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Economy News
4 The National Housing Bank ( NHB )) has mandated that housing finance
firms make greater provisions for loans extended to companies and
builders while limiting the amount a person can borrow against property.
The new rules require housing finance companies to provision, 0.4% of
the total outstanding loans by September 2011. This would apply to all
loans other than individual housing loans. The new norms also limit the
amount a person can borrow against property to 90% when the value of
the property is less than Rs2mn. There was earlier no limit on such loans
as they were classified as the priority sector. (ET)
4 Maharashtra and the NCR accounted for over 50% of foreign direct
investment inflows into the country during the first half of 2010-11, says
the latest industry ministry data. Maharashtra attracted the maximum
foreign direct investment (FDI) of about $2.67 billion during AprilSeptember, 2010, accounting for 34% of the total FDI in the country
during the period. NCR accounted for 20% of the total FDI in the country.
During the period, India attracted $11 billion of FDI, the data said. (ET)
4 Sugar futures resumed after 19 months on Monday on the commodity
exchanges. January contracts on the NCDEX recorded a volume of 22,280
tonnes, while on the MCX it was 4,520 tonnes. February and March
contracts saw 4,250 tonnes and 1,000 tonnes traded respectively. Though
the daily turnover on the NCDEX was lower compared with Rs 2-2.5bn
recorded before sugar futures were banned in May 2009. (BL)
Corporate News
4 Union Bank of India is expecting funds worth Rs 11.5 bn from the
government by March 2011 to boost its tier I capital, a senior bank official
said today. "We hope to get the second tranche of Rs 11.5 bn as
government capitalisation by March. This would help us to increase our
tier I capital to 8.37 % from 7.9 % now," Union Bank chairman and
managing director M V Nair said. (ET)
4 Lanco Infratech is hiving off its power business into a separate company
with the aim of hitting the capital market with an initial public offer in
2012 for financing growth plans. The company has an operational power
generation capacity of 2,100 megawatts (mw) under 8 SPVs. It plans to
raise its capacity to 4,000 mw by 2011 and subsequently to 15,000 mw by
2015. (ET)
4 Oil major ONGC has upped its stake in Pawan Hans Helicopters Ltd
(PHHL) to 49 % from the earlier 21 %. The move will see the equity base
of PHHL being enhanced to Rs 2450 mn from the existing Rs 1130 mn.
(BL)
4 The Nasdaq-listed iGate is set to acquire the country's sixth largest
software exporter, Patni Computer Systems in a $1-billion deal, at a
price of around Rs 525 per share, after it reached an understanding with
its promoters on the contentious issue of a non-compete provision, said
two people with knowledge of the transaction. (ET)
4 KEC International, an RPG Group company, has bagged orders worth Rs
10.2 bn. In the transmission segment, KEC secured three orders for the
construction of 765 kV lines from the Rajasthan Rajya Vidyut Prasaran
Nigam (RRVPN), Power Grid Corporation of India (PGCIL, India) and Eskom
(South Africa). (BL)
News Round-up
` RBI announced a reduction in statutory liquidity ratio by 100 basis points to 24% for
regional rural banks. (BSTD)
` State run oil cos. IOC (IOCL IN), BPCL (BPCL IN) & HPCL (HPCL IN) will sink into red
this fiscal as finance ministry has decided to reimburse only one third of their USD
15.55bn losses for selling fuel at controlled prices. (ECNT)
` Indian software services firm Wipro (WPRO IN) & HCL Tech (HCLT IN) will join global
firms IBM, HP & CSC in a bid to snare an It consolidation project of ArcelorMittal. The
deal is expected to be worth USD 524.44mn. (BSTD)
` NTPC (NATP IN) commissions 500mw unit at Korba power station in Chhattisgarh.
(ECNT)
` Union Bank (UNBK IN) is expecting funds worth USD 255.55mn for the govt. by
March 2011 to boost its Tier I capital. (ECNT)
` Fortis Healthcare Ltd (FORH IN) plans to setup stand alone specialty Medical Centre's
focused on the management of diabetes, metabolic diseases and endocrinologyrelated ailments. (THBL)
` ONGC (ONGC) has proposed to increase its equity in govt. owned Pawan Hans
Helicopters to 49% from the present 21.5%, by infusing USD 21.33mn. In addition
NTPC (NATP IN) is proposing a USD 12.22mn investment in the company in return for
services, not equity. (BSTD)
` Nasdaq listed iGate is set to acquire Patni Computer Systems (PATNI IN) in a USD 1bn
deal, at a price of around INR 525 per share, after it reached an understanding with
its promoters over the contentious issue of non-compete provision. (ECNT)
` Holcim Group has started strengthening its stake in its Indian subsidiary ACC (ACC
IN) through the creeping acquisition route for the first time after Sep. 2008. (ECNT)
` Lanco Infratech (LANCI IN) is hiving off its power business into a separate company
with the aim to enter the capital market with an IPO in 2012 for financing growth
plans. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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