November 2013

Vol 1 Issue 3

FY WEEKLY TIMES
Allahabad Bank to raise Rs 320 crore in QIP
State-run Allahabad Bank said it will raise Rs 320 crore of equity in qualified institutional placement(QIP), but is in no hurry to do so since the government's plan to infuse Rs 400 crore this fiscal will help it keep its capital adequacy ratio (CAR) level above the 9% regulatory stipulation.
http://economictimes.indiatimes.com/markets/ipos/fpos/righ ts-issues/allahabad-bank-plans-to-raise-rs-320-crore-inqip/articleshow/24993726.cms

BlackBerrys $4.7 billion deal with Fairfax collapses

BlackBerry Ltd. abandoned plans to sell itself and began searching for a new chief executive officer after a $4.7 billion takeover plan collapsed, sending shares of the struggling smartphone maker plunging. Fairfax Financial Holdings Ltd., BlackBerrys largest investor, walked away from its bid for the company, opting instead for a $1 billion bond deal and a management shakeup. Fairfax will invest $250 million in the convertible bonds. CEO Thorsten Heins will step down, while former Sybase CEO John Chen becomes executive chairman, putting him in charge of the companys strategy. http://www.livemint.com/Companies/nwdJmgvytt4NY z6C7dwU5L/BlackBerry-calls-off-sale-will-replaceCEO.html

SAC Capital to plead guilty in insider trading case

Steven A. Cohens embattled hedge fund SAC Capital Advisors will plead guilty in federal court and pay $1.8 billion to settle charges stemming from an insider trading investigation that lasted more than five years. US prosecutors in July charged the hedge fund - which managed as much as $14 billion this year before investors began withdrawing money - with presiding over a culture in which employees flouted the law and were encouraged to tap personal networks for inside information about publicly traded companies.
http://www.livemint.com/Companies/vcjuCHbuYr7O aynuguNyQK/Prosecutors-SACCapital-to-unveilinsider-trading-plea-deal.html

Granules India acquires Auctus Pharma

Hyderabad-based drug maker Granules India Limited has acquired the entire stake of unlisted Auctus Pharma, a manufacturer of active pharmaceutical ingredients (API) for Rs 120 crore. The acquisition process is expected to be completed in the next three to six months. http://www.businessstandard.com/article/companies/granules-indiaacquires-auctus-pharma-113110400432_1.html

Johnson & Johnson to pay $2.2 bn to end US probes

Johnson & Johnson will pay $2.2 billion to the US government to end civil and criminal investigations into kickbacks to pharmacists and the marketing of pharmaceuticals for off-label uses. The settlement with the company and its subsidiaries covers the marketing of schizophrenia treatment Risperdal and of heart drug Natrecor. The off-label marketing caused US government insurance programs to pay hundreds of millions of dollars for uncovered claims. http://economictimes.indiatimes.com/news/interna tional-business/johnson-johnson-to-pay-2-2-bln-toend-us-probes-reports/articleshow/25226213.cms

Big bang missing in Muhurat trading

On Sunday, the special trading session on Indian bourses to mark the beginning of Samvat 2070, a new year for traders according to the Hindu calendar, proved to be a tepid affair. During the 75-minute Muhurat trading, the BSE benchmark Sensex rose as much as 0.6 per cent to a record 21,321.53 but could not hold on to early upsides. The index, which had on Friday touched 21,293.88 for the first time in almost six years on Sunday closed at 21,239.36, up 0.2 per cent over its previous close. The NSE Nifty, on the other hand, posted a record closing high of 6,317.35, exceeding its previous record of 6,312.45, set on November 5, 2010. Its highest level in intra-day trade remains 6,357.10, hit on January 8, 2008.
http://www.businessstandard.com/article/markets/big-bang-missing-inmuhurat-trading-113110300417_1.html

Microsoft to buy wind power for data center in Texas

US computer software company Microsoft Corp has signed a 20-year power purchase agreement for wind energy in Texas. http://economictimes.indiatimes.com/news/interna tional-business/microsoft-to-buy-wind-power-fordata-center-in-texas/articleshow/25224850.cms

The first Rule is Not To Lose. The second rule is Not To Forget the first Rule

Warren Buffett