The FIIs on Friday stood as net buyer in equity. The gross equity purchased was Rs3135.40 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,405.50 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs729.900 Crore and net debt was Rs 0.00.
Tuesday, May 20, 2008
Monday, May 19, 2008
ICICI Bank Planning To Raise Three Billion Dollars From Its Two Funds
ICICI Venture, the private equity fund subsidiary of the ICICI Bank, is planning to raise about three billion dollars from its two funds, including a real estate fund. The equity fund of 1.5 billion dollars, will make investment in the knowledge sector and domestic consumption led sectors like retail, services among others. The real estate fund of similar size will infuse in both residential and commercial properties in the country.
Nahar To Invest Rs 200 Cr For Setup New Plant
Chandigarh: Integrated textile major Nahar Group has decided to set up a new plant for manufacturing Bi-axially Oriented Polypropylene film (BOPP) at Mandideep in Madhya Pradesh with an estimated investment of Rs 200 crore.
"We have decided to invest Rs 200 crore for setting up a new plant in Bhopal which will make raw material for the packaging industry," Nahar Investments and Holdings Director Dinesh Oswal told PTI.
The company has also proposed to carry out this film project under company's new name of Nahar Poly Films Limited, he said.
The board of directors of the company has decided in its board meeting to change the name of Nahar Investments and Holdings Limited to Nahar Poly Films Limited.
To fund this project, the company would raise money through a combination of internal accruals and loans from banks, he added.
The total manufacturing capacity of the plant has been fixed at 30,000 tons per annum, he said.
Hoping to commission the manufacturing facility within one year, the company expects to achieve a turnover of Rs 300-400 crore within next two years.
"We feel that we will be able to have a turnover of Rs 300-400 crore from this new project," he said.
"We have decided to invest Rs 200 crore for setting up a new plant in Bhopal which will make raw material for the packaging industry," Nahar Investments and Holdings Director Dinesh Oswal told PTI.
The company has also proposed to carry out this film project under company's new name of Nahar Poly Films Limited, he said.
The board of directors of the company has decided in its board meeting to change the name of Nahar Investments and Holdings Limited to Nahar Poly Films Limited.
To fund this project, the company would raise money through a combination of internal accruals and loans from banks, he added.
The total manufacturing capacity of the plant has been fixed at 30,000 tons per annum, he said.
Hoping to commission the manufacturing facility within one year, the company expects to achieve a turnover of Rs 300-400 crore within next two years.
"We feel that we will be able to have a turnover of Rs 300-400 crore from this new project," he said.
Saturday, May 17, 2008
Yash Birla Group May Cut Number Of Auto Units
Mumbai: The Rs 2,300-croreYash Birla group is considering rationalising the number of manufacturing units of its auto and engineering business to 3-4 from the current 7, in order to gain from the economies of scale, Praveen Gupta, chief executive of the sector, said.
The auto and engineering business comprises Birla Perucchini, Birla Precision, Dagger Forst Tools and Indian Tool Manufacturers (ITM).
The move could logically free up real estate for commercial exploitation, though Gupta refused to confirm this.
The manufacturing line of Dagger Forst has been shifted to Ambarnath from Thane. Gupta didn’t comment on the commercial exploitation plans of the Dagger Forst plot.
Birla Precision (earlier known as Birla Kennametal) and Dagger Forst are listed. ITM was originally a division of listed Zenith Birla, now spun into a subsidiary. In Birla Perucchini, the group has bought out its foreign partner Perucchini for an undisclosed sum, making it its wholly owned subsidiary.
The group runs four sites in Aurangabad, and one each in Nasik, Gandhidham and Ambarnath. “For a group of our size, it doesn’t make sense in having so many production sites. Logically it makes sense to move everything to Aurangabad since we have four contiguous plants there. So, one of our first moves after the restructuring process would be to rationalise the number of sites,” Gupta said.
As part of its restructuring exercise, the Yash Birla group has appointed Ernst & Young to advise it on having an auto and engineering business entity. “As far as business is concerned, we are already operating as a single unit. Legally, we hope to finish all processes like deciding swap ratios and merging entities by March 31, 2009. There could be one or maximum two listed entities post that,” Gupta said.
The auto and engineering business of the group is worth about Rs 250 crore, with ITM, being the flagship, contributing Rs 80 crore. Rests are smaller entities with revenues in the range of Rs 40-50 crore. Operating margins range from 15% to 45%.
Gupta said the group plans to invest Rs 100 crore this year in upping capacity, which could see company tapping external source of funds leading to equity dilution. In the recent past, Dagger Forst had raised Rs 18 crore in a follow-on public issue.
Gupta said the group would look at having its first overseas plant in China, which could entail an investment of Rs 25-30 crore.
The auto and engineering business comprises Birla Perucchini, Birla Precision, Dagger Forst Tools and Indian Tool Manufacturers (ITM).
