• Asian shares rise ahead of key Chinese trade data
• Indraprastha Gas to cut gas prices
• Indian companies raise $ 2.6bn overseas capital
• No additional cotton exports: Anand Sharma
• Kingfisher Airlines bulk deals
• FIIs want GAAR dumped
• Bharti Airtel to launch 4G today
• iGate to complete Patni delisting
Asian shares rise ahead of key Chinese trade data
Asian shares rose on Tuesday ahead of trade data release from China and a meeting of the Japanese central bank. The Japanese yen came off a one-month high against the US dollar encouraging investors to buy Japanese export oriented companies like Toyota, Honda and Nissan. Overnight, US shares extended losses for a fourth day on Monday over poor jobs data. Major indices fell over 1 per cent with bank and industrials leading the fall. The street expects Alcoa, Google and JP Morgan to announce results this week.
Indraprastha Gas to cut gas prices
Indraprastha Gas Ltd, the monopoly supplier of compressed natural gas (CNG) and piped natural gas (PNG), may have to take a hit of around Rs 1,000 crore because of an order from the Petroleum and Natural Gas Regulatory Board (PNGRB). The Gas board has ordered cuts in rates, charges for CNG & PNG to Delhi consumers. PNGRB's approved tariff is 60% lower than IGL's demand price.
Indian companies raise $ 2.6bn overseas capital
Indian companies raised $2.6 billion from overseas markets in February, marginally lower than $2.7 billion mopped up in January. According to the RBI data released today, Indian entities raised over $2.6 billion through external commercial borrowings and foreign currency convertible bonds (FCCBs).
No additional cotton exports: Anand Sharma
India will not allow additional cotton exports as of now though it could permit shipments already registered with the government after revalidating, trade and textile minister Anand Sharma said on Monday. India halted new cotton exports after traders shipped record 9.5 million bales of 170 kg each, much higher than a projected 8 million bales, but stepped back from a shock total ban saying it would review 2.5 million bales already registered but not shipped.
Kingfisher Airlines bulk deals
Redect Consultancy, a privately held investment firm, sold 32.5 lakh shares of Kingfisher Airlines for Rs 5.74 crore in an open market transaction. In a bulk deal, Redect Consultancy offloaded 32,50,914 equities of Kingfisher for Rs 17.66 apiece, valuing the deal at Rs 5.74 crore, according to data available on the stock exchanges. Shares of Kingfisher Airlines fell by 6.22 per cent to close at Rs 17.35 apiece on the BSE.
FIIs want GAAR dumped
After a marathon meeting with finance ministry officials last Wednesday, a clutch of big foreign institutional investors were at the North Block again on Monday in a last ditch effort to save their business. They argued against the applicability of the general anti-avoidance rules or GAAR to foreign portfolio investment. A section of FIIs said they could pay more securities transaction tax than the one on capital gains.
Bharti Airtel to launch 4G today
Bharti Airtel is the first company to deploy a commercial high-speed wireless broadband service in India. Airtel paid Rs 3,314 crores for fourth generation, or 4G, wireless spectrum in four circles of Maharashtra, Karnataka, Punjab and Kolkata. The service would be unveiled in Kolkata today.
iGate to complete Patni delisting
US-based iGate will offer Rs 520 per share to shareholders of Patni Computer Systems to get its Indian arm delisted from stock exchanges. The company has accepted the discovered price of Rs 520 determined through a reverse book building process. US-based iGate, along with private equity player Apax Partners, had acquired a majority stake in Patni for $1.2 billion and had paid Rs 503 per share in one of the largest IT deals in India. The delisting comes at a 3.4 per cent premium over current market price.
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