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Den Networks Ltd
Subscription ramp-up during Phase I; Phase II to be a bigger driver January 04, 2013
BUY CMP `197
11 Sector: Media
BSE code: NSE code: 52 Week h/l (`): Market cap (`cr): FV (`): Performance rel. to sensex (%) DEN Dish TV Hathway ZEE Ent 1m (3.6) (2.2) 0.3 6.1 3m 5.4 (10.3) 18.2 6.7 1yr 239.4 5.0 120.8 69.2 532814 DEN 210/47 2,618 10
Shareholding pattern September '12 Promoters Institutions Public & others (%) 53.8 15.2 31.1
Digital subscription of Den Networks rose from ~0.5mn to 1.6mn during Phase I digitization (covering 4 Metros). With constant demand from Local Cable Operators (LCOs) for more Set Top Boxes (STB), the total number of subscribers in Phase I locations is expected to cross 2mn by Jan’2013. Out of the current subscribers of 1.6mn, Delhi is the core area of presence accounting for 1.1mn, followed by Mumbai (0.3mn) and Kolkata (0.2mn). The full impact of Phase I digitization on Den’s top line would be reflected from Q4 FY13. In Phase II locations, DEN has a subscriber base of 4-4.5mn, of which 0.5mn are already digitized. With company’s strong foothold in Phase II locations (presence in 24 cities out of the total 38 cities) and lower penetration of digital cable (~10%) within its subscribers, revenue growth would likely be robust in the longer term. Ministry of Information & Broadcasting (MIB) is already in talks with industry on Phase II implementation. As digitization progresses, DEN’s subscriber base is expected to touch 15-20mn from the current 11mn.
Share price chart
500 400 300 200 100 0 Jan-12
Den Networks Sensex
MSOs better placed than DTH players to reap digitization benefits
Likely to deliver 100%+ earnings CAGR
With relatively lower requirement for capex, ability to provide bundled services (video, broadband, telephone, etc), capacity to carry more HD channels and large LCO network, we expect MSOs to benefit significantly from digitization. From mid-Sept to Phase I deadline, DTH players added subscribers to the tune of 0.17mn whereas MSOs added 1.7mn subscribers. DEN, being one of the leading MSO, has already received order for ~2mn STBs from Phase II locations signifying the phenomenal pace of digitization. In addition to increased demand for STBs, digitization will gradually eliminate the scope of under-declaration of subscribers by the LCOs (Digital Addressable System identifying each subscriber). Resultantly, MSOs will have direct control over its subscribers and would share a legitimate portion of the revenue pie.
Digitization has resulted in complete turnaround of the cable industry. Backed by factual subscriber statistics and lower content cost, Den Networks being one of the leading cable distribution companies is likely to see a meaningful impact on its profitability. This was partially evident in sharp operating margin improvement during H1 FY13, from 7.3% in FY12 to 20.2%. Full impact of Phase I implementation, commencement of Phase II (a bigger opportunity), significant demand for STBs and margin improvement would drive exceptional earnings growth (100%+ CAGR) over FY12-15.
Y/e 31 Mar (` m) Revenue yoy growth (%) Operating profit OPM (%) Net Profit yoy growth (%) EPS (`) FY12 11,295 10.5 822 7.3 143 (8.7) 1.1 61.5 180.0 3.2 24.0 1.4 1.8 1.0 FY13E 9,827 (13.0) 1,867 19.0 588 127.0 4.4 65.0 44.5 3.0 12.9 4.8 7.1 3.7 FY14E 12,775 30.0 2,619 20.5 816 40.3 6.1 71.2 32.0 2.8 10.1 5.8 9.0 4.5 FY15E 15,969 25.0 3,785 23.7 1,376 44.5 10.4 81.5 19.0 2.4 7.3 8.4 13.6 6.5
….to drive robust growth in earnings
1,500 (Rs mn)
1,200 CAGR 112.8% 900
Adj.BVPS (`) P/E (x) P/BV (x) EV/EBIDTA (x) RoCE RoE RoA
Source: Company, India Infoline Research
0 FY12 FY13E FY14E FY15E
Source: Company, India Infoline Research
