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Economy News
4 To maintain the pace of economic growth through easy availability of
credit, the Government on Wednesday approved capital infusion of Rs 60
bn into 10 public sector banks (PSBs). This is over and above the Rs 150 bn
already provided to the banks in the 2010-11 Budget. (BL)
4 India's exports during October 2010 were valued at $17,960 million (Rs
798 bn) which was 21.3 per cent higher in dollar terms than $14,806
million (Rs 692 bn) during the corresponding period a year ago. India's
imports during the October period were valued at $27,689 million (Rs
1,230 bn) representing a growth of 6.8 per cent (in dollar terms) over
$25,936 million ( Rs 1212 bn) in year ago (ET).
4 The £22.2-billion UK aerospace industry is keen on partnering with Indian
aerospace supply chain firms to tap domestic and other global markets as
well (BL).
Corporate News
4 The Government has approved splitting of ONGC shares ahead of the
follow-on public offer (FPO) slated for March 2011. Through the FPO, the
Government proposes to divest 5 per cent of its stake in the company
thereby bringing down its holding to 69.14 per cent. A proposal to split
each share of ONGC into two was approved by the Cabinet Committee on
Economic Affairs (CCEA) here on Wednesday. It would mean share with a
face value of Rs 10 each will be split into two shares of Rs 5 each. (BL)
4 Housing finance company HDFC and private sector ICICI Bank have
decided to discontinue teaser home loan schemes under which loans are
given at lower rates for the first few years. They are the first lenders to
discontinue the schemes after the Reserve Bank of India increased the
provisioning for such loans to 2 per cent in its monetary policy review last
month. (BL)
4 After the peak festival sales in October, car sales decreased in November.
Manufacturers attributed lower sales in November to fewer working
days and the festival season coming to an end. Top carmaker Maruti
Suzuki clocked 1.12 lakh units in November with domestic sales
accounting for 1.02 lakh. In domestic sales, the company crossed the onelakh
mark consecutively in the last two months. Although the company's
sales saw a 28 per cent growth on a year-on-year basis, it sold fewer cars
in November when compared with October. (BL)
4 Essar Steel is close to completing a capex of Rs 175 bn for adding five
million tonnes per annum (mtpa) steelmaking capacity at its Hazira Steel
Complex. Mr Malay Mukherjee, CEO, Essar Steel, said the company has
already commissioned some of the critical facilities such as blast furnace
of 1.73 mtpa, mega DRI (direct reduced iron) moducle of 1.7 mtpa and
steel melt shop of 2.5 mtpa. (BL)
4 Automaker Tata Motor's much-hyped world's cheapest car Nano has
failed to meet expectations as it witnessed a massive decline to 509 units
in November this year compared to 3,065 units sold in the previous
month. The decline came during the month when the company had asked
customers to bring back the people's car to add safety devices to prevent
it from catching fire. (BS)
4 VA TECH Wabag, a waste water management solution provider to
municipal and industrial users,is looking at acquisitions of around 10 bn in
China and the Middle East to expand its footprint outside India (ET).
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