RIL, Hindustan Copper, Strides Arcolab and Dr Reddy's may witness some action today
A block oversight panel headed by oil regulator DGH will meet shortly to decide on Reliance Industries' (RIL) proposal to slash gas reserves in main fields in its KG-D6 block by two-third and cut investments by $3 billion. The Management Committee (MC), which also comprises representative of oil ministry, has to decide on accepting revised field development plan (RFDP) that slashes recoverable reserves in Dhirubhai-1 and 3 (D1&D3) fields to 3.4 trillion cubic feet from 10.03 tcf estimated in the original plan of 2006. Also, two-phase capex plan of $ 8.836 billion (proposed in 2006) has been reduced to $5.928 billion. It will decide if 80 percent drop in production to 13.48 million standard cubic meters per day was due to geological reasons or due to non-drilling the committed quota of 31 wells as claimed by DGH.
Hindustan Copper has received environmental clearance for its flagship underground mine at Malanjkhand. The Rs 1,857-crore project would help company to scale up production at Malanjkhand mine from 2 million tonne to 5 million tonne a year. Hindustan Copper will be investing around Rs 3,435 crore to boost its copper ore output capacity from the present 3.66 million tonnes to 12.41 million tonnes by expanding existing mines like Malanjkhand, Khetri, Kolihan and Surda, and reopening closed Kendadih and Rakha mines, all by FY 2017-18. In 2013-14 the company plans to invest Rs 688 crore of which Rs 98 crore has been invested till date. The company has applied for mining licenses in Rajasthan, Jharkhand, MP and Haryana. Hindustan Copper has floated a tender for extraction of minerals like gold, silver and magnetite from over 100 million tonnes of rocks and tailings, wastes that is generated from the mining process that has accumulated over several years.
Genzyme Corporation, a fully-owned subsidiary of drug major Sanofi-Aventis, has filed a suit against Dr. Reddy’s Laboratories (DRL) alleging that the Indian drug maker infringed patents of its blockbuster cancer drug Mozobil on three counts. Mozobil (plerixafor injection) is a hematopoietic stem cell mobiliser indicated to patients with non-Hodgkin's lymphoma (blood cancer) and multiple myeloma. In its petition filed in the District Court of Delaware, Genzyme alleged that DRL intimated though a letter that it had submitted an Abbreviated New Drug Application with US FDA seeking approval to engage in the commercial manufacture, importation, use, and sale of 20 mg/ml Plerixafor injection as a generic version of Mobozil drug.
Drugmaker Strides Arcolab will be returning cash to shareholders, making it one of the rare Indian companies to do so, after the crash in the rupee bumped up the money the company is getting for selling its Agila unit to US-based pharmaceutical company Mylan Inc. Shareholders will get around Rs 800 for every share they own, amounting to a total payout of about $800 million. The company has 27,177 shareholders, including 24,320 retail investors. As of June 30, the promoters had a 27.39% stake in the company, while foreign institutional investors had 51.74%. Strides, run by first-generation entrepreneur Kumar, entered into an agreement with Mylan in January to sell its Agila unit based in Australia for $1.6 billion, with an additional $250 million to be paid later, making it the third largest-inbound deal in the pharma sector after the $4.6-billion acquisition of Ranbaxy Laboratories in 2008 by Japan's Daiichi Sankyo and Abbott's $3.7-billion purchase of a business unit of Piramal Healthcare in 2010.
Bharat Forge has received an approval from the Foreign Investment Promotion Board (FIPB) for proposal to sell 26 percent equity stake in its defence venture to Elbit Systems Land and C41 an Israeli company. In the last 13 years, the defence sector has recorded foreign investment of about just $5 million. In 2001, the government had opened the sector to private investment, with a foreign direct investment cap of 26 percent. Bharat Forge would continue to hold 74 percent equity in BF Elbit Advanced Systems, its defence subsidiary set up in August 2012. BF Elbit Advanced Systems would develop, assemble and manufacture defence systems, particularly artillery guns, mortar gun systems and ammunition. It would provide supplies to the Ministry of Defence or other such entities for defence, internal security, homeland security and other such purposes.
State-owned Coal India (CIL) is awaiting environment and forestry clearances pertaining to its 241 projects, amid the flak the company is facing for not achieving its production target. At present, 48 environmental clearance proposals, having a capacity of about 109 Mty (Million tonnes Per Year), are awaiting clearances at different levels. Besides, 193 forestry proposals are awaiting clearances either at MoEF (Ministry of Environment and Forests) or at the state levels. During the 11th Five Year Plan, CIL had obtained forestry clearances for 56 proposals involving an area of 7095 Ha (hectares) from MoEF. The contribution from these projects during 2012-13 was 77.5 million tonnes (MT). CIL had produced 31.68 million tonnes of dry fuel in the month of August, missing its target of 32.73 MT.
