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The Mint Report for 19 July 2010

The Mint Report for 19 July 2010
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First Published: Mon, Jul 19 2010. 11 44 PM IST
Updated: Mon, Jul 19 2010. 11 44 PM IST
Getting control of Indian companies is likely to get a lot more expensive. On Monday a committee appointed by market regulator Sebi recommended an overhaul of takeover rules. The proposed changes include increasing the threshold for triggering open offers to 25% from the current 15%. Currently, investors that buy a 15% stake in a company need to make an open offer for buying another 20%. That makes it possible for investors with limited capabilities to gain management control of a company. It’s also an obstacle for investors that want to buy 15% in a company without making an open offer. Monday’s recommendations are expected to change all that, attracting serious investors and protecting the interests of minority shareholders.
Private lender HDFC Bank met analyst expectations with its first quarter numbers. Net profit shot up almost 34% to Rs812 crore in the quarter ending June. Net interest income rose 29.4% to Rs2,401 crore. Treasury income on the other hand fell to Rs21.5 crore from Rs256 crore.
A train accident on Monday morning has left at least 60 passengers dead. The accident occurred when a passenger train collided with a train that was waiting at the Santhia station in Bengal. Another 100 were wounded in the crash. This is the second big rail accident in Bengal state over the last two months. In May 145 people were killed when a train was derailed by suspected Maoist rebels.
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First Published: Mon, Jul 19 2010. 11 44 PM IST