The transaction is in line with Adhunik Group’s overall strategy to divest its non-core assets and focus on its core businesses.

ENAM was the exclusive advisor to Adhunik Group for divestment.

Adhunik Metaliks had bought a majority stake in V Cube Forge India Ltd in August’07. The company was later renamed as Neepaz V Forge.

Bank of Japan keeps interest rate unchanged between zero to 0.1 per cent.  The bank increased its asset purchase programme by JPY 5 trillion taking the total to JPY 70 trillion. The bank will expand its government bond purchases to the longer maturities. (Economic Times/AFP)

Japanese household spending at 3.4 per cent in March vs. expected 4.1 per cent vs. previous 2.3 per cent. (IBTimes)

Japanese March CPI at 0.5 per cent vs. expected 0.4 per cent vs. previous 0.3 per cent. (IBTimes)

INDIA

Foreign Institutional Investor (FII) investment pulled out INR 300 cr from the Indian equity markets for April. FII inflows declined from INR 36000 cr for Jan-Feb period and lowered to INR 8381 cr for March. Factors such as S&P’s revision of its outlook on India, concerns on economic stability, rising current account deficit and expectations of the implementation of GAAR laws led to FII’s pulling money out of the markets. (Business Standard)

Rating agency Standard and Poor (S&P) lowered its outlook on 11 Indian financial institutions which also include State Bank of India and ICICI Bank. Outlook on these companies was revised from stable to negative. The agency however pointed that a downgrade was quite unlikely as the financial situations of these companies would not deteriorate sharply. (Economic Times)

Mangalore Refinery and Petrochemicals Ltd (MRPL) – Co. plans to restart operations at one of its three crude oil refining units which generate 300,000 barrels a day. This refinery was shut earlier on account of water shortages. (Economic Times)

The Fertiliser Ministry of India proposed to launch a USD 1 b (INR 4900 cr) Sovereign Wealth Fund to acquire fertilizer mineral assets abroad. Rising prices of fertilizers, such as that of potash and urea led the government to mull the launch of a fund. Industry body, Fertiliser Association of India has also suggested to the government to launch a SWF of USD 20 b to acquire mineral assets abroad. (Business Standard)

Mahindra & Mahindra – Co. through its affiliate Mahindra South Africa, plans to market Ssangyong products in South Africa. The company promoted Ssangyong’s car models such as the Korando Sports Utility Vehicle and Actyon in South Africa. MSA targets sale of 1500 vehicles in its first year with higher volumes in the next five years. (Business Standard)

Adhunik Metaliks – Co. received approval from its Board of Directors to sell the entire stake in its subsidiary M/s. Neepz V Forge (India) Limited. The deal involved sale of 28,363 shares. (Business Standard)

Neyveli Lignite Corp – The company’s operations are affected by a strike at its Puducherry plant. The strike led to a decline of 600-mw in electricity generation which affected the output of lignite. The decline led to production of 9000 tonnes as against its daily average production of 45000 tonnes. (Economic Times)

International Finance Corp – Co. could offer around USD 130 m (INR 682 cr) of loans to fund Inox Renewable’s construction of wind farms in Gujarat and Rajasthan. The cost of the total project is estimated at USD 480 m adding 400MW of wind power which is expected to kickstart in March 2013. (Business Standard)

Yes Bank – Robobank International Holdings sold 3.6 per cent stake in co. at INR 357.03 a share. Robobank sold 1.26cr shares for INR 453.12cr. (The Hindu Business Line)

JSW Steel – Co. steel production in March was at 5.92 lakh tonnes vs. February’s 6.10 vs. January at 8.05 lakh tonnes.

For Jan-Mar quarter crude steel output was at 2.07m tonnes, up 26 per cent and flat steel at 13 per cent to 1.49 mt, while the  long products was up 67 per cent at 0.47 mt. (The Hindu Business Line)

Cable Companies – According to the Information and Broadcasting Ministry, the government may increase the foreign direct investment limit to 74 per cent from 49 per cent. (The Hindu Business Line)