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Economic and Corporate Developments
· The food price index rose 8.69%, while the fuel price index climbed 9.99% for the week ended 27 November as against 8.60% and 9.99% respectively in the prior week.
· Corporation Bank has raised its benchmark prime lending rate by 25 basis points to 13 percent, effective Dec. 13.
· Bata India will soon acquire a shoe brand in the country aimed at maintaining the annual 15% revenue growth momentum.
· NTPC plans to buy equipment worth $36.6bn in the next two years to more than double installed capacity and help reduce blackouts.
· ONGC Videsh Ltd., the overseas arm of ONGC, has bid for US energy major Exxon Mobil's 25% stake in a deep-sea oil block in Angola.
· NMDC will partner with Russia's largest steel maker Severstal for setting up a 5mn tonnes steel plant in Karnataka.
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