Elder Pharmaceuticals
Cluster: Apple Green
Recommendation: Buy
Price target: Rs508
Current market price: Rs392
Angellini hikes stake in Elder
Italian pharma company Angellini ACRAF SPA (Angellini) has hiked its stake in Elder Pharmaceuticals (Elder) by 5% to 15%. According to Elder, the stake hike would not activate the takeover code; rather it would strengthen the business tie-up between the two companies. Angellini is one of Italy's top five pharmaceutical companies in terms of sales volume and has a wide presence in 60 countries. During FY2006, Elder had entered into an ownership deal with Angellini, whereby the Italian company had out-licenced three products to Elder and picked up a 10% stake in the company.
SECTOR UPDATE
Telecommunication services
TRAI reduces ADC burden
The Telecom Regulatory Authority of India (TRAI) has announced a reduction in the access deficit charge (ADC) levied on the private sector operators to provide support to Bharat Sanchar Nigam Ltd (BSNL) for its operations in unviable rural areas. The regulator has gone ahead with the decision to reduce the ADC despite a strong protest voiced by BSNL and it clearly reflects that TRAI intends to gradually phase out the ADC regime.
VIEWPOINT
Dish TV India
Dish TV India-new listing
Dish TV, India's first private direct to home (DTH) service provider will be listing next week (on March 26 or March 28) The promoters of Zee Telefilms (ZTL) housed the DTH venture, which was launched in May 2005, in ASC Enterprises, a company wholly-owned by the Zee promoters. Post the restructuring of Zee Telefilms (ZTL) a holder of 100 shares in ZTL has been allotted 57.5 shares in Dish TV India on transfer of certain DTH assets held in ZTL. Thus the shareholders of ZTL get a 57.5% holding in Dish TV
Download here