The latest to join the list of projects that have achieved financial closure are two power projects -- 1,050 Mw GMR Kamalanga Energy of GMR Energy coming up at Dhenkanal in Orissa and the second phase 300 Mw Rosa power project in Uttar Pradesh promoted by Reliance Power. Experts said financial closure for another Rs 100,000 crore worth of projects are likely to be achieved in this calendar year, mainly from the power and infrastructure sector.
Sources now believe that the next few months can see more companies raising money through qualified institutional placements and private equity. The success of the Unitech and DLF block deals have encouraged other companies to jump onto the bandwagon.
The Reserve Bank of India has cut the repo rate (at which it lends to the banks) by 525 basis points to 4.75 per cent from the pre-credit crunch level. Yet, companies continue to borrow much of their working capital at 12.25 per cent, which is State Bank of India's prime lending rate and a sort of benchmark. Nearly three-fourths of all working capital loans like cash credit and overdraft are lent at bank's prevailing PLR.
Parle-G enjoys close to 70% market share in the glucose biscuit segment and has held its price line for 25 years now. Ranju Sarkar explains how.
The compulsory peer reviews of auditors' notes for Sensex and Nifty companies for Q3 results of the last fiscal and full-year results of 2007-08 have proved a virtual non-starter, owing to confusion over its scope and the appointment of auditors.
Termed AiroCide, the technology is supposed to eliminate 99.9 per cent of all air-borne micro-organisms, bacteria and pollutants.
More than 500 independent directors have resigned since January 1 this year.
In a few years, households receiving piped gas at home can use a fuel cell unit to produce power and heat, which can also be used to chill homes during summer.
The Anil Dhirubhai Ambani Group-promoted Sasan Power was Rs 2,500 crore short of the roughly Rs 15,000 crore it needed to borrow for the project. Now, India Infrastructure Finance Company Ltd has agreed to lend around Rs 2,500 crore. A consortium of 12 domestic banks have already committed around Rs 12,500 crore, with State Bank of India and Power Finance Corporation leading the pack, with Rs 3,500 crore and Rs 1,800 crore respectively.
Lupin Ltd, one of the top five domestic pharmaceutical companies, plans to revamp its drug research programme and foray into novel biotech and reverse engineering of biotech drugs (or biosimilars).
Dr Reddy's Laboratories, Jubilant Organosys, Orchid Chemicals, Aurobindo Pharma and Shasun Chemicals and Drugs are among those who have borrowed either to expand locally or to acquire companies abroad, but are now struggling to repay the dues, analysts say. Some of the companies' debt now exceeds their market capitalisation, as local and global investors sold stocks on concerns over slowdown and falling revenues. A few drug makers may be forced to sell assets to repay debt.
The SC's dismissal of the Income-Tax department's plea that companies cannot claim deductions against tax liabilities on account of losses due to foreign exchange rate fluctuations legitimises the way companies were accounting for these forex losses.
Auto financiers, which had tightened lending norms in the face of rising defaults last year, may loosen their fists in the wake of the Calcutta high court's order of Wednesday, reaffirming the lender's right to seize vehicles if customers stop repaying loans.
After launching the Nano early this week, the country's leading truck and bus maker, Tata Motors, is now looking to set up a truck manufacturing plant in Myanmar with support from the Indian government in the form of financial participation.
RIL is grappling with other priorities -- sliding oil prices, shrinking refining margins and a battle with the Anil Ambani group over the supply of gas. The plan was to build an integrated pharma company in two to three years, on the lines of large domestic majors such as Ranbaxy's or Dr Reddy's Laboratories. Instead, the plan has been modified to being a start-up bulk drug manufacturing company that will launch six bulk drugs or active pharmaceutical ingredients by 2010.
The sector has expansion plans worth more than Rs 2,000 crore to increase their bed strength in response to robust demand. Fortis, which now manages 3,000 beds with a network of 26 hospitals, is planning to double capacity by 2012 with 40 hospitals. Apollo Hospitals, which has 7,500 beds in 43 hospitals in India and overseas, plans to add 2,000 beds in two years. Meanwhile, the 17-hospital Wockhardt chain will soon add hospitals at Kolkata, Mumbai and at Nasik in Maharashtra.
The company plans to offer end-to-end logistics solutions where it has custodial charge of the cargo. Till the back-end warehouse infrastructure is ready at the airline's national hub in Nagpur, Gopinath's freighters will fly the Dubai-Mumbai-Delhi-Hong Kong route, offering dedicated cargo space to freight forwarders and serve anyone who wants to move international freight to these cities for time-definite delivery.
Domestic pharmaceutical market registered a value growth of 14.4 per cent in January and 9.9 per cent in the 12 months ended January 2009. The yearly turnover was Rs 34,487.17 crore. The growth of the domestic drug sector, which was just 6.8 per cent in November 2008, improved to 13.2 per cent in December and to 14.4 per cent this January.
RIL has been using gas from GAIL during the past three months to test-fire the 1,440-km east-west pipeline, India's longest, from Kakinada in Andhra Pradesh to Bharuch in Gujarat. Only 100 km of the pipeline remains to be test-fired. It will transport gas from the world's largest gas discovery at the Krishna-Godavari basin in the Bay of Bengal to Jamnagar in Gujarat, where it has set up the world's largest petroleum refinery.
Falling sales at home have failed to douse the company's zeal to grow abroad.
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