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Economy News
4 The Commerce Ministry will take up requests for setting up new special
economic zones,now a major source of exports,at a meeting here next
month (ET).
4 The shortage of key foodgrains and commercial crops could keep food
prices at high level,even as food inflation has declined from its peak (ET).
4 The IMF will set up a trust fund to provide technical assistance to member
nations in the areas of tax policy and administration (ET).
Corporate News
4 Tata Power expects to augment its power generation capacity in the
country by over 60% in 2011 through commissioning of new projects with
a cumulative output of over 1,900 mw (ET).
4 Bharat Coking Coal Ltd (BCCL), a wholly-owned subsidiary of Coal India
Ltd (CIL), has short-listed Brisbane-based MineOp Consulting Pty Ltd-led
consortium for development and operation of a two million tonne
underground medium-grade coking coal mine at Muraidih near Dhanbad
in Jharkhand (BL).
4 Bharati Shipyard has postponed its plan to set up a ship-building yard, in
tie up with Apeejay group, at Geonkhali in East Midnapore district of
West Bengal, till the middle of next year due to the present economic and
political situation in the state (BS).
4 A consortium led by Pipavav Shipyard has moved the Bombay High Court,
challenging the legality of ONGC’s decision to decline them the award of
a contract to carry out surveys and various other works of six well head
platforms for the Bombay High(ET).
4 UK's drug regulator has asked Ranbaxy Laboratories to recall three
batches of Pravastatin, its anti-cholesterol tablets, on failure to update
safety warnings in its information leaflets (BS).
4 ONGC Tripura Power Co (OTPC), a unit of state-owned ONGC Ltd, has
signed an MoU with Dhaka to open up a new transport corridor through
Bangladesh for transporting heavy equipment for its power plant at
Tripura (ET).
4 Ashok Leyland has opened its new manufacturing unit in the United
Arab Emirates (UAE), which was set up as a joint venture between the
Hinduja group firm and the Ras Al Khaimah Investment Authority. The
$50 million new unit will cater to markets in the Gulf Cooperation
Council, Africa and Europe (BS).
4 Kinetic Group, along with their JV partner Ducati Energia of Italy has
introduced new Electronic Fuel Injection (EFI) system for two wheelers. It
enhances the performance and reduces emissions in compliance with the
BS III /EURO III emission standards (BS).
News Round-up
` NTPC (NATP IN) has said it was willing to buy gas for its Kawas and Gandhar
expansion projects in Gujarat at a rate prescribed by the empowered group of
ministers. (BSTD-Sat)
` Coal India (COAL IN) has put in a bid to buy US based Sydney complex, an arm of
Massey Energy for about USD 1bn. Central Appalachian based Sydney complex
includes eight underground mines. (ECNT-Fri)
` ONGC (ONGC IN) board has decided to give a 320% special interim dividend 7 bonus
shares to its shareholders besides splitting shares into two ahead of its public issue.
(ECNT-Fri)
` ONGC (ONGC IN) signs MoU with Dhaka to open new transport corridor through
Bangladesh for transporting heavy equipment for its power plant at Tripura.(BSTDSat)
` Tata Motors (TTMT IN) plans to raise prices of all its passenger vehicles by up to 1.5%
from next month onwards except that of Nano and the new launched Aria. (BSTD-Fri)
` Tata Motors (TTMT IN) is developing a double-trailer truck in the Prima range for
overseas markets that could go on sale by March 2012. (BSTD)
` Tata Power (TPWR IN) may commission first unit of Mundra project by September.
(BSTD-Sat)
` Tata Power (TPWR IN) expects to augment its power generation capacity in the
country by over 60% in 2011 through commissioning of new projects with a
cumulative output of 1900mw. (ECNT)
` Tata Steel (TATA IN) is in negotiations to dispose of its South African plant & assets
to raise upward for USD 150mn in cash. (ECNT)
` Tata Consultancy services (TCS IN) has been awarded a USD 18 mn deal from Indian
Bank (INBK IN) for three years to launch and implement "Smart Card-based Financial
Inclusion Solution" (FIS) for the bank. (THBL FRI)
` Indiabulls Real Estate (IBREL IN) has received possession of the 10.5acre land parcel,
comprising Bharat Mill & Podar Mill at Worli in Mumbai. The developer has paid the
final instalment of its USD 466.67mn bid to NTC. (ECNT-Sat)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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