State-owned steel maker SAIL plans to invest around Rs 800 crore to develop Bhilwara iron ore mine in Rajasthan and set up a pellet plant with 2 million tonne per annum capacity at the site. The lease, granted to SAIL by the state government last week, is for the mine that is spread over 871 hectare with estimated reserves of around 150 million tonne. The company will start seeking requisite clearances soon after getting the Letter of Intent (LoI) from Rajasthan government and production from the mine is likely to start in 3-4 years. The Bhilwara mine would help SAIL to partially meet its increased iron ore need as the company raises its steel-making capacity to 24 mtpa by next year from 14 mtpa at present. It generally requires 1.6 tonnes of iron ore for producing every tonnes of steel.
Delhi-based JK Tyre & Industries is vying for expansion in South-East Asia as Indian tyre companies tap the inorganic route to grow beyond domestic shores to capitalize on global growth opportunities. JK Tyres had acquired Mexican Tyre company Tornel, along with its subsidiaries for Rs 270 crore in 2008, which allowed the Indian company to expand its footprint into Central and Southern America. The company is looking at potential acquisitions and also new plants in overseas locations. The company currently has nine plants across India and Mexico with an annual capacity of around 20 million tyres. JK Tyres is also moving ahead with its domestic expansion plans with a capex investment of around Rs 1,000 crore to double its truck & bus radial as well as passenger car radial capacity at the Chennai plant.
FMCG major Ruchi Soya Industries, which has soya food brand Nutrela and edible oil brand Ruchi under its portfolio, is planning to foray into the ready-to-cook segment soon. Ruchi Soya, with a turnover of Rs 26,000 crore, is into cooking oil, palm plantation and also has products under soya foods, bakery fats and vanaspati products. The company has five port based refineries, three standalone crushing plants, eight integrated crushing and refining plants, one refinery and vanaspati plant and two palm fruit processing units. The company has a very strong presence in the southern and western regions of the country and in eyeing to build a strong brand presence in the northern and eastern region of the country.
Top mobile phone companies Bharti Airtel, Idea Cellular and Reliance Jio Infocomm are eyeing auctions for bandwidth in the 700 MHz band expected in 2014, rather than in the 1800 MHz band. Most telecom companies are currently stretched for cash, and hence would largely be on the sidelines during the upcoming 1800 MHz auctions. Bharti Airtel and Vodafone India, holding spectrum in the more expensive but efficient 900 Mhz, are hopeful of a court judgement allowing extensions in circles where their licences expire late 2014, thus relieving them from the prospects of bruising auctions in that band. Reliance Jio, a unit of Reliance Industries, is expected to join Bharti as among the avid bidders for the 700 MHz airwaves since both propose to offer 4G services for high speed data, for which the global standard has been developed in the band.
A block oversight panel headed by oil regulator DGH will meet shortly to decide on Reliance Industries' (RIL) proposal to slash gas reserves in main fields in its KG-D6 block by two-third and cut investments by $3 billion. The Management Committee (MC), which also comprises representative of oil ministry, has to decide on accepting revised field development plan (RFDP) that slashes recoverable reserves in Dhirubhai-1 and 3 (D1&D3) fields to 3.4 trillion cubic feet from 10.03 tcf estimated in the original plan of 2006. Also, two-phase capex plan of $ 8.836 billion (proposed in 2006) has been reduced to $5.928 billion. It will decide if 80 percent drop in production to 13.48 million standard cubic meters per day was due to geological reasons or due to non-drilling the committed quota of 31 wells as claimed by DGH.
Hindustan Copper has received environmental clearance for its flagship underground mine at Malanjkhand. The Rs 1,857-crore project would help company to scale up production at Malanjkhand mine from 2 million tonne to 5 million tonne a year. Hindustan Copper will be investing around Rs 3,435 crore to boost its copper ore output capacity from the present 3.66 million tonnes to 12.41 million tonnes by expanding existing mines like Malanjkhand, Khetri, Kolihan and Surda, and reopening closed Kendadih and Rakha mines, all by FY 2017-18. In 2013-14 the company plans to invest Rs 688 crore of which Rs 98 crore has been invested till date. The company has applied for mining licenses in Rajasthan, Jharkhand, MP and Haryana. Hindustan Copper has floated a tender for extraction of minerals like gold, silver and magnetite from over 100 million tonnes of rocks and tailings, wastes that is generated from the mining process that has accumulated over several years.
Genzyme Corporation, a fully-owned subsidiary of drug major Sanofi-Aventis, has filed a suit against Dr. Reddy’s Laboratories (DRL) alleging that the Indian drug maker infringed patents of its blockbuster cancer drug Mozobil on three counts. Mozobil (plerixafor injection) is a hematopoietic stem cell mobiliser indicated to patients with non-Hodgkin's lymphoma (blood cancer) and multiple myeloma. In its petition filed in the District Court of Delaware, Genzyme alleged that DRL intimated though a letter that it had submitted an Abbreviated New Drug Application with US FDA seeking approval to engage in the commercial manufacture, importation, use, and sale of 20 mg/ml Plerixafor injection as a generic version of Mobozil drug.
