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Top Headline
Kingfa Sci to acquire 66.5% stake in Hydro S&S Industries
for $1.9M.
Yahoo to acquire Tumblr for $1.1B in cash.
Mentor Graphics acquires software products business of
SoftJin.
Wockhardt says FDA alert affects potential sales of $100M.
Naresh Goyal buys 29% stake in Jet Airways from overseas
entity for $257M.
Mytrah Energy buying 59.75 MW of wind power assets in
Tamil Nadu, Maharashtra.
Shree Renuka Sugars to raise $350M through its Brazilian
arm.
Zee Learn raises $20M through GDR
Weekly Finance News
Key benchmark indices posted their first weekly fall in six, ending a
powerful rally since mid-April as dismal earnings from L&T and SBI
coupled with weak global cues after disappointing data from China and
comments from the US Federal Reserve about tapering its stimulus
program weighed on sentiment.
The benchmark BSE index rose 0.15 percent, or 30 points, to end at
19,704.33 on Friday, but was down 2.87 percent or 581.79 points for
the week, marking its biggest weekly fall since the week ended on
March 24.
Similarly, the broader NSE index rose 0.28 percent, or 16.50 points, to
end at 5,983.55, but ended 203.75 points or 3.29 percent lower for the
week, also its biggest weekly fall since late March. The market dropped
in four out of five trading sessions in the week ended Friday, 24 May
2013.

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The BSE Mid-Cap index declined 3.43 percent and the BSE Small-Cap
index fell 3.33 percent. Both these indices underperformed the Sensex.
Still, doubts persist about how long foreign investors will continue to
buy, while investors are also growing wary ahead of January-March
economic growth data next week which will likely confirm whether the
economy has gained some traction on the government's reform moves
and the central bank's rate cuts.
The govt will release January-March quarter GDP on Friday, which is
expected to confirm the economy grew at its slowest pace in a decade in
the 2012/13 fiscal year.
Investors will also be eyeing whether strong foreign buying continues.
Foreign institutional investors extended their record net purchases of
Indian stocks to a 26th consecutive sessions on Thursday, despite sharp
falls sparked by worries the Fed would unwind its monetary stimulus
earlier than expected.
Companies will also continue to report January-March earnings,
including Coal India Ltd, Sun Pharmaceutical Industries Ltd, and Cipla
Ltd.
Inside The Story
Kingfa Sci to acquire 66.5% stake in Hydro S&S Industries
for $1.9M
China's plastic manufacturer Kingfa Sci & Tech Co Ltd has entered into a
definitive agreement to acquire 66.5 per cent stake in Chennai-based
Hydro S&S Industries Ltd (HSSIL), a manufacturer of reinforced
polypropylene compounds, for Rs 10.65 crore ($1.94 million) from the
promoters of the company, as per a stock market disclosure.Kingfa Sci
has also filed for an open offer to acquire 16,65,874 more equity shares
from public shareholders of HSSIL, constituting 26 per cent of the fully

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paid up equity share capital of the company at Rs 42.70 per share,
aggregating Rs 7.11 crore ($1.29 million).
Yahoo to acquire Tumblr for $1.1B in cash.
Yahoo Inc said it is acquiring blogging service Tumblr for $1.1 billion
cash, a bold bet by Chief Executive Marissa Mayer to revitalize the
struggling Internet pioneer by co-opting a Web property with strong
visitor traffic but little revenue.The deal, which will use about a fifth of
Yahoo’s $5.4 billion in cash and marketable securities, is the largest by
far since Mayer took the reins in July seeking to reverse a multi-year
decline in Yahoo’s business and Web traffic.
Mentor Graphics acquires software products business of
SoftJin.
Mentor Graphics Corporation, a US-based technology firm, has acquired
the photomask and lithography related software products business of
Bangalore-based SoftJin Technologies Pvt Ltd for an undisclosed
amount. Nishith Desai Associates acted as the legal counsel for SoftJin
for the transaction.Mentor Graphics deals in electronic hardware and
software design solutions, providing products and consulting services.
Established in 1981, it reported revenues of about $1,090 million in the
last fiscal year.
Wockhardt says FDA alert affects potential sales of $100M.
Drug maker Wockhardt Ltd said up to $100 million in annualised
revenue could be lost as a result of a U.S. Food and Drug Administration
"import alert" on one of its plants, but said it should be able to restore
most of that within 6 to 9 months by shifting production
elsewhere."That is a worst-case scenario," Wockhardt Chairman Habil
Khorakiwala said, referring to the $100 million, in a conference call with
reporters.

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Naresh Goyal buys 29% stake in Jet Airways from overseas
entity for $257M.
Jet Airways chairman Naresh Goyal has transferred around 29 per cent
stake in the country’s second-largest carrier from another overseas
promoter entity owned by him through a stock market transaction
worth Rs 1,434 crore ($257 million).The shares were transferred from
offshore entity Tail Winds Ltd to Goyal’s own name at Rs 570 a piece. Jet
Airways scrip rose 0.78 per cent to close at Rs 584.25 a share, on the
BSE in a weak Mumbai market on Thursday.With this, Goyal’s personal
holding in the company has touched over 29 per cent. As of March 31,
2013, he held 79.9 per cent stake in the airlines through Tail Winds out
of the 80 per cent total promoter holding.
Mytrah Energy buying 59.75 MW of wind power assets in
Tamil Nadu, Maharashtra.
Hyderabad-based Mytrah Energy India Ltd (MEIL), a wholly owned
subsidiary of London Stock Exchange-listed Mytrah Energy, is acquiring
59.75 MW of operational wind power assets in Tamil Nadu and
Maharashtra for an undisclosed amount. The firm has not disclosed the
name of the seller.These assets, which have an average age of under 12
months, comprise turbines from Gamesa, ReGen and Enercon.In a stock
exchange statement, Mytrah said it has received conditional offers for
debt financing for the acquisition which is subject to regulatory
approval and formal documentation.
Shree Renuka Sugars to raise $350M through its Brazilian
arm.
Sugar manufacturer Shree Renuka Sugars is looking to raise around
$250-350 million (Rs 1,350-1,925 crore) through a bond sale through
its Brazilian subsidiary, Renuka Do Brasil S/A. These bonds will carry a
guarantee from the listed Indian parent. The company targets raising
around $250 million with an upside of another $100 million. Last year,
the company failed to raise money from Brazilian sugar manufacturer

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ETH Bioenergia, owned by three partners, namely, PE fund Ashmore,
Brazilian Brandes Bank and Brazilian conglomerate Odebrecht, by
selling stake in the Brazilian company. However, the talks fell through
due to valuation mismatches. Credit Suisse's Brazil arm is said to be
advising the company on the bond sale.
Zee Learn raises $20M through GDR
Zee Learn Ltd, the education arm of Essel Group, has raised $20 million
(Rs 110 crore) through Global Depository Receipts (GDR), the firm
informed the stock exchanges on Tuesday.The GDR issue was fully
subscribed and the company will allot 56,17,977 GDRs at a price of
$3.56 per GDR. Each GDR represents 10 underlying equity shares in the
company and the GDRs will be listed on the Luxembourg Stock
Exchange. This would represent equity dilution of around 18 per
cent.The issue was at an effective price of Rs 19.7 a share. Zee Learn
scrip closed at Rs 19, down 0.26 per cent on the BSE in a weak Mumbai
market on Tuesday.