Stock News

* ECONOMY : Indian Meteorological Dept says rains may be weakest in seven yrs.. Yday CNBC flashed quoting a Planning Commission source that expect over 50% of the country to be drought-hit and overall GDP impact seen at 0.7-1%

* TATA STEEL : plans to raise Rs50bn thru securities issue in domestic or intl mkts.. to seek nod at its AGM on Aug 27.. separately co aims to ensure secured supply of 60% of iron ore by 2015 fm curr 25% by investing in overseas mines

* TATA MOTORS : JLR says that it has successfully secured a financing facility of upto 75mn fm Burdale Financial, a member of Bank of Ireland group

* STERLITE : raises its bid for Asarco LLC.. Sterlite has offered to raise the cash portion of its bid to $1.58bn fm $1.1bn

* FMCGs : rpts cos like Britannia and ITC are mulling px hikes in biscuits & confectioneries on back of a weak monsoon season couple with soaring sugar pxs

* BHARAT FORGE : may close one unviable European plant as demand falls by atleast 50% in Europe

* SBI : may start its general insurance biz by March 2010

* UNITECH: launches two residenial projects in Chennai in the affordable segment

* FORTIS HEALTHCARE : board approves rights issue of Rs 9.97bn @ 2:5 in Sept

* GMR GROUP : considering listing its global holding company on the LSE as a step towards building a US$ 10bn global assets portfolio.

Corporate News – Industry trends

* GMR group is considering listing its global holding company on the LSE as a step towards building a US$10 bn global assets portfolio (BS)

* Tata Motors owned JLR said that it has successfully secured a financing facility of up to £75 mn with Burdale Financial Ltd, a member of the Bank of Ireland Group (BS)

* Daiichi Sankyo stated that the offer to acquire an additional 20% stake in Zenotech will not open on August 11 (BS)

* Sterlite Industries raised its offer for Asarco LLC as it faced off in court with Mexican miner Grupo Mexico for the bankrupt US copper miner, which is seeking to end its four-year bankruptcy. Sterlite offered to raise the cash portion of its bid to US$1.58 bn, up from US$1.1 bn (BS)

* The Indian Oil Corporation (IOC) and Adani Energy combine has bagged rights to retail CNG to automobiles and piped gas to industries in Chandigarh and Allahabad by quoting zero pipeline tariff (Mint)

* Despite a revival in offtake in the domestic market, the marginboosting export segment continues to hurt tyre companies, as the latter recorded a fall of 25% in the first two months of this financial year (BS)

* Fast moving consumer goods (FMCG) majors like Britannia, ITC and Parle Products are mulling price hikes and cost-cutting measures on the back of a weak monsoon season, coupled with soaring sugar prices (BS)

* Tata Steel is scouting for coking coal and iron ore, mines abroad, including in Brazil and Australia, to ensure raw material security for its European operations (BS)

* Petronet LNG Ltd signed a sales and purchase agreement (SPA) with the Australian subsidiary of Exxon Mobil Corp to import 1.5 mt per annum of LNG for 20 years from the proposed Gorgon LNG project, a company press release said (BS)

Economic/Regulatory development

* The Reserve Bank of India will issue new short-term bills to help the government tide over the temporary cash flow mismatches; the move will help channel excess cash with banks to fund public spending (BS)

* The Export-Import Bank of the United States of America approved nine Indian financial institutions and made a commitment of US$2.45 bn under the India Infrastructure facility for infrastructure projects and capital goods purchases in the country (BS)

* Net direct tax collections have registered a marginal 3.27% increase during the first four months (April-July) of the current financial year on the back of higher tax refunds (BS)

* MET office forecast sign of drought; IMD tweaks estimates for a record third time in a year; chief Tyagi says India will get only 87% of 50 year normal (Mint)

International trends

* Record sugar shortfall on cards due to bad crops; Damaged crops from India to Brazil mean the world won’t have enough sugar for a second straight year; Global demand will exceed output by as much as 5 mn mt in the year through September 2010, leading to a record twoyear shortfall, according to the International Sugar Organization in London (BS)

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