India agrees to cut stakes in state banks
The cabinet approved plans to raise about Rs1.6 trillion ($25.76 billion) by selling some of its stakes in state-run banks by 2019, a government statement said on Wednesday. The government holds stakes ranging from 56% to 84% in 27 state-run banks. They account for 70% of total outstanding loans of about $1 trillion in Asia's third-largest economy. The state-run lenders are estimated to need as much as $60 billion in capital over the next four years to meet new global regulations and to build a buffer against rising bad loans.
Bank of Maharashtra revises its base rate
Bank of Maharashtra announced that the Bank have decided to revise the Bank's Base Rate from 10.40% p.a. to 10.25% p.a. with effect from December 15, 2014.
Cabinet approves plan to reduce govt holding in PSU Banks
The Union cabinet approved plans bring down the shareholding in PSU Banks to 52% which should help to raise Rs1.6 lakh crore of capital. The government holds stakes ranging from 56% to 84% in 27 state-run banks. The reduction in government holding is positive for PSU banks especially banks like SBI, PNB, BOI, BOB etc which are in better position to raise capital.
Lupin launches authorized Generic for Celebrex Capsules
Pharma Major Lupin Limited announced today that its US subsidiary, Lupin Pharmaceuticals Inc. (collectively Lupin) has launched the authorized generic for G.D. Searle LLC’s (a subsidiary of Pfizer Inc.) Celebrex® Capsules (Celebrex) 50 mg, 100 mg, 200 mg and 400 mg strengths. Lupin had earlier signed a licensing agreement with Pfizer Inc. regarding Celebrex. Celebrex® Capsules had annual U.S sales of US$ 2.54 billion (IMS MAT September, 2014).
HDIL falls on stake sale by Credit Suisse
Shares of Housing Development and Infrastructure Ltd dipped nearly 7%, touching to Rs68.55, after Credit Suisse (Singapore) sold nearly three million shares of the Mumbai-based real estate company via open market. On December 10, 2014, Credit Suisse A/c Credit Suisse sold 2.81 million shares of HDIL at price of Rs74.54 per share on NSE, the bulk deal data shows. However, the name of buyers was not identified .As of September 30, 2014, Credit Suisse held 4.94 million or 1.18% stake in HDIL, the shareholding pattern data shows.
Tata power acquires thermal plant in Maharashtra
Tata Power announced acquisition of Ideal Energy Project's 540 MW thermal power plants in Nagpur, Maharashtra, which will take Tata power’s generation capacity to 8885 MW. Out of the 540 MW thermal capacities, 270 MW was commissioned in May 2013 and is based on domestic coal. Tata power signed a Share Purchase Agreement ( SPA) for acquisition of 100% shareholding in Ideal energy projects and the deal is subject to statutory approvals.
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The cabinet approved plans to raise about Rs1.6 trillion ($25.76 billion) by selling some of its stakes in state-run banks by 2019, a government statement said on Wednesday. The government holds stakes ranging from 56% to 84% in 27 state-run banks. They account for 70% of total outstanding loans of about $1 trillion in Asia's third-largest economy. The state-run lenders are estimated to need as much as $60 billion in capital over the next four years to meet new global regulations and to build a buffer against rising bad loans.
Bank of Maharashtra revises its base rate
Bank of Maharashtra announced that the Bank have decided to revise the Bank's Base Rate from 10.40% p.a. to 10.25% p.a. with effect from December 15, 2014.
Cabinet approves plan to reduce govt holding in PSU Banks
The Union cabinet approved plans bring down the shareholding in PSU Banks to 52% which should help to raise Rs1.6 lakh crore of capital. The government holds stakes ranging from 56% to 84% in 27 state-run banks. The reduction in government holding is positive for PSU banks especially banks like SBI, PNB, BOI, BOB etc which are in better position to raise capital.
Lupin launches authorized Generic for Celebrex Capsules
Pharma Major Lupin Limited announced today that its US subsidiary, Lupin Pharmaceuticals Inc. (collectively Lupin) has launched the authorized generic for G.D. Searle LLC’s (a subsidiary of Pfizer Inc.) Celebrex® Capsules (Celebrex) 50 mg, 100 mg, 200 mg and 400 mg strengths. Lupin had earlier signed a licensing agreement with Pfizer Inc. regarding Celebrex. Celebrex® Capsules had annual U.S sales of US$ 2.54 billion (IMS MAT September, 2014).
HDIL falls on stake sale by Credit Suisse
Shares of Housing Development and Infrastructure Ltd dipped nearly 7%, touching to Rs68.55, after Credit Suisse (Singapore) sold nearly three million shares of the Mumbai-based real estate company via open market. On December 10, 2014, Credit Suisse A/c Credit Suisse sold 2.81 million shares of HDIL at price of Rs74.54 per share on NSE, the bulk deal data shows. However, the name of buyers was not identified .As of September 30, 2014, Credit Suisse held 4.94 million or 1.18% stake in HDIL, the shareholding pattern data shows.
Tata power acquires thermal plant in Maharashtra
Tata Power announced acquisition of Ideal Energy Project's 540 MW thermal power plants in Nagpur, Maharashtra, which will take Tata power’s generation capacity to 8885 MW. Out of the 540 MW thermal capacities, 270 MW was commissioned in May 2013 and is based on domestic coal. Tata power signed a Share Purchase Agreement ( SPA) for acquisition of 100% shareholding in Ideal energy projects and the deal is subject to statutory approvals.
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