The move could logically free up real estate for commercial exploitation, though Gupta refused to confirm this.
The manufacturing line of Dagger Forst has been shifted to Ambarnath from Thane. Gupta didn’t comment on the commercial exploitation plans of the Dagger Forst plot.
Birla Precision (earlier known as Birla Kennametal) and Dagger Forst are listed. ITM was originally a division of listed Zenith Birla, now spun into a subsidiary. In Birla Perucchini, the group has bought out its foreign partner Perucchini for an undisclosed sum, making it its wholly owned subsidiary.
The group runs four sites in Aurangabad, and one each in Nasik, Gandhidham and Ambarnath. “For a group of our size, it doesn’t make sense in having so many production sites. Logically it makes sense to move everything to Aurangabad since we have four contiguous plants there. So, one of our first moves after the restructuring process would be to rationalise the number of sites,” Gupta said.
As part of its restructuring exercise, the Yash Birla group has appointed Ernst & Young to advise it on having an auto and engineering business entity. “As far as business is concerned, we are already operating as a single unit. Legally, we hope to finish all processes like deciding swap ratios and merging entities by March 31, 2009. There could be one or maximum two listed entities post that,” Gupta said.
The auto and engineering business of the group is worth about Rs 250 crore, with ITM, being the flagship, contributing Rs 80 crore. Rests are smaller entities with revenues in the range of Rs 40-50 crore. Operating margins range from 15% to 45%.
Gupta said the group plans to invest Rs 100 crore this year in upping capacity, which could see company tapping external source of funds leading to equity dilution. In the recent past, Dagger Forst had raised Rs 18 crore in a follow-on public issue.
Gupta said the group would look at having its first overseas plant in China, which could entail an investment of Rs 25-30 crore.
Friday, May 16, 2008
Jain Irrigation Systems Investing Rs 550 Crore In Jalgaon
Jain Irrigation Systems Ltd has inked an MoU with the Maharashtra Government for two mega projects. The company will be investing Rs 550 crore in Jalgaon. The investment will cover additional production of micro irrigation equipment, fruit and vegetable processing, tissue culture and other allied agricultural activities.
Wednesday, May 14, 2008
Private Equity Investments To Hit 16-Billion Dollar Mark This Year
New Delhi: Strong growth fundamentals of the country will help private equity investments to hit 16-billion dollar mark this year and India is likely to remain a popular destination for the next few years, a latest report says.
"PE investments might be in the $14-16 billion range for the calendar year 2008 and will remain a popular destination for the next two-three years along with China Brazil and Vietnam, Four-S Services, a provider of research, financial consulting and business content services said in its latest report.
In the first two months of this year, as many as 84 private equity or venture capital deals worth nearly $4.1 billion have already been announced, the report added.
Though investments in the private equity arena are flowing in, the year 2008, it would be little 'cautious,' because of the downturn in the US economy, appreciating rupee, high oil prices among others, Four-S Services said.
However, the global credit crunch would not impact India much, as the major portion of the over-eight per cent growth of the country would be driven by domestic demand.
The PE investments would get a further fillip from the reasonable valuations that are prevailing after the 20-25 per cent market correction so far this year.
The Indian markets are expected to witness a further correction before investments picks up. "The investment momentum is expected to rise in the second half of 2008, that is post July," the report added.
The report however pointed out that some of the factors that could pose challenges to the PE investment sector include lower growth rates for export-based industries due to strong rupee, high oil prices which is one of the reason behind high inflation, potential capital gains tax on external funds routed through Mauritius.
"PE investments might be in the $14-16 billion range for the calendar year 2008 and will remain a popular destination for the next two-three years along with China Brazil and Vietnam, Four-S Services, a provider of research, financial consulting and business content services said in its latest report.
In the first two months of this year, as many as 84 private equity or venture capital deals worth nearly $4.1 billion have already been announced, the report added.
Though investments in the private equity arena are flowing in, the year 2008, it would be little 'cautious,' because of the downturn in the US economy, appreciating rupee, high oil prices among others, Four-S Services said.
However, the global credit crunch would not impact India much, as the major portion of the over-eight per cent growth of the country would be driven by domestic demand.
The PE investments would get a further fillip from the reasonable valuations that are prevailing after the 20-25 per cent market correction so far this year.
The Indian markets are expected to witness a further correction before investments picks up. "The investment momentum is expected to rise in the second half of 2008, that is post July," the report added.
The report however pointed out that some of the factors that could pose challenges to the PE investment sector include lower growth rates for export-based industries due to strong rupee, high oil prices which is one of the reason behind high inflation, potential capital gains tax on external funds routed through Mauritius.
FIIs On Tuesday Stood As Net Seller In Equity
The FIIs on Tuesday stood as net seller in equity. The gross equity purchased was Rs2,339 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,464.40 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs125.40 Crore) and net debt was Rs0.00 Crore.
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