Indian Hotels plans to raise Rs1,000 crores

Indian Hotels Company Ltd has announced that the Rights Issue Committee - 2014 (the “Committee”) of the Company proposes to consider and approve, on July 09, 2014, inter alia, the Record Date, Issue Schedule (i.e. Issue Opening / Closing date) and the Letter of Offer in relation to the issue of the compulsorily convertible debentures (the “CCDs”), by way of rights issue, to the existing shareholders of the Company on the Record Date for an amount aggregating upto Rs. 1,000 crores in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended and other applicable laws.

Cipla plans to invest up to £100 mn in UK subsidiary

The investment underscores the growing importance of UK in Cipla’s long term strategy. Cipla Ltd has announced that the Company, in collaboration with the UK government, has expressed its intention to make investments of up to £100 million in its UK subsidiary over the next few years. The investments are expected to facilitate the launch of a range of products in the area of respiratory, oncology and antiretroviral medicines to further Cipla’s higher purpose of "universal affordable access". Cipla also plans to invest in R&D activities, clinical trials and expand further internationally. The investment underscores the growing importance of UK in Cipla’s long term strategy.

Orchid Pharma completes debt recast scheme: reports

Report stated that the process enables the company to pay back dues of Rs2,866 crore to a consortium of lenders. Orchid Chemicals and Pharmaceuticals has completed debt recast scheme it initiated in June last year, says report. Report stated that the process enables the company to pay back dues of Rs2,866 crore to a consortium of lenders. The proceeds of the sale to Hospira amount to Rs1,134 crore.

Railway stocks surged ahead of Budget

Shares of Texmaco Rail & Engineering was up 5%, while Titagarh Wagons was up 3%.

Shares of Railway stocks are higher by up to 7% second day in a row ahead of the Railway Budget on Tuesday, July 8. Shares of Texmaco Rail & Engineering was up 5%, while Titagarh Wagons was up 3%. Kalindee Rail Nirman (Engineers) shares were up by 4%. Report stated that the Railway Budget is likely to focus on modernisation and devise new strategies for attracting private investment.

Hero MotoCorp rides into Colombia

With a project cost of US$ 70 million, HMCL will invest US$ 38 million in CAPEX, with the rest being utilised as working capital over the next three-year period.

In keeping with its vision of expanding its global footprint to as many as 50 countries by 2020,Hero MotoCorp Ltd (HMCL), the world’s largest two-wheeler manufacturer, today marked yet another significant milestone in its journey to global expansion–the formation of its whollyowned subsidiary in Colombia and the commencement of a state-of-the-art manufacturing plant in the country. The foundation-stone was today laid by Mr. Pawan Munjal, Managing Director & Chief Executive Officer, Hero MotoCorp Ltd, at the project site today. Also present on the occasion were senior representatives of the Colombian government, the Senior Leadership Team from Hero MotoCorp and other associates. With a project cost of US$ 70 million, HMCL will invest US$ 38 million in CAPEX, with the rest being utilised as working capital over the next three-year period. The equity investment will be made through HMCL’s wholly-owned subsidiary in the Netherlands –HMCL BV. The state-of-the-art manufacturing plant - spread over 17 acres (68,000 sq meters) of land at the Parque Sur Free Trade Zone at Villa Rica in the state of Cauca - about 500 km south-west of Bogota - is expected to go on stream by the middle of calendar year 2015 with an initial installed capacity of 78,000 units. This will go up to around 150,000 units in the second phase. With this, the New Delhi-headquartered Hero MotoCorp will be the first Indian two-wheeler company to have a manufacturing plant in Latin America. Hero MotoCorp – since charting its solo journey after separating from erstwhile partner Honda in 2011 - has fast augmented its global presence. As of today, Hero two-wheelers already sell in as many as 19 countries including Peru and Ecuador in South America; Guatemala, Honduras, El Salvador and Nicaragua in Central America; Kenya, Mozambique, Tanzania and Uganda in East Africa; Burkina Faso, Ivory Coast, Congo and Angola in West Africa and Turkey, Egypt, Sri Lanka, Bangladesh and Nepal in Asia. In partnership with its local distributors, Hero has also established assembly units in Kenya, Tanzania and Uganda in East Africa. With two more new plants coming up – the one inColombia, and the other in Bangladesh through a joint venture – the company is fast building up a global manufacturing base to cater to its growing international markets.

Vegetables prices up by 80% in two months: ASSOCHAM

Retailers are selling vegetables at more than 48.8% of wholesale prices and even in some centres selling prices are at more than 51%.

