ICI now calls it quits in Asian Paints
Kotak Mahindra Capital Company has sold half of the 9.1% stake it held in Asian Paints on behalf of ICI Plc to the Unit Trust of India (UTI) at 20% lower than the acquisition price. This virtually ends a bid by the British multinational to grab a substantial stake in Asian Paints. ICI Plc is now "examining" all options on what to do with the remaining Asian Paints shares held by Kotak Mahindra on its behalf.
Railway status paper suggests phased hike in passenger fares to ease freight
Concerned at the steadily declining market share in transport, the railways have demanded a level playing field, enhanced capital from the general exchequer, compensation for public service obligations and funding of uneconomic-but-socially desirable projects. The status paper, presented by railway minister Nitish Kumar in the Lok Sabha on Wednesday, has also hinted at the need for a phased increase in passenger fares to ease freight rates.
Lupin Labs set to sew up largest Indian pharma acquisition in US
The Rs 642-crore Lupin Laboratories is close to sewing up its first major acquisition in the US. The deal would translate into the largest asset acquisition by an Indian drug company in the US, and will significantly enhance Lupin's generic market reach there. Lupin's top management did not, however, divulge the details of the acquisition.
Re dips to record low of 41.50 in aftermath of IBRD decision
The rupee tested a new low of 41.50 against the greenback on Wednesday, as panic gripped the forex market on news of the World Bank postponing fresh loans to India and the European Union's (EU) threat to impose sanctions. The rupee closed at 41.35 -- 18 paise lower than its previous close. On Tuesday, the rupee lost 17 paise.
Nine-year paper devolves on RBI
In a tell-tale sign of tightening liquidity, 99.9% of the Rs 4,000-crore nine-year paper auction devolved on the RBI yesterday. The RBI pegged the cut-off rate at 11.90%, which is in line with the primary market yield curve. Immediately after the auction, the RBI announced that the paper will be available at its sale window at a price of 100.10 with effect from today.
NYSE-Nasdaq duel over desi software firms
Move over Bombay Stock Exchange and National Stock Exchange. It is time for the two US-based rival stock exchanges - the New York Stock Exchange and Nasdaq - to slug it out on Indian territory. The battle will be fought for a large number of top software companies here which, by their listing, can "bring pride" to either of the two giant stock exchanges.
