan pact Mitsui Mining & Smelting Co. (5706.TO) and other Japanese companies said that their joint venture in Chile has signed a combined $1.4 bn loan pact with banks to finance their copper and molybdenum mining project. RadioShack, Verizon Wireless to Partner RadioShack Corp. said it plans to partner with Verizon Wireless and drop T-Mobile products from its stores beginning in September. The electronics retailer has had an uneasy partnership with Deutsche Telekom AG's T-Mobile USA unit, the nation's fourth-largest mobile carrier, and said in April that T-Mobile had breached its contract. RadioShack said postpaid wireless sales in the latest quarter were hurt by "actions taken to minimize the risks of the company's uncertain relationship" with the carrier, in a partnership that has lasted less than two years. Introducing the Ford Volvo Ford Motor sold Volvo last year. But the U.S. auto maker's latest set of results resemble nothing so much as a boxy Swedish station wagon: not sexy, but a reliable means of getting from A to B. Dunkin' to Fuel Coffee Wars Dunkin' runs on coffee more than doughnuts, which means its IPO-fueled expansion plans are likely to heat up the fast-food java battle, particularly with McDonald's Corp. The franchise-centric company, which houses both the Dunkin' Donuts and Baskin-Robbins chains, plans to use the funds to pay down debt and move beyond its Northeastern roots. Though Dunkin' doesn't have the same level of brand recognition as McDonald's or Starbucks Corp., the company also hasn't penetrated the western U.S. or other parts of the

Weekly Newsletter 74 Info-Spectrum Bridging the Information Gap in Corporate Landscape country as deeply, giving it more opportunity to expand. And it's there that it hopes to give both rivals a run for their money among caffeine cravers. European Banks Slash Jobs European banks are cutting jobs to save on costs, as weaker earnings in key business lines and coming regulations bite into their profits. UBS AG said it would reduce its workforce by an undisclosed amount as part of a plan to reduce costs by up to 2 bn Swiss francs ($2.48 bn). The move came as it reported a near- halving in second-quarter net profit, to 1.02 bn francs, in part from a sharp drop in fixed-income revenue. Valeant Eyes Meda Drug Deal Valeant Pharmaceuticals International Inc. has made a takeover approach for Swedish specialty drug maker Meda AB, people familiar with the matter said, a deal that if consummated could be worth over $4 bn and mark the latest sign that a global wave of health-care consolidation is under way. Chevron Seals LNG Deal WithTepco Chevron Corp. has signed a binding deal to sell natural gas to Tokyo Electric Power Co., which is ramping up its use of alternatives to nuclear power in the wake of the Fukushima nuclear-plant crisis. Airbus to buy U.S. air-traffic-management firm European commercial aircraft builder Airbus said it has entered a definitive agreement to acquire MetronAviation, a U.S.-based company specialized in air traffic management. Terms of the deal weren't disclosed, and the acquisition, expected to be concluded by the end of this year, is subject to regulatory approval, Airbus said in a press release. Arrow Electronics adds $100 mn buyback plan Arrow Electronics Inc. authorized an additional $100 mn of repurchases of its common stock, joining an increasing number of companies that have used share buybacks to return value to shareholders. The move comes after the semiconductor company completed an earlier $50 mn repurchase program unveiled in February. The company had about 117 mn shares outstanding as of April 27. S&P cuts Sunoco ratings to junk Standard & Poor's Ratings Services moved Sunoco Inc.'s into junk territory, saying the spinoff of SunCoke Energy Inc. weakens its business. The ratings agency cut Sunoco by one notch to BB+ from BBB-. The outlook is stable. "The downgrade reflects our view that Sunoco's business risk profile is materially weaker as a result of the recently completed IPO and planned full spin-off of its SunCoke Energy Inc. business," said Standard & Poor's credit analyst Patrick Jeffrey. S&P upgrades Heinz's rating to 'BBB+' Standard & Poor's Ratings Services lifted H.J. Heinz Co.'s investment-grade credit rating a notch, citing the company's improved credit metrics over the past few quarters. The maker of its namesake ketchup, Ore-Ida frozen potatoes and other frozen meals is grappling with headwinds in the U.S., but the company has promised long-term growth as it pushes deeper into emerging markets and cuts more costs. Its latest fiscal fourth-quarter earnings grew on higher prices, a weaker dollar and new acquisitions. S&P said the upgrade reflects the company's modest adjusted earnings growth along with several quarters of sustained strength in its credit metrics. The ratings firm said it expects the food company will maintain its strong credit metrics despite the bolt-on acquisitions it is likely to pursue. S&P now rates Heinz at BBB+, which is three steps above junk territory. Its outlook is stable. Dunkin’ IPO priced at $19 on solid demand The parent of Dunkin‟ Donuts priced its public stock offering at $19 a share, a dollar above the high end of what the doughnut and coffee chain sought. The IPO is raising close to $424 mn. The proceeds will be used to repay debt. The shares will start trading on Nasaq, under the ticker DNKN. Sony denies talks to end Samsung LCD-panel JV Sony Corp. (6758.TO) said that the company is not in any talks with Samsung Electronics Co. about discontinuing their liquid crystal display panel joint venture. "There are no talks at all about discontinuing the joint venture," a spokeswoman for the Japanese electronics maker said. She added the joint venture remains strategically important for Sony. Toyota to Expand India Capacity Toyota Motor Corp. said it will nearly double its annual production capacity in India to 310,000 units in 2013 on the back of rapid growth in the country's automobile market. The Japanese auto maker said it will invest

