Weak IIP numbers: Sentimentally negative
After two consecutive months of growth, factory output in India faltered in April on account of a poor showing by the manufacturing and capital goods sectors.
Led by a 3.1% contraction in manufacturing, the Index of Industrial Production (IIP) contracted 0.8% in April, compared with a 0.1% growth in the previous month.
Factory output had expanded by 3% in April last year. The dip in the manufacturing sector in April, which constitutes over 75% of the index, comes after it had recorded a growth of 3.9% in same month last year.
The Worrying part is that the capital goods segment, an indicator of investment cycle, which has been under pressure for last 6 months, contracted 24.9% in April but the Consumer durables expanded by 11.8% indicating positive consumption.
Yes Bank hogs limelight as RBI hikes foreign holding limit
Reserve Bank of India (RBI) has increased private sector Yes Bank's foreign holding limit to 74% of the paid-up capital, under the portfolio investment scheme.
RBI, in a release here said foreign institutional investors (FIIs) and registered foreign portfolios investors (RFPIs) can now invest up to 74%, from the existing 60%, of the paid-up capital of Yes Bank under the Portfolio Investment Scheme (PIS).
Bank of India ties up with Star Health Insurance
Star Health Insurance and Bank of India have entered into a corporate agency agreement to market the insurer's products across the bank's branches in the entire country.
This tie-up will enable Star Health to leverage Bank of India's network of all branches and huge customer base across the country.
Dr. Reddy’s buys eight ANDAs from Teva for $350 million
Dr. Reddy's Labs (DRL) has signed a deal with Teva and an affiliate of Allergan to acquire a portfolio of eight abbreviated new drug applications (ANDA) in the US for $350 million in cash.
DRL is acquiring the portfolio on a cash-free, debt-free basis and expects to finance the transaction using a combination of cash on hand and available borrowings under existing credit facilities.
Coal India's two mining subsidiaries decide to buy back shares
Coal India's two mining subsidiaries have decided to buy back their shares from their parent to close of 25% of their respective equity capital.
CIL is set to get about Rs1, 977 crore by giving back shares. Given the buyback plans of other cash rich PSU, market is likely to read this step as precursor to CIL's buyback in coming future –Positive.
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