The coming week.000 mark as it trades above all the critical moving averages. With Nifty surpassing most of important resistance zone of 5920-5930 this week and with no major signs of trend reversal.0 3. Realty and Oil & Gas sector. For India.0 1.200 800 400 0 1-Jan 5.000 1. the up move could extend further.600 2. IIP and inflation could have a bearing on the RBI’s policy meeting later in the month.8 1.400 800 200 (Rs cr) Net FIIs inflow Net MFs Inflows Advance/Decline 2.090 levels and above which it may take shot at all time high of 6. Nifty range for the week might be in the range of 5920-6150.0 2. The immediate resistance for Nifty is seen at 6.3 2. Long addition was seen in Bank nifty. Though Friday was subdued. FIIs/MFs activity 4.600 1. will be more stock-specific with indices in a narrow range.0) 0. which may continue to remain lackluster.335.0 2 2-Jan (400) .7 31-Dec Sectoral performance BSE Realty BSE Oil & Gas BSE Small-Cap BSE Power BSE Bank BSE Metal BSE-200 BSE IT BSE Auto BSE Cap Goods BSE Pharma (0.0 1.0 1.0 5.0 2.5 2. Highest OI is at 6200 call and 5800 put. Long build was seen in Banking. Put writing was seen at 6000 strike.7% for the main indices.9 1. The corporate commentary will be examined to gauge the mood at India Inc.0 Advance Decline 14-Dec 17-Dec 18-Dec 19-Dec 20-Dec 21-Dec 24-Dec 26-Dec 27-Dec 28-Dec 17-Dec 18-Dec 19-Dec 20-Dec 21-Dec 24-Dec 26-Dec 26-Dec 27-Dec 28-Dec Global performance Nasdaq Dow Jones Hangseng Nikkei Shanghai Nifty Sensex 0. On option front. the coming week will usher in corporate results including companies like Infosys.0 31-Dec 1-Jan 5. the week managed to clock gains of ~1.0 1.6 2.5 4. Technical View Nifty continues to be in strong uptrend and is consolidating above 6.2 4.200 2.0 4.2 2.8) BSE FMCG (1. F&O View FIIs remained net buyers for the week bought heavily in cash segment. triggering a rally across global indices.8 1.1 3.7 2.0 3.9 2.800 3.000 (No of stocks) 1.400 3.0 6.0 2. while 6100 put which is I-T-M option has witnessed buying in today trade.7 2.0 4. It was indeed high drama and a last minute scramble in US as Obama and team got into action to avoid the ‘fiscal cliff’ crisis.8 3. while remained net sellers in cash segment. A likely recession scenario was averted after the House of Representatives approved a Senate bill that raised tax for the rich and delayed spending cuts.India Infoline Weekly Wrap Market Outlook The New Year has brought good tidings for equity markets world over and India is no exception.
Ipca Labs .1 Ind-Swift Lab 7.4 67.2 IFCI 6.7 5.4 Arss Infra CNX 500 CMP (`) 59 83 50 310 38 587 15 29 117 52 % Chg 26.India Infoline Weekly Wrap Technical Check Nifty 50 & CNX 500 top 10 gainers NSE Nifty Company RCOM PNB ONGC BHEL BPCL IDFC Reliance Infra DLF Gail India Cairn India CMP (`) 81 908 285 243 374 184 547 238 371 337 % Chg Company 10.4) Bl Kashyap (0.5 4.4 1.4 15.7 IB Finan 6.7 Lakshmi Vilas 5.1) Wyeth .0 10 days Average Traded Qty (lacs) 1. .4 1.3 Price (`) 175.4) (2.United Brew CNX 500 CMP (`) 12 144 231 18 871 241 585 507 336 928 % Chg (6.0 13.7) (2.8) (5.1) Suzlon Energy (0.8 Gammon Infra 5.5) Technically strong CMP (`) 202 354 72 66 1182 10 days Moving Average (`) 197 345 70 64 1145 Total Traded Qty (lacs) 2.3 1.6) (5.6 11.7 SIB 5.7) (2.0 17.5) (4.0 Gitanjali Gems 5.4) Simplex Infra (0.5 Company Sesa Goa OBC Essar Oil Indian Hotels ICICI Bank Company Cipla Bajaj Hind Ashok Leyland Lupin Fed Bank Ltd CMP (`) 416 25 27 604 527 Bulk deals Date 03-Jan-13 Institution India Cap Fund Scrip name Zodiac Cloth Jindal Saw S Kumars PC Jeweller B/S S B S B Qty (lacs) 18.8 Jai Corp 7.6 13.4 1.0 143.4 Company ITC Sun Pharma Hero Motocorp Kotak Mah Cipla - Nifty 50 & CNX 500 top 10 Losers NSE Nifty CMP (`) 282 735 1.1 Srei Infra 6.9) (3.4 Technically weak 10 days Moving Average (`) 418 26 27 611 532 Total Traded Qty (lacs) 3.1 11.4 15.Info Edge .Emami .8 14.2 0.2 13.7 7.8 4.7) (2.0 3.1 14.6 22.4 15.6 14.0 126.3 1.888 650 416 % Chg Company (2.7) (3.1 2.6) Radico (0.3 0.Madras Cem.6 10 days Average Traded Qty (lacs) 2.3 0.5 0.0 Book closure and record date Company Siemens Mphasis Walchandnagar MRF Persistent Sys Date 16 Jan 2013 17 Jan 2013 23 Jan 2013 30 Jan 2013 31 Jan 2013 Purpose Dividend Final Dividend Dividend Final Dividend Interim Dividend 31-Dec-12 Morgan Stanley 28-Dec-12 IDBI 27-Dec-12 DVI Fund Mauritius Nifty Future VWAP 6100 6050 6000 5950 Nifty Futs Close Nifty Vwap Bank Nifty Future VWAP 13000 12900 12800 12700 12600 Bank Nifty Futs Close Bank Nifty Vwap 5900 5850 5800 27-Dec 28-Dec 31-Dec 1-Jan 2-Jan 3-Jan 4-Jan 12500 12400 12300 27-Dec 28-Dec 31-Dec 1-Jan 2-Jan 3-Jan 4-Jan 3 .
