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Summary
of Contents
STOCK
UPDATE
Elder
Pharmaceuticals
Cluster: Apple
Green
Recommendation: Buy
Price target: Rs508
Current
market price: Rs392
Angellini hikes stake in
Elder
Italian pharma company Angellini ACRAF SPA
(Angellini) has hiked its stake in Elder Pharmaceuticals (Elder) by
5% to 15%. According to Elder, the stake hike would not activate the
takeover code; rather it would strengthen the business tie-up
between the two companies. Angellini is one of Italy's top five
pharmaceutical companies in terms of sales volume and has a wide
presence in 60 countries. During FY2006, Elder had entered into an
ownership deal with Angellini, whereby the Italian company had
out-licenced three products to Elder and picked up a 10% stake in
the company.
SECTOR UPDATE
Telecommunication
services
TRAI reduces ADC burden
The
Telecom Regulatory Authority of India (TRAI) has announced a
reduction in the access deficit charge (ADC) levied on the private
sector operators to provide support to Bharat Sanchar Nigam Ltd
(BSNL) for its operations in unviable rural areas. The regulator has
gone ahead with the decision to reduce the ADC despite a strong
protest voiced by BSNL and it clearly reflects that TRAI intends to
gradually phase out the ADC regime.
VIEWPOINT
Dish TV
India
Dish TV India-new
listing
Dish TV, India's first private direct to
home (DTH) service provider will be listing next week (on March 26
or March 28) The promoters of Zee Telefilms (ZTL) housed the DTH
venture, which was launched in May 2005, in ASC Enterprises, a
company wholly-owned by the Zee promoters. Post the restructuring of
Zee Telefilms (ZTL) a holder of 100 shares in ZTL has been allotted
57.5 shares in Dish TV India on transfer of certain DTH assets held
in ZTL. Thus the shareholders of ZTL get a 57.5% holding in Dish
TV . | 
