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Economy News
4 Last-minute fares on domestic flights have fallen 20-25% from the
previous high levels. This follows the Ministry of Civil Aviation and
Directorate-General of Civil Aviation (DGCA) threatening to take action
against airlines for what officials said was unreasonably high fares. The
fall in fares came a day after the newly appointed DGCA, Mr E.K. Bharat
Bhushan, met representatives of the three low-cost airlines - IndiGo,
SpiceJet and Go Air - and asked them to moderate fares. The DGCA will
hold a similar meeting on Monday with the full service airlines - Jet
Airways, Kingfisher and Air India. (BL)
4 Indian Renewable Energy Development Agency Ltd (IREDA) has shortlisted and given a go ahead to selected independent power producers
(IPPs) for implementation of 77.8 MW solar photovoltaic (PV) projects
under the first phase of the National Solar Mission. “It is expected that a
total of around 80 projects would finally implement the 100 MW capacity
programme,” Mr Debashish Majumdar, Chairman and Managing
Director, IREDA, said
4 The Group of Ministers (GoM) headed by Finance Minister Pranab
Mukherjee has approved the draft mining Bill, which will provide for
sharing 26% of company profits with local populace in mining projects.
“So far as the GoM is concerned, it was the last meeting. All the concerns
have been addressed and there are no major changes in the final version
of the draft,” mines minister B K Handique said after the fourth meeting
of the GoM that concluded late in the evening on Friday. The Bill is likely
to be tabled in the ongoing winter session of Parliament. (BS)
Corporate News
4 A number of institutional investors of Hero Honda are set to join hands
to oppose the sale of shares by Japanese auto maker Honda to its Indian
joint venture partner—the Hero group—at a discount to the current
market price, fearing that the Indian promoters will compensate the
world’s fifth-largest automobile company by upping the percentage of
sales they pay as royalty. Institutional investors are also uneasy about the
fact that the Hero group is likely to sell Honda’s 26% holding to private
equity investors at a premium to the purchase price but below the
market price, say people familiar with the thinking of the shareholders.
(ET)
4 Healthcare equipment company Opto Circuits (India) Ltd has acquired
around 76% of the outstanding common shares of US-based Cardiac
Science Corporation as part of its acquisition plans. Earlier, the company
had agreed to acquire Cardiac Science Corporation for $64 million. The
company also plans to exercise its top-up option under the terms of the
merger agreement, which is expected to occur in the next few days, the
company release said. (BS)
4 On the heels of HDFC's raising lending rates, ICICI Bank has decided to
hike deposit and lending rates by up to 50bps from December 6. The ICICI
move comes a day after RBI Governor D Subbarao asked banks to hike
deposit rates and lower lending rates, with a view to raising the level of
national savings, as well as to encourage investments required for
double-digit growth. ICICI Bank has decided to raise interest rates on
fixed deposits of various tenors by 0.25-0.50%, the bank said in a
statement. (BS)
4 Dabur India has said that, it is giving its juice brand 'Real' an image
makeover as part of its strategy to garner a sales of Rs7bn from its food
division in the next three years. The company said it is now focusing to
highlight the nutritional aspect of its juices as against the earlier practice
of promoting the brand for taste (ET)
4 Parle Products has surged ahead of Britannia Industries to become a
clear leader in the Rs 110bn-plus market, say Nielsen data. The country
spent Rs 112.95bn on biscuits in the 12 months ended March 2010. And in
the first half of the current financial year, it has already spent Rs 63.2bn
on biscuits, according to The Nielsen Company, the country’s largest
market researcher. Parle Products has close to 45% share of the biscuits
market while Nusli Wadia’s Britannia Industries has about 38% share. For
years, the two largest cookie makers were neck-and-neck with about
35% share each in the market. (ET)
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