EuroPacific Growth Fund today picked up over three crore shares of Idea Cellular for Rs 534 crore through an open market transaction.

As per data bulk deal data available with the stock exchanges, the fund has purchased a total of 30,157,849 shares of the telecom player.

Buy Bharat Petroleum Corp (BPCL) with target price of R887. We use use a 7x target EV/ebitda multiple on an FY16E basis, at a slight discount to the 7.5x multiple we accord to RIL’s cyclical refining and petchem earnings, though there could potentially be upside to these multiples if the marketing business continues to grow structurally driven by deregulation, minimal government intervention, and stable oil demand growth in India, and the companies are successful in establishing a good track record.

NEW DELHI: Ranjit Yadav, the ex-Samsung honcho hired by Tata Motors in 2012 to turn around its ailing car business, is understood to have put in his papers within three years of his joining.

Yadav, who had been appointed as the president of the car division in September 2012, was recently side-lined as the company brought in Maruti Suzuki veteran Mayank Pareek to head the domestic unit.

NEW DELHI: The SBI Composite Index, an indicator for tracking India's manufacturing activity, has shown a significant growth in output both in terms of month-on-month and yearly basis in March.

The monthly index has shown robust growth of 58.5 in March 2015, from 47.6 in February 2015, signalling the highest pace of growth in last 48 months.

While core competence is a virtue that most investors cherish, diversification is one that can be useful, too. ITC Ltd’s consumer products business could be a case in point as its flagship cigarettes business is suffering from a punishing increase in taxes and harsh regulatory oversight. News of ITC’s plan to set up 20 new factories to make consumer products could be a sign of a bigger push.

Sharp annual price hikes in cigarettes have hurt sales growth, but cigarette margins are protected. In FY15, for example, annualized sales of cigarettes rose by 8.6%, but profit rose by 14.8%. That may seem good, but not for a business where sales have increased at a compounded rate of 15.4% between FY09-14 and profit by 18.7%. Though ITC’s segment profit margin is still an eye watering 67.4%, it is not pulling as much weight as it did earlier.

In line with an overall weak trend in equities, the combined market valuation of top nine Sensex companies dropped sharply by Rs 83,209 crore last week, with IT major TCS taking the biggest hit.

Barring Coal India, the rest of nine companies suffered erosion in their market capitalisation (m-cap) for the week ended Friday (March 13, 2015).

Oscar-winning Australian actress Nicole Kidman has been appointed as the global brand ambassador of Abu Dhabi-based Etihad Airways’ new campaign.

On the new TV commercial, the 47-year-old Hollywood beauty is both the star and narrator of the feature, which will be shown on global TV stations and social media.

Korean carmaker Hyundai is all set to join the bandwagon of crossovers with the launch of i20 Active. The car has been in news for quite sometime and will be launching on March 17th, 2015.

Hyundai is the second largest automaker in India and has a good hold in the market, so to keep pace with the competition, it decided to launch the crossover version of its already successful hatchback – Hyundai i20 Active will compete with Toyota Etios Cross, Volkswagen Cross Polo and Fiat Avventura.

Buoyed by recovery in the medium and heavy segments and an uptick in the economy, Tata Motors expects about 10-15 per cent growth in its commercial vehicles sales during next fiscal.

With the Budget spelling out measures to boost infrastructure development, the company hopes that even the light commercial vehicles would return to growth path after a prolonged sales slump.

The government is examining CAG allegations of irregularities in ONGC hiring a deep sea drilling rig from Reliance Industries and will take appropriate action, Oil Minister Dharmendra Pradhan said today.

The Comptroller and Auditor General (CAG) had in September 2012, stated that Oil and Natural Gas Corp (ONGC) "deviated from the standard tendering procedure and hired a rig viz Dhirubhai Deepwater KG-1 (DDKG-1) from RIL without calling for competitive bids for a period of four years on untenable grounds".

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