There could be a short term setback for the gold bugs.300 4. rebound in Chinese manufacturing activity has also provided a shot in the arm for the bulls.9) (2.050 2.695 31 Low 7. Improving labour markets should strengthen the dollar and effectively weigh on the complex.0 (3. On price front. as it seems that the Senate wants to buy some time on this. The deal consists of keeping most of the existing tax cuts intact except on individuals making over US$400.225 141.7 1. Precious metals Gold prices commenced the week on a positive note.880 2. Recent flow of macroeconomic numbers in China suggests that the country’s manufacturing sector continues to expand.0 2.India Infoline Weekly Wrap Commodity Corner Base metals Base metals have witnessed handsome gains. However after two months.640 29 Chg(%) 2.8 0. In addition.936 Abs Chg.655 206.7 1. On fundamental front.257 17.376 2.058 2.0 Chg(%) (0.4 1. In addition. We infer that an incremental government spending on infrastructure projects is aiding such growth. However at this juncture. if the US nonfarm payroll numbers for December comes higher than the 150.325 5. 2.0 1.598 (9.0 LME Copper 10500 9500 8500 7500 6500 5500 COMEX Gold 2050 1900 1750 1600 1450 1300 1150 4 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 1000 dloG )EML( reppoC US$/ ton US$/ ounce . LME copper prices have breached the psychological level of US$8. We advocate buying the metals on dips.499 High 1. the House of Representatives and Senate struck a deal to avoid the fiscal cliff.638 29 LTP* 8. as bulls sought substantial encouragement from the mitigating concerns regarding US fiscal cliff.8) 0.215.175 2.184 2. Precious metals could remain under further pressure.1 1. which have been delayed for two months. The minutes of the latest policy meet reveal that Federal Reserve officials want to slow or stop asset purchases during this year.025 2.072 2. as US Federal Reserve now intends to end the bond buying programme before the end of 2013.458 312.875 17.106 2.7) 0.775) (95) 1. as the potential costs could rise due to the increasing size of Fed's balance sheet.000 per annum.250 312.625 12.672 1. the ratio of cancelled warrants to total stocks have surged to 57%. Nothing much is done on the spending cuts. LME Lead inventories are at their lowest level since early November. much higher than Democrat’s initial yardstick of US$250.000 expected.250) 575 (10. as prices would be more receptive to the improving macroeconomic developments emanating from China and US.000/ton and are successfully sustaining above the same.308 Low 1.3) (0.641 Chg (%) 0.357 LTP* 1. the onus lies on the US congress for taking decisive measures on spending cuts and extensions of debt ceiling.031 446. as prices should find support at the immediate support levels.000.187 2. precious metals have lost substantial ground. implying that more than half of the LME inventories are booked for delivery.217.9 (0.0) Weekly inventory update Tons Copper (LME) Nickel (LME) Zinc (LME) Aluminium (LME) Lead (LME) Tin (LME) Shanghai Copper Shanghai Zinc Shanghai Aluminium 320.000 or households making US$450.685 1. We tend to remain optimistic on the non-ferrous complex. In this regard. paring all the recent gains related to the fiscal cliff euphoria. Note: This market commentary is written at 12:30 PM IST LME prices Base Metals (US$/ton) Copper Nickel Zinc Aluminium Lead Precious Metals (US$/ounce) Gold Silver * Last Traded Price High 8. as hopes of an agreement on the US fiscal cliff negotiations underpinned the buying sentiment.098 17.
