News Roundup: GlaxoSmithKline Looks For Domestic Buys

20 February, 2009

SEBI Gets Inside Trading Complaints Against 18 Cos – Capital markets regulator Securities and Exchange Board of India (Sebi) has received complaints of insider trading by Mukesh Ambani-controlled Reliance Petroleum (RPL) and 18 other companies in the past three years. Sebi got complaints against nine companies in 2006, against six companies were made in 2007 and three in 2008. (Business Standard)

Satyam Board Seeks Increase In Share Capital – Satyam Computer Services’ government-appointed board has proposed raising its authorised share capital by 50% to 1.2 billion equity shares. The fraud hit IT major has also sought the Company Law Board’s approval to conduct a public auction to induct a strategic investor. (BS)

GSK Seeks Domestic Buys – GlaxoSmithKline Pharmaceuticals (GSK) is scouting for acquisitions in the domestic market to consolidate its Indian business. The Indian arm of global drug major GlaxoSmithKline has cash balance of close to Rs 1,500 crore and most of this can be used for acquisitions, a senior executive has said. Earlier this month GSK was reportedly in talks to acquire leading Indian drug major Piramal Healthcare, in a deal valued over $1.5 billion. (BS)

Financial Institutions Seek Maytas Board Seat – IL&FS and IFCI, which between them hold a 51% stake in Maytas Infrastructure, have demanded representation on the board of the firm. This comes in just before Company Law Board hearing on supersession of Maytas Infra board. Maytas has decided to contest the Centre’s decision to supercede the boards. (BS)

MCX Sets Up Clearing Corporation – Financial Technologies promoted MCX Stock Exchange has set up a clearing corporation after getting approvals from the Sebi and the Reserve Bank of India. MCX Stock Exchange Clearing Corporation Ltd commenced operations on February 16. (HinduBusinessLine)

Novelis Reports $1.8 Bn Loss – Novelis has reported a net loss of $1.8 billion for the October-December 2008 quarter against $73 million loss in the corresponding period a year ago. Novelis is the US-subsidiary of Indian aluminium giant Hindalco, which acquired the former in 2006 for $6 billion. The loss includes non-cash, pre-tax charges of $1.5 billion for asset impairments and $472 million of mark-to-market unrealised losses on derivatives. (HBL)

Jet Airways CEO Quits – Jet Airways Group CEO Ravi Chaturvedi has resigned from the company, with effect from 1 April. Chaturvedi had joined only in October last year from FMCG major Procter & Gamble. This exit comes after JetLite CEO Maunu von Lueders had resigned in July 2008. (Livemint)

SpiceJet Open To Diluting Stake To Foreign Airlines – Delhi-based low-cost carrier, SpiceJet, is open to the idea of equity dilution to foreign airlines, if the overseas carriers are allowed to pick up stake in the company. There have been talks about some investors looking to exit SpiceJet. The low-cost airline raised $100 million from Wilbur Ross and Goldman Sachs last year. (Economic Times)

 


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News Roundup: GlaxoSmithKline Looks For Domestic Buys

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