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Economy News
4 The government will retain its borrowing plan of Rs 4.47 Tn in FY11,
despite reducing the size of market mop-up by Rs 100 Bn earlier this
month due to cash shortage in the system. This would be done by having
another borrowing after February 11, when the scheduled calendar for
mop-up ends. (BS)
4 India has imposed anti-dumping duty of up to 266 per cent on import of
an information technology equipment - also used in the telecom sector -
to guard the domestic industry against cheap Chinese and Israeli
shipments. (BS)
4 Maharashtra government plans to increase ready reckoner rates (RR) by
25-30 per cent from January 1. Mumbai's realty sector, which is moving
quite rapidly, is expected to hit turbulence due to the state government's
move. (BS)
Corporate News
4 NMDC is likely to raise iron ore prices by three per cent next week for
the January-March quarter, a move which could prompt domestic steel
makers like JSW and Tata Steel to increase prices in the New Year. (BS)
4 Rashtriya Chemicals and Fertilisers (RCF) is conducting due diligence
on a proposal to acquire a 25 per cent stake in a rock phosphate mine
owned by Russian fertiliser maker Acron Group for $366 million. (BS)
4 DLF Ltd will pay Rs. 1.45 Bn to settle a dispute with certain overseas
investors, paving the way to rope in a strategic partner in ultra-luxury
hotel chain Aman Resorts. (ET)
4 National Hydroelectric Power Corporation (NHPC) is set to ramp up
its power generation capacity in the country to 5,322 MW by the end of
the 11th Five-Year Plan in March, 2012. (ET)
4 Reliance Industries has urged the government to open up domestic
uranium exploration and mining in line with NELP, to increase domestic
output to reduce dependence on import of the metallic element. (ET)
4 Coal India Ltd plans to start exploration in two coal blocks in
Mozambique next fiscal from where it expects to begin production from
2014-15. (BL)
4 Indian Overseas Bank, which is planning to achieve Rs.5 trn in the next
three years, is targeting Rs.2.50 trn by the end of the current financial
year. This is Rs.250 bn more than the bank's target for the current fiscal.
(BL)
4 GMR Infrastructure today said its arm GMR SEZ & Port Holdings Pvt Ltd
had entered into a share subscription agreement to subscribe to 51 per
cent in Kakinada SEZ Pvt Ltd. (BS)
4 Mahanagar Telephone Nigam Ltd is expecting to finalize agreements
for sharing its third generation (3G) mobile network with private service
providers by early next year. (BS)
News Round-up
` As a debate rages over the proposed new norms for ownership & governance of
stock exchanges, SEBI nay consider making listing optional for the bourses &
separating their regulatory & business roles. (ECNT)
` Foreign Direct Investment in the country's services sector declined by 21 percent to
USD 2.06 bn in the first half of the current fiscal. (THBL)
` The railways has raised freight charges on some key commodities such as sugar &
some petroleum products to meet the rising fuel cost & higher wages, a move that
could frustrate the govt.'s effort to tame soaring inflation. (ECNT-Sat)
` Coal India Ltd (COAL IN) plans to start exploration in two coal blocks in Mozambique
next fiscal from where it excepts to begin production from 2014-15. (THBL)
` Gujarat State Petroleum Corporation (GUJS IN) has discovered a "huge reservoir of
gas" in an on-land exploration block in Ankleshwar, Gujarat. (THBL SAT)
` NMDC (NMDC IN) is likely to raise iron-ore prices by 3% next week for the Jan-March
quarter, a move which could prompt domestic steel makers like JSW (JSTL IN) & Tata
Steel (TATA IN) to increase prices in the New Year. (BSTD)
` Tata Steel (TATA IN) has decided to raise long-term funds of up to USD 1bn by way of
share sale through Differential Voting Rights (DVR) route. (BSTD-Sat)
` Tata's may not contest Rio Tinto bid, as state run consortium crippled by investment
limits. (ECNT-Sat)
` The Insurance regulatory and Development Authority (IRDA) has served a notice to
SKS Microfinance Ltd (SKSM IN) on 'violations of some norms in the sale and
management of insurance polices for its clients. (THBL SAT)
` Wockhardt's (WPL IN) attempt to reach an out-of-court settlement with its foreign
convertible bonds (FCCB) holders has received a major blow. Singapore based hedge
fund QVT, which was set to reach an agreement with Wockhardt on the issue, has
backtracked & now supports Sun Pharma (SUNP IN) in pursuing a winding up
petition before the Bombay High Court. (BSTD-Sat)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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