Drugmaker Strides Arcolab will be returning cash to shareholders, making it one of the rare Indian companies to do so, after the crash in the rupee bumped up the money the company is getting for selling its Agila unit to US-based pharmaceutical company Mylan Inc. Shareholders will get around Rs 800 for every share they own, amounting to a total payout of about $800 million. The company has 27,177 shareholders, including 24,320 retail investors. As of June 30, the promoters had a 27.39% stake in the company, while foreign institutional investors had 51.74%. Strides, run by first-generation entrepreneur Kumar, entered into an agreement with Mylan in January to sell its Agila unit based in Australia for $1.6 billion, with an additional $250 million to be paid later, making it the third largest-inbound deal in the pharma sector after the $4.6-billion acquisition of Ranbaxy Laboratories in 2008 by Japan's Daiichi Sankyo and Abbott's $3.7-billion purchase of a business unit of Piramal Healthcare in 2010.
Bharat Forge has received an approval from the Foreign Investment Promotion Board (FIPB) for proposal to sell 26 percent equity stake in its defence venture to Elbit Systems Land and C41 an Israeli company. In the last 13 years, the defence sector has recorded foreign investment of about just $5 million. In 2001, the government had opened the sector to private investment, with a foreign direct investment cap of 26 percent. Bharat Forge would continue to hold 74 percent equity in BF Elbit Advanced Systems, its defence subsidiary set up in August 2012. BF Elbit Advanced Systems would develop, assemble and manufacture defence systems, particularly artillery guns, mortar gun systems and ammunition. It would provide supplies to the Ministry of Defence or other such entities for defence, internal security, homeland security and other such purposes.
State-owned Coal India (CIL) is awaiting environment and forestry clearances pertaining to its 241 projects, amid the flak the company is facing for not achieving its production target. At present, 48 environmental clearance proposals, having a capacity of about 109 Mty (Million tonnes Per Year), are awaiting clearances at different levels. Besides, 193 forestry proposals are awaiting clearances either at MoEF (Ministry of Environment and Forests) or at the state levels. During the 11th Five Year Plan, CIL had obtained forestry clearances for 56 proposals involving an area of 7095 Ha (hectares) from MoEF. The contribution from these projects during 2012-13 was 77.5 million tonnes (MT). CIL had produced 31.68 million tonnes of dry fuel in the month of August, missing its target of 32.73 MT.
State-owned steel maker SAIL plans to invest around Rs 800 crore to develop Bhilwara iron ore mine in Rajasthan and set up a pellet plant with 2 million tonne per annum capacity at the site. The lease, granted to SAIL by the state government last week, is for the mine that is spread over 871 hectare with estimated reserves of around 150 million tonne. The company will start seeking requisite clearances soon after getting the Letter of Intent (LoI) from Rajasthan government and production from the mine is likely to start in 3-4 years. The Bhilwara mine would help SAIL to partially meet its increased iron ore need as the company raises its steel-making capacity to 24 mtpa by next year from 14 mtpa at present. It generally requires 1.6 tonnes of iron ore for producing every tonnes of steel.
Delhi-based JK Tyre & Industries is vying for expansion in South-East Asia as Indian tyre companies tap the inorganic route to grow beyond domestic shores to capitalize on global growth opportunities. JK Tyres had acquired Mexican Tyre company Tornel, along with its subsidiaries for Rs 270 crore in 2008, which allowed the Indian company to expand its footprint into Central and Southern America. The company is looking at potential acquisitions and also new plants in overseas locations. The company currently has nine plants across India and Mexico with an annual capacity of around 20 million tyres. JK Tyres is also moving ahead with its domestic expansion plans with a capex investment of around Rs 1,000 crore to double its truck & bus radial as well as passenger car radial capacity at the Chennai plant.
FMCG major Ruchi Soya Industries, which has soya food brand Nutrela and edible oil brand Ruchi under its portfolio, is planning to foray into the ready-to-cook segment soon. Ruchi Soya, with a turnover of Rs 26,000 crore, is into cooking oil, palm plantation and also has products under soya foods, bakery fats and vanaspati products. The company has five port based refineries, three standalone crushing plants, eight integrated crushing and refining plants, one refinery and vanaspati plant and two palm fruit processing units. The company has a very strong presence in the southern and western regions of the country and in eyeing to build a strong brand presence in the northern and eastern region of the country.
Top mobile phone companies Bharti Airtel, Idea Cellular and Reliance Jio Infocomm are eyeing auctions for bandwidth in the 700 MHz band expected in 2014, rather than in the 1800 MHz band. Most telecom companies are currently stretched for cash, and hence would largely be on the sidelines during the upcoming 1800 MHz auctions. Bharti Airtel and Vodafone India, holding spectrum in the more expensive but efficient 900 Mhz, are hopeful of a court judgement allowing extensions in circles where their licences expire late 2014, thus relieving them from the prospects of bruising auctions in that band. Reliance Jio, a unit of Reliance Industries, is expected to join Bharti as among the avid bidders for the 700 MHz airwaves since both propose to offer 4G services for high speed data, for which the global standard has been developed in the band.