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Economy News
4 The growth in six core infrastructure industries slumped to the lowest
level since September 2002, to 2.3%, in November, primarily due to a
steep fall in cement production during the month. Growth in all other
sectors, except crude oil, decelerated during the month. The core sector,
which constitutes 26.68% of the Index of Industrial Production (IIP), had
grown at 8.6%, revised upwards from an earlier provisional figure of 7%,
in October and at 5.9% during the corresponding period in 2009. (BS)
4 Inflation in food items, based on the annual Wholesale Price Index,
zoomed to 14.44% on an annual basis in the week to December 18, up
from 12.13% a week ago, with items such as onions, milk, fruits, along
with eggs, fish and meat products contributing to the spurt. The Primary
Articles index was up 17.24% in the latest week compared with an
annual rise of 15.35% a week earlier. (BL)
4 Reserve Bank of India has warned about the risk of rising non-performing
assets in sectors like real estate sector and telecom and stressed on the
need for keeping a watch on the liquidity situation, in its Second Financial
Stability Report, released on Thursday. During 2009-10, the pace of
growth in NPAs at 20.61% was higher than the pace of growth in gross
advances at 16.68%. (BL)
Corporate News
4 ONGC has hired an ultra-deepwater drilling rig from NYSE listed Vantage
Drilling Company for $1.1 billion for five years. The rig has been newly
built at Daewoo Shipbuilding and Marine Engineering’s Okpo shipyard in
Korea. (BS)
4 State Bank of India is planning to mop up Rs 100bn in various tranches
in the remaining period of the current fiscal and the next through public
issue of bonds. The first tranche of the new public issue of bonds (or
Lower Tier-II bonds) will have a core issue size of Rs 10bn with an option
to retain oversubscription up to Rs 10bn. (BL)
4 Reliance Industries, owner of the world's biggest refining complex, in
November reduced monthly crude oil imports by about 7% and made its
first-ever purchase of Norway's Grane crude. The energy major's crude
imports declined during the month as it had shut half of its 660,000 bpd
Jamnagar refinery in western Gujarat state, sited next to its 580,000 bpd
export-focused plant, for repair works for more than a fortnight. (ET)
4 JSW Energy has commissioned the second unit of 300 MW of its 1,200
MW (4x300 MW) power project at Jaigad in Ratnagiri, Maharashtra. It
started commercial operations from December 30. Pursuant to the
commercial operation of the second unit, the operating capacity at
Ratnagiri has gone up to 600 MW. The company is targeting to
commission the remaining two units of 300 MW each, this fiscal. (BL)
4 Strides Arcolab on Thursday announced that it has struck a deal with
Pfizer to sell 16 of its approved Abbreviated New Drug Approval
(ANDAs) and six filed ANDAs. These 22 filings were under an equal joint
venture between Strides and Akorn, which was formed in 2005. Strides
will be entitled to $28.2 million in cash as its share of the consideration in
addition to entering into supply agreement with Pfizer for manufacture
and supply of these products. (BS)
4 HCL Infosystems on Thursday expanded its distribution business in
Middle East by acquiring a 20% stake in Dubai-based Techmart Telecom
Distribution FZCO , the Nokia distributor for Gulf and Africa. The buyout
is expected to add 20% of Techmart Telecom’s profits to HCL
Infosystem’s bottoml ine next year. Techmart Telecom generates sales of
about $40-50 million per month. (ET)
News Round-up
` With the Centre developing cold feet on increasing diesel prices, the finance ministry
may give in to the petroleum ministry demand for increasing the govt.'s share in
petroleum subsidy. (BSTD)
` Despite the high statistical base last year, wholesale food inflation for the week
ended Dec. 18 touched a 10 month high of 14.44%. (BSTD)
` Growth of six core infrastructure sectors slumped to the lowest level since Sept. 2002
to 2.3% in Nov. 2010, primarily due to a steep fall in cement production durin the
month. (BSTD)
` The Reliance Anil Dhirubhai Ambani Group is rebranding all its businesses as
"Reliance" rather than maintaining individual identities for each services. (ECNT)
` The environment ministry have deferred clearances for JSW Steel's (JSTL IN) USD
5.55bn capacity expansion proposal at Bellary plant & sought details of coal linkage &
disaster management plans among other things. (BSTD)
` SBI (SBIN IN) plans to raise USD 2.66bn through bonds to fund its business growth.
(BSTD)
` MOIL (MOIL IN) is in talks with Gabon's govt. over acquiring possible mining
concessions in central African state. Gabon is the world's second largest producer of
manganese. (BSTD)
` ONGC (ONGC IN) has hired an ultra-deep water drilling rig from Vantage Drilling
Co. for USD 1.1bn for five years. (BSTD)
` Sahara Group has bought Grosvenor House Hotel in Central London for USD
733.33mn, making it the one of the largest acquisitions in the hospitality space by an
Indian company. (BSTD)
` HCL Infosystems (HCLI IN) would acquire 20% stake in Dubai firm Techmart Telecom
Distribution FZCO, through its Singapore based SPV. (BSTD)
` KS Oils Ltd. (KSO IN) board has approved the allotment of 16.4 million equity shares
of INR 1 each to its promoters. (BSTD)
` Lanco Infratech (LANCI IN) has won a new USD 222.22mn road project in Uttar
Pradesh. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line
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