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Tuesday, May 20, 2008

Peninsula Land - Updates

Peninsula Land Ltd has informed that the Company and Arrow Webtex Ltd have decided to enter jointly into the Hospitality Business. A SPV will be created which will be held 50-50 by both the JV partners to build Business Hotels.

In the 1st phase, an equity infusion of about Rs 100 Cr. is envisaged by both the JV partners in equal proportion; and the JV intends to build 10 Hotels of 100 rooms each, aggregating to 1000 rooms. The Company plans to enter into the state of Maharashtra in cities such as Mumbai, Pune, Nagpur, Nashik, Kolhapur, the state of Gujarat in cities such as Ahmedabad, Surat, Jamnagar, Mundra port and the state of Goa. The Hotels in the 1st phase are expected to be operational in the next 30 months. Phase 2 will see the penetration in the Southern Markets targeting the states of Karnataka, Tamil Nadu, Andhra Pradesh and Kerala.

This is subject to necessary approvals including Board approval from both the JV partners.
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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, Jun 11
18:00 Consumer Price Index ex Food & Energy (MoM) 3 0.1% 0.3% 0.2%
18:00 Building Permits (MoM) 1 -6.6% 2.2% -5.3% Revised from -4.1%
20:00 EIA Crude Oil Stocks Change 1 -3.644M 0.100M -4.304M
22:30 10-Year Note Auction 1 4.421% 4.342%
23:30 Monthly Budget Statement 2 $-316B $-325B $258B
Thursday, Jun 12
04:15 Electronic Card Retail Sales (YoY) 1 -0.3% -0.3%
04:15 Electronic Card Retail Sales (MoM) 1 0%
04:31 RICS Housing Price Balance 1 -3% -3%
06:30 Consumer Inflation Expectations 2 4.1%
11:30 Industrial Production (MoM) 2 -0.5% -0.7%
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