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News Round UP: Indian Exporters May Fire 10 Million Workers

07 January, 2009

Indian Exporters May Fire 10 Million Workers, Says Lobby – A lobby group, while putting pressure on Prime Minister Manmohan Singh to cut taxes and protect the industry from the global recession, said that the Indian exporters may lay off around 10 million workers. According to a source, the exporters don’t have orders beyond this month. According to the World Bank, the International trade will shrink in 2009 for the first time in more than 25 years as economic growth slows and commodity prices slide. A survey by ABN Amro Bank NV suggests that the Exports from India fell for a second month in November and industrial output contracted for the first time in 15 years in October. Output at factories and utilities also shrank in the past two months. ()

Promoter Holding in Satyam Further Falls to 3.6% – The promoter holding in Satyam Computer Services has further fallen down to 3.6% as the institutional lenders sold 24.52 million shares. The holding is further expected to come down as the promoter has pledged the entire holdings over a period of time since September 2006. The institutional investors include ICICI Prudential, Aberdeen Asset Management and Fidelity. The institutional investors’ combined stake in the IT major is 60%.  (Business Standard)

UTI to Sell 26% Stake by March – UTI Asset management plans to sell up to 26% stake by March as it is looking at accessing the global markets and strengthening its global operations. UTI is in talks with four foreign firms and one domestic player for the same. Reports suggest that T. Rowe Price, Japan’s Shinsei Bank and Vanguard Mutual Fund are among those interested in UTI. (The Economic Times)

IIFCL to Raise Rs 2,500 Crore via Tax Free Bonds – India Infrastructure Finance Company Ltd (IIFCL) will raise Rs 2,500 crore by issuing tax free bonds, for increasing flow of credit to infrastructure sector projects. The company is expected to come up with the first tranche of the  tax-free bonds by next week. The tax-free bonds will carry an interest rate of about 7.5 to 8 per cent. The total sanctioned amount is Rs 10,000 crore and the remaining Rs 7,500 crore would be raised by the end of the current fiscal year. (The Economic Times)

Tata Power Plans to Divest Stake in TTSL and TTML – Tata Power Company (TPC) plans to divest part of its stake in group companies Tata Teleservices (TTSL) and Tata Teleservices (Maharashtra) (TTML) to raise about Rs 2,000 crore. The amounts raised would be used towards the  funding of its ongoing projects.  TPC has decided to sell stake as the promoter, Tata Sons has dropped its preferential warrants conversion plan, which would have fetched Rs 1,900 crore to the company. Tata Power needs about Rs 24,000 crore in the next four years for funding the projects under implementation. The company plans to raise Rs 18,000 crore through debt and the balance Rs 6,000 crore as equity. (Business Standard)

Credit Suisse Infuses Rs 794 Crore in its NBFC Subsidiary  – Credit Suisse has infused a capital of Rs 794 crore (approx $164 million) in a wholly owned non-banking finance company (NBFC) subsidiary, Credit Suisse Finance (India). The company intends to expand its wealth management, investment banking and asset management businesses in India through this investment. With this investment, the total capital base of Credit Suisse Finance would go up to Rs 827 crore (approximately $170 million). Business Standard

ONGC Videsh raises Rs 50 Billion Crore via CPs – A unit of state-run oil exploration company Oil & Natural Gas Corp, ONGC Videsh Ltd. has raised 50 billion rupees ($1.03 billion) through a one-year commercial paper issue. According to sources, the issue was the biggest-ever CP transaction in India. The one-year CPs were sold at a coupon of 8.15 %, Citigroup being the sole arranger. ONGC Videsh is in the process of a 1.3 billion pounds ($1.9 billion) takeover of UK-listed oil company Imperial Energy. ()

Sun Pharma Challenged by Taro to Shareholder Referendum  – Taro Pharmaceuticals, the Israeli drug maker, has challenged Sun Pharmaceuticals to hold a shareholder referendum to arrive at a fresh price. Taro claims that the Indian company’s revised higher offer to buy 64 per cent was not acceptable. Sun Pharma had revised higher offer of $9.50 a share made on Monday. (Business Standard)

HT Media to Write-Off Part Equity of Radio Business – Media has sought shareholders’ approval for writing off part of the share capital as its radio business has incurred substantial losses since inception. According to HT Media, the losses have been incurred mainly due to the low advertisement revenues, high brand building cost and delay in availability of common infrastructure resulting in substantial investment in transmission facilities for Delhi and Mumbai FM Radio stations. The high court has directed its shareholders to meet on January 28 to consider the demerger of its radio business from its subsidiary HT Music and Entertainment Company and merge it with itself. (Business Standard)

IL&FS Trust Sells 2.45 Crore Satyam Shares in Open Market – IL&FS Trust Company has sold over 3.64 % stake (2.45 crore shares), of Satyam Computer Services in the open market transactions. IL&FS Trust Company sold 2,45,20,500 Satyam shares in its capacity as trustee for debenture holders and lenders which include DSP Merrill Lynch, DSP Blackrock, Deutsche Bank, HDFC Mutual Fund and IL&FS financial services. During the period from December 23, 2008, to January 5, 2009, the Trust Company sold 38.97 lakh Satyam shares held by DSP Merrill Lynch, 74.15 lakh shares held by DSP Blackrock and 47.06 lakh shares held by Deutsche Bank. (The Economic Times)

 

 


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News Round UP: Indian Exporters May Fire 10 Million Workers

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