Sumeet's Feed
Apr 18, 2014

Reliance Q4 sales rise, refining margin narrows

MUMBAI (Reuters) – Energy company Reliance Industries Ltd (RELI.NS: Quote, Profile, Research) posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oil refining business offset higher revenue.

Reliance, which operates the world’s biggest refining complex in western India, reported net profit of 56.31 billion rupees for the quarter to end-March, compared with analysts’ expectations of 56.62 billion rupees.

Apr 18, 2014

India’s Reliance Q4 sales rise, refining margin narrows

MUMBAI, April 18 (Reuters) – Indian energy company Reliance
Industries Ltd posted nearly flat fourth-quarter
profits, in line with estimates, as a slimmer margin in its oil
refining business offset higher revenue.

Reliance, which operates the world’s biggest refining
complex in western India, reported net profit of 56.31 billion
rupees for the quarter to end-March, compared with analysts’
expectations of 56.62 billion rupees.

Apr 15, 2014

Diageo bids $1.9 billion to take majority in India’s United Spirits

MUMBAI/LONDON (Reuters) – Diageo, the world’s biggest spirits maker, has launched a $1.9 billion bid to nearly double its stake in United Spirits Ltd, offering a rich price in the hope that India’s increasingly wealthy consumers will drink more alcohol.

If successful, Diageo would end up with 54.8 percent of India’s largest spirits company, which was previously controlled by tycoon Vijay Mallya. He has shed assets under heavy debt and the collapse of his Kingfisher Airlines Ltd, but remains chairman of United Spirits.

Apr 15, 2014

Diageo in $1.9 billion bid to raise stake in United Spirits

MUMBAI (Reuters) – London-based Diageo Plc on Tuesday relaunched a bid to increase its stake in United Spirits Ltd, making a $1.9 billion bet on rising incomes in a country where consumption of alcohol remains relatively low.

The world’s largest spirits maker, which holds 28.8 percent of United Spirits and has management control, offered to buy shares at 3,030 rupees ($50.30), a premium of 18.5 percent to their last closing price, sending the stock up by about 10 percent.

Apr 15, 2014

Diageo in $1.9 billion bid to raise stake in India’s United Spirits

MUMBAI (Reuters) – London-based Diageo Plc (DGE.L: Quote, Profile, Research, Stock Buzz) on Tuesday relaunched a bid to increase its stake in India’s United Spirits Ltd (UNSP.NS: Quote, Profile, Research, Stock Buzz), making a $1.9 billion bet on rising incomes in a country where consumption of alcohol remains relatively low.

The world’s largest spirits maker, which holds 28.8 percent of United Spirits and has management control, offered to buy shares at 3,030 rupees ($50.30), a premium of 18.5 percent to their last closing price, sending the stock up by about 10 percent.

Apr 9, 2014

Sun Pharma plans gradual phase-out of Ranbaxy-branded drugs in U.S. – sources

MUMBAI (Reuters) – Sun Pharmaceutical Industries Ltd (SUN.NS: Quote, Profile, Research) plans to begin phasing out sales of generic drugs branded as Ranbaxy Laboratories Ltd (RANB.NS: Quote, Profile, Research) products in the United States, after completing a $3.2 billion takeover of its loss-making rival by the year end, sources with direct knowledge of the matter said.

Ranbaxy drugs sold in the United States will be gradually rebranded as Sun Pharma treatments as part of a strategy to turn around the company being bought from Japan’s Daiichi Sankyo Ltd (4568.T: Quote, Profile, Research). The brand is likely to continue to be present in other markets, the sources said.

Apr 9, 2014

India’s Sun Pharma plans gradual phase-out of Ranbaxy-branded drugs in U.S.: sources

MUMBAI (Reuters) – India’s Sun Pharmaceutical Industries Ltd plans to begin phasing out sales of generic drugs branded as Ranbaxy Laboratories Ltd products in the United States after completing a $3.2 billion takeover of its loss-making rival, sources with direct knowledge of the matter said.

Ranbaxy drugs sold in the United States will be gradually rebranded as Sun Pharma treatments as part of a strategy to turn around the company being bought from Japan’s Daiichi Sankyo Ltd. The brand is likely to continue to be present in other markets, the sources said.

Apr 6, 2014

India’s drug inspectors hard-pressed to scrutinise factories

MUMBAI, April 7 (Reuters) – An Indian drugs regulator is
among the first to admit that oversight of the nation’s huge
pharmaceutical industry can be patchy.

G.L. Singhal, chief regulator of northern Haryana state, a
drugs manufacturing hub, says he needs double the number of
inspectors if he is to properly scrutinise factories there.

Mar 28, 2014

Banks, issuers look to Indian election to end IPO drought

MUMBAI (Reuters) – After waiting nearly two years, India’s GMR Energy plans to file an IPO prospectus in coming days to raise about $250 million, sources with direct knowledge of the deal said, starting what bankers hope is an election-fuelled revival in equity raising.

Many capital-starved companies, reluctant to tap a market with little appetite for fresh equity, are dusting off listing plans in the expectation that elections starting next month will usher in an investor-friendly government headed by opposition leader Narendra Modi.

Mar 25, 2014

Reliance Industries skids after EC stalls gas price rise

MUMBAI (Reuters) – An unexpected request by Election Commission for the government to defer a rise in gas prices until after a looming general election hit shares in Reliance Industries Ltd(RELI.NS: Quote, Profile, Research) and Oil and Natural Gas Corp(ONGC.NS: Quote, Profile, Research) on Tuesday.

A price increase had been due to come into effect on April 1, just days before India starts voting in an election that starts on April 7 and will end on May 12.