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Economy News
4 Finance secretary Ashok Chawla said the government is willing to bear a
third of the losses incurred by fuel retailers due to selling auto and
cooking fuel below cost. The government had paid Rs.260 bn in 2009-10
to make up for more than half of the revenue losses of state-run
retailers. It has already committed Rs.130 bn to oil companies that lost
Rs.313 bn this year. (ET)
4 The Reserve Bank of India is hopeful that the liquidity situation will ease
by the end of January as a result of a combination of factors. "There's an
SDS interest coupon due, we'll start to get redemptions by end-January
so scaling down of Government balances is clearly in the horizon. A
combination of all these factors will start to bring down the LAF activity.
We do have a trajectory which will bring liquidity to one per cent
boundary as we go along but that will happen over a period of time,"
said Dr Subir Gokarn, Deputy Governor, RBI. (BL)
4 The Centre has banned "with immediate effect" the export of "all
varieties" of onions as part of its fire-fighting measures to control
spiralling prices of the tuber. Further, import of onions has been made
duty-free against the earlier 5 per cent basic Customs duty and 4 per cent
special countervailing duty applicable on the product. (BL)
Corporate News
4 Maruti Suzuki, the country's largest carmaker, will reinvigorate its
product portfolio, including models such as Swift and Dzire as it looks for
ways to contain its declining market share. "If there is an exponential
growth in the Indian car market next fiscal year, we may see a dip in our
market share. We are taking all steps to enhance production to keep our
share intact." Maruti Suzuki MD S Nakanishi (ET)
4 Nitin Fire Protection Industries Ltd (NFPIL) said on Wednesday it
plans to form a joint venture with Worthington Industries Inc for its
cylinder manufacturing business. Worthington will acquire a majority
stake in a unit of NFPIL, Nitin Cylinders Ltd, for $21 million. The board has
also considered merging its subsidiaries Logicon Building Systems and
Alert Fire Protection Systems with itself. (Reuters)
4 GoAir, the Wadia group-promoted budget airline, plans to raise Rs 4-5bn
through an initial public offer to repay debts and buy more aircraft in a
booming aviation market. (ET)
4 The Reserve Bank of India said it will no more allow foreign investors to
purchase shares of IndusInd Bank as their investment in the private
lender has reached the trigger limit. "Hence, the company has been
included in the ban list of RBI (for purchase of equity shares by FIIs/NRIs/
PIOs)," the central bank said in statement. (ET)
4 Fortis Global Healthcare Holdings Pte Ltd on Wednesday announced
that it will pick up a 30 per cent stake in Australia's Dental Corporation
for A$100 million. Dental Corporation is the largest operator of dental
practice in Australia and New Zealand with presence in 135 locations. This
is the second acquisition by Fortis Global Healthcare in two months. (BL)
4 ANP, the petroleum regulatory authority of Brazil, has approved farming
out a block to ONGC Videsh Ltd. ONGC Campos Limitada (OCL), Brazil, a
wholly-owned subsidiary of OVL, had acquired the 100 per cent stake in
the block, BM-S-73 (formerly S-M-1413) during ninth bidding round in
2007. The offshore concession is located in the Santos basin and covers an
area of 160.04 square kilometres. (BS)
News Round-up
` Microfinance institutions may finally have something to cheer about. The RBI said it is
considering a proposal from banks to allow them to restructure loans to the sector,
without classifying the assets as non-performing. (BSTD)
` The Petroleum & Natural Gas Regulatory Boards said it will hear Reliance Gas
Transportation's stand on the delay in the Kakinada-Haldia pipeline and take a call on
the cancellation of authorization. (BSTD)
` Reliance Industries (RIL IN) wants a further rise in deepwater gas price from the
current USD 4.2 per million British thermal unit (mBtu). The deepwater gas prices
were fixed till 2014 for gas produced from RIL's D6 field in the Krishna-Godavari
basin. (BSTD)
` NTPC (NATP IN) said it hoped to get liquefied natural gas (LNG) from Qatar by next
financial year. (BSTD)
` ONGC (ONGC IN) gets Brazil's approval to farm out block in Santos basin. (BSTD)
` BHEL (BHEL IN) has bagged three orders for setting up solar photovoltaic power
plants with a capacity of 2 Mw each. (BSTD)
` Tata Power (TPWR IN) has signed a power purchase agreement with Gujarat Urja
Vikas Nigam Ltd for its 25-Mw grid-connected solar photovoltaic power project at
Mithapur in the State. (THBL)
` TCS (TCS IN) has bagged a multi-year out-sourcing engagement from hospitality
chain Hilton Worldwide. (THBL)
` Spanco (SPAN IN) gets USD 19 mn projects from Goa power utility. (THBL)
` JSW Steel (JSTL IN) launched an open offer to buy 20% additional equity in Ispat
Industries (NDEN IN) at INR 20.54 a share. (BSTD)
` Lanco Infratech (LANCI IN) said it has acquired Australian-based Griffin Coal Mining
for USD 750 mn. (BSTD)
` Maruti Suzuki India (MSIL IN) plans to put in place additional measures to increase
capacity by 15-20% in the next financial year. (BSTD)
` Apollo Tyres (APTY IN) forays into Bangladesh. The focus for now will be on cross-ply
heavy and light commercial vehicle tyres. (FNLE)
` Koutons (KUTN IN) is considering selling up to 15% stake to raise cash to pay down
excessive debt and revive its flagging fortunes. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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