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Economy News
4 The Securities and Exchange Board of India (Sebi) today barred two
Sahara Group entities – Sahara India Real Estate Corporation and Sahara
Housing Investment Corporation – from accessing the securities market
till further directions, for allegedly withholding information from
investors and the regulator. (BS)
4 The gems and jewellery industry is demanding that value-added tax
(VAT) be exempted in Andhra Pradesh on exports of gems and jewellery,
like in the states of Tamil Nadu and Karnataka. “The Andhra Pradesh
government should introduce the ‘Best Jewellers’ award to encourage
more jewellers to enter the export market,” said Ruban Hobday, regional
director of Chennai-based Gem and Jewellery Export Promotion Council.
(BS)
4 Industry today hailed Bihar election results, as the victory for
development saying, Chief Minister Nitish Kumar will now have to ensure
power and water availability to attract investments. "It is a new trend
where caste has not played any role, which was typical in Bihar earlier. It
is a signal from people of the state that they have risen above the
sectarian issues... The results are a big milestone in the transition from
the fractured society to a modern India," Ficci Secretary General Amit
Mitra said. (FE)
4 Insurance regulator IRDA prohibited life insurers from selling Variable
Insurance Products (VIPs), which have greater flexibility over traditional
plans, as unit-linked products (ULIPs), after it received various complaints
about these schemes. (FE)
Corporate News
4 Abbott India is set to merge Solvay Pharma India with itself, with the
board of directors of both companies giving their approval on
Wednesday. The development follows US drug-maker Abbott's $6.6-
billion global acquisition of Belgium-based Solvay's pharmaceutical
business, late last year. (BL)
4 Tata Motors Ltd said on Wednesday it expects sales of the Ace family of
light commercial vehicles (LCV) to rise 56 per cent to 2.5 lakh units this
fiscal. It is also conducting a feasibility study for a new LCV manufacturing
plant as its existing facility at Pantnagar, Uttarakhand, is expected to
reach its full annual capacity of 2.5 lakh units by the year-end. The new
plant may require investment of up to Rs 15 bn. (BL)
4 Punj Lloyd Group, the diversified engineering, procurement and
construction (EPC) player, announced three contract wins valued at Rs
15.9 bn. These include a Rs 11.2 bn order from Indian Oil Corporation Ltd
for its Paradip refinery project, an order from the West Bengal
Government and a Rs 2.9 bn contract in Libya. (BL)
4 Hyderabad-based pharmaceutical major Dr Reddy’s Laboratories
Limited has signed an agreement with GlaxoSmithKline (GSK), one of
the world’s leading research-based pharmaceutical and healthcare
companies, to buy the latter’s oral penicillin manufacturing facility at
Tennessee in the US. The financial terms of the acquisition were not
disclosed. The transaction is expected to be closed within the first half of
calendar 2011. (BS)
4 On the back of strong domestic demand and better international prices,
steel makers in India are contemplating a price increase in December.
Tata Steel, JSW Steel, Ispat Industries confirmed this to Business
Standard, but none was ready to comment on the quantum of rise. (BS)
4 India’s most valuable company Reliance Industries (RIL) and Asia’s
largest power producer NTPC may settle their five-year-old legal battle
over a contract to supply natural gas from RIL’s field in the Krishna-
Godavari basin to the state-owned power utility. (BS)
News Round-up
Retail investors can invest up to INR 0.2mn in MOIL issue, as per the new norms
announced by SEBI in October. (ECNT)
The Central Bureau of Investigation (CBI) arrested eight people, including LICHF CEO
and a few senior bank officials in a mega real estate loan scam. (BSTD) (FNLE)
Reliance Ind. (RIL IN) & NTPC (NATP IN) may settle out of court their 5 year old legal
battle over contract to supply gas from RIL's field in KG basin. (ECNT)
Maruti Suzuki (MSIL IN) is trying to absorb the 30% surge in raw material prices to
maintain its pricing edge. (BSTD)
Dr Reddy's (DRRD IN) has signed an agreement with GlaxoSmithKline to buy the
latter's oral penicillin manufacturing facility at Tennessee in the US. (BSTD)
On the back of strong domestic demand and better international prices, steel makers
in India may increase prices in December. (BSTD)
Tata Motors (TTMT IN) expects 50% growth in light commercial vehicles (LCV). (BSTD)
Tata Power (TPWR IN) plans to invest USD 189 mn till 2011-12 to beef up generation,
transmission and distribution. (BSTD)
Crompton Greaves (CRG IN) delivered 1,200 KV capacitive voltage transformer (CVT),
first such product developed by any Indian company, to the UHV research station of
Power Grid at Bina, in Madhya Pradesh. (BSTD)
NTPC (NATP IN) has set up a joint venture with the Asian Development Bank and
Japan's Kyuden International Corporation to develop renewable energy projects with
a capacity of 500 Mw over the next three years. (BSTD)
DLF (DLF IN) is planning to sell 50 acre of prime land in Gurgaon, one of the biggest
plotted land development sale in the country. At the current price, the company
would rake in at least USD 27 mn from the sale. Plotted land sale are the ones where
the parcel of land is sold without developing it. (FNLE)
Punj Lloyd Group, the diversified engineering, procurement and construction (EPC)
player announced three contracts wins valued at USD 354 mn. (THBL)
Yes Bank (YES IN) & Shinsei Bank of Japan signed an agreement to advise cos. on
cross border deals between the two nations. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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