The ASSOCHAM study of 33 ‘Mandies’ in India has revealed that during April-June 2014, the gap between the wholesale and retail prices of vegetables has increased by 80% whereas retail prices in ten centres has been to the extent of 30%.

Releasing the study, the associated chamber of commerce and industry of India (ASSOCHAM) says, it was also observed that on an average, retailers are selling vegetables at more than 48.8% of wholesale prices and even in some centres selling prices are at more than 51%.

ASSOCHAM Secretary General Mr D.S. Rawat said, the analysis are based on the wholesale price of vegetables and retail price of vegetables in the different markets in India. Wholesale price indicates the price at which retailers are buying from different markets and retail price is the price at which consumers are buying from retailers.

The essential vegetables incorporated in the study are “Bitter gourd, Brinjal long, Brinjal round, Cabbage, Cauliflower, Garlic, Ginger, Chilly, Okra, Onion, Peas, Potato fresh, Potato store, Tomato hybrid and Tomato local”, added Rawat.

The study has observed that most of the vegetables arrival have recorded declining trend except local tomato, potato fresh and onion (noticeably onion price during 2013-14 has recorded life time high).

Onion arrival grew at a rate of 13.0 percent during 2013-14 followed by tomato local grew at a rate of 7.9 percent and potato fresh arrival grew at a rate of 6.2 percent. Okra and Cauliflower arrival have recoded marginal growth rate of 0.4 percent and 1.9 percent during the same period, mentioned the study.

Tata Power rallies over 3% on stake sale reports in Indonesian coal firm.

Tata Power Company LtdBSE 2.43 % rallied as much as 3.03 per cent in trade on Monday after the Company on Friday, said it would sell its 5 per cent stake in PT Kaltim Prima Coal for about $250 million to cut its debt, less than six months after offloading its holding in another Indonesian coal company PT Arutmin. 

At 09:25 a.m.; Tata Power was trading 2.6 per cent higher at Rs 110.20. It hit a low of Rs 109.50 and a high of Rs 110.45 in trade today. 

"Tata Power, facing under recovery and cash flow challenges due to its Mundra UMPP operations has signed options agreements to sell 5 per cent stake in PT Kaltim Prima Coal to get additional cash as well as to reduce its consolidated debt," the company said in a BSE filing. 

The company will sell its stake to Indonesian coal firm Bakrie Group entity. Post-stake sale, Tata Power's stake PT Kaltim Prima Coal (KPC) will be 25 per cent. 


As part of the deal, Tata Power through its subsidiaries has the option to sell 30 per cent stake in power infrastructure companies, which are associated with PT Kaltim Prima Coal, to the Bakrie Group entity, added a PTI report. 

Brent trades near 3-wk low just above $110; Libya could boost supply.

Brent crude prices hovered near a three-week low just above $110 a barrel on Monday, hurt by a potential rise in oil supply as Libya gears up to resume exports from two ports that have been closed for nearly a year. 

The benchmark dropped 2.3 per cent last week, its biggest weekly decline since early January, on the Libyan news. Brent is about $5 a barrel below its highest point this year - marked in June when fighting broke out in northern Iraq. 

August Brent had edged up 6 cents to $110.70 a barrel by 0142 GMT. U.S. oil for August delivery fell 15 cents from Thursday's settlement to $103.91 a barrel. There was a public holiday in the United States on Friday. 

State-run National Oil Corp (NOC) lifted force majeure from the major eastern Ras Lanuf and Es Sider oil ports after rebels agreed last week to end a blockade to press financial and political demands. 

Gold slips as strong equities, data dent safe-haven appeal.

Gold edged down for a second session in three on Monday as firm equity markets dented the precious metal's safe-haven appeal, while speculation over an earlier-than-expected hike in U.S. interest rates after strong jobs data also dragged on prices. 

Gold has been under pressure since data on Thursday showed U.S. employment growth jumped in June and the jobless rate closed in on a six-year low, decisive evidence of brisk economic growth. 


Asian stock markets held near three-year highs on Monday on optimism about the U.S. economy, while global equities hit record highs on Friday. 

Indian rupee opens lower at 59.81 per dollar.

he Indian rupee opened lower at 59.81 per dollar against 59.73 per dollar on Friday. The dollar clung on to most of last week's payrolls-inspired gains early. The dollar index was steady at 80.30 marks. Agam Gupta of Standard Chartered said that, “Expect RBI to buy dollars on any dips while exporters and FIIs to sell dollars between 59.90-59.95/dollar ahead of budget this week.” “Expect rupee to remain in range of 59.50-59.90/dollar,” he added.