224 3.2 2.000 BSE 200 66 30 1.0 17.4 118.4 46.4 47.000 BSE 100 34 21 1.3 12.2 NFO update Fund Name HDFC FMP 462D Jan-13 Sr-24 (1) ICICI Pru FMP Sr-65-483D Plan E Indiabulls Gilt Fund Close 08-Jan 09-Jan 11-Jan Type CE CE OE Class Debt Debt Debt 5 .7 3.3 45.9 5.0 2.2 11.3 1yr 31.7 20.1 5.0 3.8 11. Dividend & Bonus `5.2 4.4/168.1 7.4 5.3 14.591 Open-ended Equity .7 3.102 4.5 29.3 11.2 28.7 0.6 6. of sectors Expense ratio Exit load Shailesh Raj Bhan `45.7 5yr 34.2 15.1 16.85% 1% before 1 year Asset allocation (%) Equity Debt Cash/call Top 5 holdings (%) Divis Labs Infosys ICICI Bank Trent SBI Top 3 sectors (%) Financials Healthcare Technology 17.1 8.056 1.4 6.1 5.0 11.6 7.2 21.071 NAV (`) 231.1 3.5 3mth 7.1 3.India Infoline Weekly Wrap Mutual Fund Round-up India Infoline picks Mutual Funds HDFC Top 200 Fund(G) ICICI Pru Dynamic Plan(G) IDFC Sterling Equity Fund-A(G) L&T Tax Advt Fund(G) HDFC Prudence Fund(G) Reliance Equity Opportunities Fund(G) IDFC Premier Equity Fund-A(G) Assets (` Cr) 12. Infosys Larsen & Toubro Top 3 sectors (%) Financials Energy FMCG 31.8 25.8 45.2 23.6 26.8 0.830 3.2 96.2 21. of sectors Expense ratio Exit load Prashant Jain `231.4 54.7 1mth 4.6 4.7 7.2 5.1 3.8 40.6 Funds this week: HDFC Top 200 Fund Fund snapshot Fund Manager Latest NAV NAV 52 high/low Latest AUM (cr) Type Class Options Min investment Benchmark No.6 3.7 2.9 245.4 13.1/29.0 5.7 30.5 14.7 4. of stocks No.830 Open-ended Equity .193 1.5 (0.3 28.8% 1% before 1 year Asset allocation (%) Equity Debt Cash/call Top 5 holdings (%) State Bank of India ICICI Bank Ltd.9 19.Diversified Growth & dividend `5.4 `231.0 6mth 15.5 22.9 13.8 53. 2013 1wk 3.3 `3.153 6.1 40.Diversified Growth.1 `45. of stocks No.1) Reliance equity opportunity fund Fund snapshot Fund Manager Latest NAV NAV 52 high/low Latest AUM (cr) Type Class Options Min investment Benchmark No.5 45.1 `11.8 Absolute return (%) as on Jan 03.1 2.8 3yr 2.8 1.2 41.6 2.2 99.3 6.8 39.2 2yr 28.3 44. ITC Ltd.0 4.
dnI eroc xiS Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 stcudorP GFM noitalfnI ylhtnoM etar PC htm3 Crude (Brent/ Nymex) edurC xemyN dleiy cesG ry01 xednI ralloD edurC tnerB Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 dleiy dnob AAA ry5 6 12 16 10 12 14 0 4 8 0 2 4 6 8 (8) (4) (2) Apr-10 100 Inflation Chartbook 30 (%) (%) Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 40 50 60 70 80 90 Source: Bloomberg Currency Movements 10 12 14 16 18 2 4 6 8 India Infoline Weekly Wrap Dollar Index Interest Rate 70 100 120 140 160 180 20 40 60 80 75 80 85 90 95 (%) (US $) .)PBG/RNI( )DSU/ORUE( IIP and Six core Industries Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 PII )YPJ/RNI( )DSU/RNI( .
00 2.000 20.000 (%) 0 Apr-99 Jun-03 Apr-04 Jun-08 Apr-09 Feb-10 Dec-10 Oct-11 17x 13x 21x Aug-12 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 XIV Feb-05 Dec-05 SU enoZ oruE Oct-06 Aug-07 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 anihC ynamreG aidnI 31YF Kospi* Taiwan* Straits* Sensex 41YF Mexico Bolsa Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 )000'( smialC sselboJ laitinI Brazil Bovespa 31YF Source: Bloomberg Chartbook.300 1.00 4.. Nikkei* Shanghai Comp 7 .400 1.600 10.000 15.00 8.00 12. Volatility Index Sensex PE Band Feb-00 Dec-00 Oct-01 Aug-02 5x 200 9x 300 400 500 600 700 800 1.000 30.PMI 40 45 50 55 60 65 70 100 10 20 30 40 50 60 70 80 90 0 10.00 - PE (x) Dow Jones (Rs) Nasdaq PE Comparision S&P 500 FTSE US Initial Jobless Claims DAX India Infoline Weekly Wrap Sensex Earning Estimates Hang Seng* .200 1..00 16.000 35.00 14.00 6.000 25.000 5.500 1.
