NSE WEEKLY NEWS UPDATE

✍ Govt to allot coal mines to PSUs
After two rounds of auctioning of coal blocks for private companies, the government will on Tuesday allot mines to central and state PSUs. "Allotment of coal blocks to state entities to take place on Tuesday," Coal Secretary Anil Swarup tweeted. The Coal Ministry had earlier received 107 applications from public sector undertakings (PSUs) like NTPC Ltd , Steel Authority of India Ltd (SAIL) , Damodar Valley Corp (DVC) and Neyveli Lignite Corp (NLC) for allocation of 43 coal blocks. The Palma II mine in Chhattisgarh got nine applications, the highest for a single block. "The allotment process for 43 coal mines to government companies started on February 18...Maximum number of applications have been received for Gare Palma sector II coal mine," an official release said. The companies which had applied for Gare Palma II mine in Chhattisgarh include NTPC, Singareni Collieries Co Ltd, Andhra Pradesh Power Generation Corp and Gujarat State Electricity Corp. The government has already garnered over Rs 2 lakh crore by auctioning just 33 blocks, surpassing the Rs 1.86 lakh crore loss estimated earlier by government auditor CAG for allotment of mines without auction. The government is believed to have alloted the three cancelled coal blocks, for which JSPL and Balco had emerged as the highest bidders in the recently concluded auction, to state-owned miner CIL. Parliament last week approved Coal Mines (Special Provisions) Bill, 2015, which forms part of NDA government's reforms agenda, in the nick of time on the last day of the first half of Budget session and the ordinance on this were to lapse on April 5.

✍ RBI allows Sun to transfer Ranbaxy's overseas investments
Sun Pharmaceutical Industries has received RBI nod for transfer of overseas investments of Ranbaxy to it and issue its shares to the non-resident shareholders of the latter as part of their USD 4-billion merger deal. In a filing to the BSE, Ranbaxy Laboratories said Reserve Bank of India on Monday gave approval for transfer of overseas investments held by Ranbaxy in its joint venture and wholly owned subsidiaries to Sun Pharma, pursuant to the proposed merger of Ranbaxy with Sun Pharma through a Scheme of Arrangement. The central bank also approved issue of equity shares of Sun Pharma to the non-resident holders of equity shares of Ranbaxy Laboratories, the filing added. The two firms have received nod from the Competition Commission for sale of seven brands to Emcure Pharma to comply with the fair trade watchdog's conditional nod for their merger. In an order issued yesterday, CCI approved the deal with Emcure, which would purchase the 'divestment products' that were ordered to be sold in an earlier direction issued in December last by the Competition Commission of India (CCI). These seven brands were at the core of the CCI's contention that the merger between Sun Pharmaceutical Industries and Ranbaxy Laboratories was 'prima-facie' in violation of competition laws and therefore the regulator had ordered divestment of those products under its 'conditional' approval to the deal. Despite sale of these products, the merger would create India's largest and the world's fifth largest drugmaker. In December, CCI had directed Sun Pharma to divest all products containing 'Tamsulosin + Tolterodine' which are marketed and supplied under the Tamlet brand name. Similarly, Ranbaxy was directed to divest all products containing Leuprorelin which are marketed and supplied under the Eligard brand name. It also had to divest products such as Terlibax, Rosuvas EZ, Olanex F, Raciper L and Triolvance.

✍ IndiGo heads towards $ 400 mn IPO as air travel booms
India's biggest carrier, IndiGo, is preparing to file documents for a stock listing to raise USD 300 to USD 400 million, two sources with knowledge of the plans said, as it looks to cash in on a booming air travel market. IndiGo, owned by hospitality and travel company InterGlobe Enterprises, has remained profitable in the last two years, avoiding much of the turbulence to hit rival Indian carriers. IndiGo has picked Citigroup, Kotak Investment Bank, Morgan Stanley and JP Morgan as lead managers for the listing, with UBS and Barclays also involved, the two sources said. Indigo will file its draft prospectus by the end of May, two sources said. The timing of the market debut itself, however, is not set, a separate source said, and will depend on market conditions. Indigo was not immediately available for comment.

✍ Inox Wind IPO subscribed 18 times
The initial public offer of Inox Wind was subscribed 18 times on the last day of the share sale.The IPO received bids for over 43.08 crore shares as against the issue size of more than 2.32 crore shares.The company has allocated shares worth Rs 306 crore to anchor investors.
This is the biggest IPO since June 2013.

✍ India's industrial growth rate pegged at 1.8%: ASI
The Annual Survey of Industries (ASI) on Tuesday revised the net industrial growth rate to 1.8 per cent for India from 2.8 per cent estimated earlier for 2012-13. The revised estimates of ASI showed gross capital formation grew at a faster pace of 9.8 per cent in 2012-13, against provisional estimates of 9.3 per cent growth without adjusting for inflation. Since the ASI estimates are included in GDP figures, economic growth for the years 2012-13, 2013-14 and 2014-15 is also expected to be revised. The industrial figures given in ASI are in current prices, while the GDP growth is given in constant prices (adjusted for inflation). Industry grew 2.4 per cent in 2012-13, 4.5 per cent in 2013-14 and is officially projected to grow 5.9 per cent in 2014-15 in the GDP data. India's economy rose 5.1 per cent in 2012-13, 6.9 per cent in 2013-14 and is projected to grow 7.4 per cent in 2014-15 by advance estimates.

✍ CG wins Rs 115 crore order
Avantha Group Company CG has bagged a significant order from Power Grid Corporation of India Limited (PGCIL) for the supply of 80 MVAR 765kV Shunt Reactors valued at Rs 115 Crore. The scope of this contract to be executed in 20 months includes design, engineering, manufacture, shop testing, supply, erection testing and commissioning at site, and other associated civil works. These reactors will be installed at PGCIL’s Vemagiri and Srikakulam Sub-stations in the state of Andhra Pradesh and will add to the existing population of over 100 CG made reactors already in commission in PGCIL’s UHV network.  This order reinforces CG’s existing leadership in the UHV transmission segment in India and its long standing relationship with the Central Transmission Utility. As rapid urbanisation and industrialisation adds millions of new consumers in the country, a robust UHV infrastructure will be the backbone of the power sector and CG is well positioned to serve the utilities for their future growth plan with its complete UHV range”.

✍ SEBI passes order against 11 cos raising funds from investors
The Securities and Exchange Board of India (SEBI) has passed orders against 11 companies that are raising money from a large number of investors without obtaining regulatory approvals SEBI has barred these companies from raising fresh funds, prohibiting their directors from dealing in the securities market and barring them from disposing of any assets until a final order is passed. The companies that have faced Sebi action include Asoka Life Science Ltd, Astha Techno Realty India Ltd, Cell Industries Ltd, Goldmine Food Products Ltd, GSHP Realtech Ltd, Infocare Infra Ltd, Jeevan Suraksha Real Estate Ltd, MARS Agrofarm Developers Ltd, Maxbe Green Provision Ltd, Rista Fisheries and Infrastructure Ltd and Sunshine Hi-Tech Infracon Ltd. The cumulative amount raised by the 11 entities is nearly Rs.110 crore, according to the Sebi orders put up on the website of the regulator.

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