Weekly Newsletter 75 Info-Spectrum Bridging the Information Gap in Corporate Landscape an additional 17.2 bn yen ($221 mn) and hire new employees to boost its capacity in India from the current 160,000 vehicles a year. Aegis Sells Research Unit to Ipsos Aegis Group PLC said it will sell its market-research arm Synovate to French group Ipsos SA, a move that will drastically change the future of the U.K. advertising and marketing group and make Ipsos the world's third-largest market-research company. British Gas Hit With Stiff Fine U.K. gas and electricity market regulator Ofgem said it has fined Centrica PLC's retail unit British Gas £2.5 mn ($4.1 mn) for failing to properly address customer complaints. Saab 'May Face Bankruptcy in 14 Days' Swedish car maker Saab Automobile AB must pay its workers within 14 days to avoid bankruptcy, the general counsel at labor union Unionen said after the cash-starved company failed to pay employees on time. ITV Sets Micropayments Launch ITV PLC said it will launch an online micropayment system early next year as the U.K. broadcaster tries to reduce its reliance on advertising revenue, which is under pressure from the tough economic environment. Moody's Downgrades Nokia Moody's Investor Service Inc. downgraded Nokia Corp.'s debt rating two notches, heaping more pressure on the troubled mobile-phone maker as it struggles to realign its business strategy and regain traction in the lucrative smartphone business. Moody's downgraded Nokia's senior debt rating to Baa2, the second lowest investment-grade rating, from A3, with a negative outlook. It also cut Nokia's senior unsecured medium- term note program to (P)Baa2 from (P)A3 and its senior unsecured regular bond/debenture to Baa2 from A3. Blackstone in Talks to Buy Emdeon Private-equity firm Blackstone Group is in advanced discussions to buy Emdeon Inc., a provider of software and technology services to the health-care industry, for more than $3 billion including debt, people familiar with the matter said. At BSkyB, Buyback of Stock Is Likely British Sky Broadcasting Group PLC is likely to announce a share buyback of as much as £1 bn ($1.64 bn), according to people familiar with the matter, as the U.K. satellite-television operator retools itself after the collapse of News Corp.'s bid to buy the rest of the company. Ford to Build Its Second India Factory The U.S.-based auto maker plans to invest roughly $900 mn in a new manufacturing plant in the western Indian state of Gujarat as part of the company's efforts to boost its Asian sales. The plant will be Ford's second in India—it began manufacturing in Chennai, in the southern state of Tamil Nadu, in 1998—and is an effort to increase supply and to diversify the auto maker's presence in a country where transporting vehicles is cumbersome and expensive, company officials said. Premium IPO: Dunkin' Brands Surges 47% Dunkin' Brands Group Inc.'s stock surged in its first day of trading, rising more than 50% at one point, indicating that investors' appetite for public offerings isn't limited to tech stocks. The coffee and doughnut shop chain's stock closed up $8.85 a share, or 47%, at $27.85 on the Nasdaq Stock Market. The company sold 22.25 million shares at $19, above its expected $16 to $18 range. Boston Scientific to invest $150 mn in China Boston Scientific Corp. plans to make a $150 mn investment to expand its commercial presence in China, a move it expects will help increase its revenue in the nation to more than $500 mn by the end of 2016. Mexico's Pemex signs two-year labor conract Mexico's state-owned oil company Petroleos Mexicanos, or Pemex, said it signed a two-year labor contract with unionized workers that will give them a 5.9% increase in wages and benefits beginning in August. Regulator sues UBS over $4.5 bn of mortgages, Lawsuit alleges $900 million in losses A regulator sued Swiss bank UBS AG for allegedly selling $4.5 bn of suspect home loans to government- controlled mortgage refinance giants Fannie Mae and Freddie Mac. The lawsuit filed by the U.S. Federal

