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Economy News
4 Chairman of Prime Minister’s Economic Advisory Council, C Rangarajan
said that the hardening of interest rates would depend on inflation in the
coming two to three months and added that there has been some decline
in headline inflation. If this trend continues, there should not be any need
for further rise. On the other hand, if inflation picks up, it would have to
be dealt with. (BS)
4 Leading global rating agency Fitch Ratings has revised upwards its
forecast for the country's economic expansion to 8.7 per cent in the
current fiscal from 8.5 per cent earlier as economic activity has proved
more buoyant than previously expected. (ET)
4 The Union Food and Agriculture Minister, Mr Sharad Pawar, on Tuesday
said that any respite for the consumer from onion prices is unlikely for
the next three weeks but going by a report of the National Horticultural
Research and Development Foundation (NHRDF), the issue of high prices
is unlikely to end soon. (BL)
Corporate News
4 State-run ONGC and Russian conglomerate Sistema have decided to
merge their oil & gas businesses in Russia under a joint venture in a nocash deal where the Indian firm will have a 25% shareholding with a say
in management. (ET)
4 Coal India (CIL) is close to buying a stake between 10% to 15% in an
Australian mine owned by Peabody, a US company. Peabody will transfer
the mine to a special purpose vehicle or a company set up for a particular
transaction in which it will hold up to 90%, with the Indian company
owning the rest. (ET)
4 Public sector powerhouse Bharat Heavy Electricals Ltd (BHEL) is
mulling a partnership with Japanese automaker Toyota to make electric
vehicles (EVs) in India, the second fastest growing auto market in the
world.(BL)
4 The Bombay High Court said it can’t decide on Lavasa Corporation’s
(Hindustan Construction Company’s subsidiary ) writ petition against
the Ministry of Environment and Forest’s stop-work order in isolation,
and all litigation against the company’s proposed hill station township
project near Pune needed to be clubbed together. (ET)
4 JSW Steel will become India’s largest steel company by capacity, as it
agreed to buy a controlling 41.29 per cent stake in Ispat Industries for Rs
21.57 bn, valuing the company at Rs 52.24 bn. JSW will announce an open
offer for an additional 20 per cent stake in Ispat on Wednesday. (BS)
4 Carborundum Universal India (CUMI) has opposed the proposed
acquisition of Winterthur Technologies AG of Switzerland by 3M. The
company said 3M’s buying of Winterthur Tech is an indirect acquisition of
Wendt India, a company that manufactures super abrasives and is a joint
venture of Carborundum Universal and Wendt GmbH. (BS)
News Round-up
` IOC (IOCL IN) is losing USD 26 mn a day in revenue on selling diesel, domestic LPG
and kerosene below their imported cost. (BSTD)
` HPCL (HPCL IN) has lined up a capex of USD 11.05 bn over the next five years, which
includes an expansion at its Vizag refinery and a greenfield refinery on the west coast
of Maharashtra. (FNLE)
` ONGC Videsh Ltd signed initial agreements to exchange its ownership stake in
Imperial Energy, in return for acquiring a 25-30% interest in Sistema's JSC Bashneft.
(BSTD)
` Coal India (COAL IN) is close to buying 10% to 15% in an Australian mine owned by
Peabody, a US company. (ECNT)
` Reliance Industries (RIL IN) has formed a joint venture with Russia's petrochemical
company, SIBUR, to jointly invest USD 450 mn to set up a 100,000-tonne butyl
rubber factory. (BSTD)
` Bharat Heavy Electricals Ltd (BHEL IN) is mulling a partnership with Japanese
automaker Toyota to make electric vehicles in India. (THBL)
` JSW Steel (JSTL IN) will become India’s largest steel company by capacity, as it agreed
to buy a controlling 41.29% stake in Ispat Industries (NDEN IN) for USD 479 mn,
valuing the company at USD 1.15 bn. Ispat promoters will hold 26% stake in the
company. Ispat will issue on a preferential basis 1.08 bn equity shares at INR 19.85 a
share. JSW will make an open offer to minority shareholders of Ispat, according to
the Takeover Code. (BSTD)
` LIC has increased its stake in SCI (SCI IN) to 14.13% from 4.37%. (BSTD)
` Tata tests markets for Nano export. Develops variants for Europe, US markets. A few
overseas vehicle and non-auto companies have come forward to seek licence for
manufacturing the Nano. (BSTD)
` Dr Reddy's Laboratories (DRRD IN) has entered into a licensing, technology transfer,
manufacturing and marketing agreement with R-Pharm of Russia. The pact will allow
Dr Reddy's Laboratories to import and market R-Pharm products in India, according
to agreed terms. (BSTD)
` SAIL (SAIL IN) is talking with a state-run South African company to set up a steel plant
there to tap the resources of the continent's biggest producer of the metal. (FNLE)
` Lanco Infratech (LANCI IN) has got an engineering, procurement and construction
contract worth USD 911 mn from a subsidiary of Moser Baer Projects. (FNLE)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line
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