Pantaloon Retail allots one crore warrants to promoters

Pantaloon Retail (India) Ltd on Tuesday said it has allotted one crore warrants to its promoters' group company, Future Ideas Realtors India Ltd.

The company's committee of directors has allotted 1 crore warrants at Rs400 per share, aggregating to Rs400 crore to Future Ideas Realtors India, Pantaloon Retail said in a filing to the Bombay Stock Exchange.

The company has allotted shares of the face value of Rs2 each, at a premium of Rs398 per share, aggregating to Rs400 each. It, however, did not give details regarding reasons for allotment of the warrants. Pantaloon Retail is the flagship company of Future Group.

The group's chief promoter Kishore Biyani had last year said that it aims to be a Rs25,000 crore entity by 2013-14, up from around Rs10,000 crore last year. He had also said that the group aims to add 18 million sq ft of retail space by end of the period.

On Tuesday, Pantaloon Retail shares declined 1.9% to Rs414.5 on the BSE, where the benchmark Sensex also declined 1.4% to 17534 points.

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Natco Pharma launches Anastrazole tablets

Hyderabad-based Natco Pharma Ltd said it launched the generic version of Anastrazole 1 mg tablets in the US through the company’s marketing partners.

Anastrazole is used in the treatment of breast cancers and the market for this product in the US is expected to be in the region of $750 million per annum, according to a company press release on Tuesday.

On Tuesday, Natco Pharma shares fell 3.8% to Rs203 on the BSE, where the benchmark Sensex declined 1.4% to 17534 points.

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Fuel price hike to spur inflation; govt, RBI to intervene

Chief statistician Pronab Sen has said that with overall inflation hovering over 10% and food inflation at 16.9% for the week ended 12th June, the finance ministry and the RBI are going to take strong measures to ease pressure on price

The fuel price hike will further stoke inflation and prompt the government and the Reserve Bank of India (RBI) to take strong measures to ease pressure on prices soon, said the country's chief statistician Pronab Sen, reports PTI.

"You (are) already in inflationary process. The non-food inflation is accelerating. In that situation, this (fuel price hike) can actually trigger off stronger inflation process," he told reporters on the sidelines of a function to mark the Statistics Day.

The government, last Friday, increased the prices of petrol by Rs3.73, diesel by Rs2 a litre and cooking gas by Rs35 a cylinder.

While, overall inflation is hovering over 10%, food inflation was 16.9% for the week ended 12th June.

Noting that neither the finance ministry nor the RBI has taken any strong anti-inflationary measure, Mr Sen said, "sooner or later they are going to come."

On the possibility of RBI taking steps to tighten monetary supply before its scheduled policy review on 27th July, Mr Sen said, "that is up to the RBI."

Mr Sen, however, pointed out that the need for a huge sum of money by telcos for mobile spectrum has sucked out liquidity to a large extent from the system.

"Spectrum sale ... (has) sucked out huge liquidity, equivalent to 50 basis points increase in CRR (Cash Reserve Ratio)," he added.

The CRR is the portion of deposits that banks are required to keep with the RBI.

Elaborating on the impact of the hike in fuel prices, Mr Sen said that the "increase generally tends to have a depressing effect on the economy. It has a very low elasticity of demand."

Moreover, he added, "when fuel price is increased, it generally pulls resources from other forms of expenditure.

So it normally (has) a depressing impact (the on economy).”

 

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