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Housing Finance Agency seeks to recoup the losses the firms suffered after buying 16 different securitizations sponsored by UBS. Panasonic may sell Sanyo appliance unit to Haier Panasonic Corp. (6752.TO) plans to sell subsidiary Sanyo Electric Co.'s household appliance businesses to Chinese electronics maker Haier, as part of the parent company's efforts to reorganize overlapping businesses, a person familiar with the matter said. Origin, Conoco give OK for $20 bn gas project Origin Energy Ltd. (ORG.AU) and Conoco Phillips have given the official go-ahead for construction of their US$20 bn gas export joint venture in Australia's Queensland state. Origin said that the pair have approved construction of the project's first phase, which the Australian energy company said will cost US$14 bn to complete. The first phase will include building the first of two planned liquefied natural gas processing units, or trains, and the provision of some infrastructure to support construction of the second train, Origin said. France Telecom Launches Swiss Sale as Profit Falls France Telecom SA said it has launched the sale process of its Swiss business as the group tries to find its way back to sustained growth in a struggling telecommunications industry. The telecom giant also reported net profit for the first six months fell to €1.95 bn ($2.8 bn) from €3.73 bn in the same period last year. Logitech's CEO Resigns Amid Recent Stumbles Logitech International SA Chief Executive Gerald Quindlen resigned after the Swiss computer-peripherals maker swung to a quarterly net loss and lowered its outlook for full-year profit and sales. The resignation of Mr. Quindlen, who will be succeeded by chairman and former chief executive Guerrino De Luca on an interim basis, comes after Logitech posted a series of weak quarterly results. JetBlue Offers Unlimited Travel Package JetBlue Airways Corp., refining an earlier product offering, said it would sell a flexible three-month travel pass designed for business customers on selected flights out of Boston and Long Beach, Calif. The Forest Hills, N.Y., discount carrier is trying to woo business travelers and their higher ticket purchases as it struggles, like the rest of the industry, with costly fuel prices and an uncertain economy. Panasonic to Sell Sanyo Units Panasonic Corp. said that it will sell subsidiary Sanyo Electric Co.'s household-appliance businesses to the Haier Group, in an uncommon instance of a Japanese electronics conglomerate allowing a rising Chinese rival take over a chunk of a major business segment. The sale of the Sanyo operations—mostly washing- machine and refrigerator businesses—is part of Panasonic's efforts to eliminate overlapping areas since its 2009 purchase of Sanyo. For Haier, the acquisition of Sanyo's businesses will help it move a step closer to becoming a globally recognized quality appliance brand like Whirlpool or Electrolux. Dell Launches China-Only Tablet Dell Inc. started selling a 10-inch tablet computer that it will offer only in China and that runs Google Inc.'s Android operating system, expanding its push into a product category dominated by Apple Inc.'s iPad. Swire Pacific to Sell Property for $2.41 Bn Swire Pacific Ltd. said its property arm plans to sell Festival Walk, a Hong Kong shopping and commercial complex, to Singapore-based Mapletree Investment Pte. Ltd. for 18.8 bn Hong Kong dollars (US$2.41 bn), in a move analysts said is aimed at raising funds to support the company's property expansion plans in China. Shell signs GBP 300 mn pact for redevelopment Royal Dutch Shell PLC (RDSB.LN) said that Shell International Limited has signed an agreement with Canary Wharf Group & Qatari Diar Real Estate Investment Company to redevelop the Shell Centre site on the South Bank in London for a cash consideration of GBP 300 mn. Starbucks to increase new store openings Starbucks, buoyed by traffic at its coffee shops that‟s back to pre-recession levels, plans to make a bigger push to open more stores around the world. Starbucks, which reported fiscal third-quarter profit jumped 34% from the year-ago period, laid out plans to open 800 new stores for its fiscal year that ends September 2012, a 33% increase over this year. By region, 200 are mapped out for the U.S., equally split between company-operated and licensed stores. Overseas, there will be 600 stores opened, most of which will be licensed. China will account for 25% of the total, or 150. Starbucks wants to have 1,500 stores in China by 2015.

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BHP to expand massive Australian manganese mine BHP Billiton Ltd. said it will expand its Gemco manganese project in Australia, raising the capacity of the world's largest producer of the ore to 4.8 mn tons a year. The expansion will cost US$279 mn, with BHP providing its 60% share of US$167 mn, and be complete by late 2013, the company said. DBS Group posts 23% increase in H1 earnings Singapore's DBS Group Holdings announced a 23% rise in earnings to a record 1.54 bn Singapore dollars in the first half of this year, as the bank's focused execution of strategy drove total income to a new high.

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