Page 45 - IACC Newsletter January 2013 Issue no. 8 HD

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Morgan Stanley ups stake in Jindal Saw to over 5%
Fund house buys 6.742 million shares at an average price of Rs 125.65 aggregating to Rs 84.72 crore
Pipe maker Jindal Saw lately said foreign fund house Morgan Stanley has raised its stake in the company to over 5%
following additional 2.44% stake buying through open markets. Morgan Stanley had 8.167 million shares, or 2.95%,
stake in Jindal Saw before the transaction held in the BSE and NSE on December 31, it said in a regulatory filing.
The fund house bought additional 6.742 million shares, amounting to 2.44% stake in the firm through "market purchase"
taking its total shareholding to 5.39% on the last day of the calendar year 2012. According to bulk deal data available
with the stock exchanges, Morgan Stanley purchased the shares at an average price of Rs 125.65 aggregating to Rs 84.72
Shares were bought by Morgan Stanley Aisa (Singapore) Pte, Morgan Stanley Mauritius Company and Morgan Stanley
India Capital, it added. Jindal Saw's scripts were trading at Rs 133.25 per share, up 0.76% during the afternoon trade on
the BSE over the previous closing. Promoters had 46% stake in Jindal Saw, as on September-end.
Parker Hannifin India sets up Rs 100 crore factory near Chennai
Parker Hannifin India, a part of the Rs 71,500-crore Parker Hannifin Corporation of the US, has set up a Rs 100-crore
factory near Chennai to manufacture components for a wide range of industries.
Thomas Williams, Executive Vice-President and Operating Officer, Parker Hannifin Corporation, said the company has
invested over $34 million in Chennai in the last couple of years. India is an important component of the company’s
targeted growth in the Asia-Pacific which contributes about 14 per cent of its sales. Parker Hannifin hopes to grow this
to about 20 per cent – double sales in the region in five years. Globally, the company aims to grow at about 10 per cent.
India accounts for a revenue of about $130 million. The company caters to the automotive segment including on-road
and off-road, and telecom, oil and gas, mining and primary metals sector.
Addressing media persons following the formal opening of the 10-acre factory at Mahindra World City, an industrial
town near Chingelpet about 50 km south of Chennai on NH45, Williams said the factory will make products for the
filtration, pneumatics and drives, and shielding businesses.
The company employs over 1,500 people in India and will recruit an additional 300. Globally, its workforce is close to
60,000. Kurt Keller, President, Asia Pacific Group, Parker Hannifin, said the company is keen on expanding in life sciences
and renewable energy industry.
In life sciences, pharmaceutical will be an area of growth with manufacturing for respiratory devices, and bio fluids
handling equipment. The company’s expertise will help it manufacture wind turbine components and equipment for
wave energy and solar energy, he said.
Caraco completes tender offer to acquire Dusa Pharma
Drug firm Sun Pharmaceutical Industries today said its US-based subsidiary Caraco has successfully completed the
tender offer to acquire Dusa Pharmaceuticals.
Drug firm Sun Pharmaceutical Industries recently said its US-based subsidiary Caraco has successfully completed the
tender offer to acquire Dusa Pharmaceuticals. The company said after the tender offer's expiration, 2,09,46,624 shares
of common stock of Dusa had been validly tendered, representing nearly 82.4 per cent of the outstanding shares of
Dusa, Sun Pharma said in a statement.