India Infoline does not assure for accuracy or correctness of information or reports in the newsletter. Dr Reddy’s Laboratories Ltd has launched Finasteride tablets. Reliance Commercial Land and Infrastructure Ltd (RCLIL).India Infoline Weekly Wrap News Recap HDFC Bank raises `14. RCOM calls for lower base price in CDMA auction . Suven Life Sciences has secured three product patents. Kamala City.05bn by way of private placement of bonds. an Australian contract mining and construction company. IIFL Centre. the nation's largest liquefied natural gas importer. electronic media. India Infoline may or may not hold positions in any of the securities named in this newsletter as a part of its business. Abbott Laboratories said it has completed the spin off of its research-based pharmaceuticals business into an independent company. near Nagpur. views expressed by our research team.27bn through issue of securities to promoter. and should not be construed as an advice to buy or sell any of the securities named in this newsletter. Investors should not rely solely on the information contained in this publication and must make their own investment decisions based on their specific investment objectives and financial position and using such independent advisors as they believe necessary. though terms had not been finalised. Tulip Telecom on has initiated discussions with lenders to restructure its `27bn debt with longer maturity periods. Elder Health Care Ltd (EHCL) has entered into the growing male energy booster market. Punj Lloyd said its subsidiary Sembawang Engineers and Construction Pte Ltd has given a proposal to acquire the construction business of Macmohan Holdings Ltd. Mumbai 400 013 The information in this newsletter is generally provided from the press reports. Geometric’s German subsidiary Geometric Europe GmbH has acquired 100 per cent stake in electronics engineering company 3Cap Technologies GmbH (3Cap). by 500 units with an aim to lower waiting period. The materials and information provided by this newsletter are not. Lower Parel (W). Event Calendar Period : 07th – 11th January US • • • • • • • • • • Jan initial jobless claims (10 Jan) Nov wholesale inventories (10 Jan) Nov trade balance (11 Jan) Dec Imports & Exports YoY% (10-15 Jan) Dec Consumer price index yoy (9-13 Jan) Dec Producer price index (9-13 Jan) Dec Imports & Exports YoY% (10-13 Jan) Nov Euro-zone PPI YoY (8 Jan) Nov Euro-zone unemployment rate (8 Jan) ECB announces interest rates (10 Jan) US • • • • • • • • • • • Advance Retail Sales (15 Jan) Producer Price Index (MoM) (15 Jan) Consumer Price Index (MoM) (16 Jan) Dec Imports & Exports YoY% (10-15 Jan) Monthly Wholesale Prices (14 Jan) CPI (YoY) (14 Jan) Actual FDI (YoY) (14-18 Jan) December Property Prices (18 Jan) Real GDP (YoY) (18 Jan) Euro-zone Trade Balance (15 Jan) Euro-zone CPI (16 Jan) Period : 14th – 18th January India China India China Europe Europe IIFL. Reliance Industries Ltd (RIL) wants to merge four of its associate companies in real estate with its main property development subsidiary. analysis. The information also includes information from interviews conducted. two from Eurasia and one from Canada. Jet Airways said it was in talks with Abu Dhabi’s Etihad Airways for a potential stake sale in the Indian carrier. Reliance Power synchronised the second of its two 300-MW units at its Butibori Thermal Power Project. in Maharashtra. The company has tied up with herbal medicines maker Shree Maruti Herbals. 8 . Gujarat Gas has entered into an agreement with GSPC for purchase of 1. a bioequivalent generic version of Propecia (Finasteride) tablets in the US market. Spice Jet has raised `1. . Mahindra & Mahindra said it is ramping up production of recently launched premium sports utility vehicle (SUV). Sintex Industries raised US$170mn through a mix of FCCB and shares to qualified institutional investors to repay its bond holders US$290 million by March 2013. The new biopharmaceutical company has been named AbbVie. Past performance is not necessarily an indication of future performance.2% stake in Petronet LNG Ltd.1mn standard cubic meters per day (mmscmd) of re-gasified LNG . the Rexton. Indraprastha Gas Ltd is keen to buy Asian Development Bank's 5. websites and other media. Senapati Bapat Marg. Wipro gets shareholder nod for demerger . under the scheme of amalgamation proposed before the Bombay High Court. research.
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