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Economy News
4 Onion prices on Monday zoomed to unprecedented levels, with rates
crossing Rs 60 a kg at agricultural produce marketing yards in
Maharashtra. The Centre swung into action immediately, raising the
minimum export price to $1,200 (Rs 54,500) a tonne from $525 (Rs
23,900) and suspending shipments at least until January 15. However,
traders see little respite for customers from high onion prices at least
until middle of January. (BL)
4 The government’s kitty of direct tax collection in the current financial
year swelled by 18 per cent to reach around Rs 3.0 trn, driven by robust
corporation tax payments, including from advance tax. During the nine month period this year, corporation tax grew by 21.3 per cent and
personal income tax rose by 16.2 per cent, as compared to the
corresponding period last year. (BS)
Corporate News
4 Swiss drugmaker Hoffmann-La Roche and Warner Chilcott Company have
sued Sun Pharma Global Inc, an arm of Sun Pharmaceutical Industries,
in the US for alleged patent infringement of Actonel (risedronate sodium
tablets in 150 mg form), used for treating bone disorder disease
osteoporosis. (BS)
4 Tata Chemicals' wholly-owned UK arm, Brunner Mond, has acquired
UK's leading pure dried vacuum salt manufacturer British Salt for Rs 6.5
bn (£93 million). Mr R. Mukundan, Managing Director, Tata Chemicals,
said the deal would be funded entirely through debt by Brunner Mond
and is expected to be completed in 30-35 days pending approval from
Irish Merger Control authority. The company has an option to pay £3
million in three years after achieving certain financial parameters. (BL)
4 Despite high last-minute airfares, the seven domestic airlines flew 48.75
lakh passengers in November, the highest carriage recorded during a
single month this calendar year. On a year-on-year basis, the industry
reported a 25 per cent increase in passengers flown in November this
year, the latest data released by the Directorate-General of Civil Aviation
(DGCA) shows. The Delhi-based low cost airline, IndiGo, recorded the best
performance having flown 8.43 lakh passengers in November or almost 3
lakh more passengers than the same period the previous year. Jet
Airways and SpiceJet each carried 1.73 lakh more passengers compared
to November 2009. Last month, IndiGo, the country’s youngest LCC, which
will turn five next August, carried 8.43 lakh passengers. Aviation ministry
figures show that AI domestic flew 8.36 lakh in November, making IndiGo
India’s third-largest domestic airline in terms of market share. (BS)
4 Pharma major Ranbaxy Laboratories on Monday said that its South
Africa-based joint venture, Sonke Pharmaceuticals, has won Rand 913.5
million ($133 million) order in that country for supplying anti-retroviral
(ARV) drugs for prevention and treatment of AIDS over the next two
years. (BL)
4 Unity Infraprojects has secured three orders worth Rs 2 bn. The first
order for Rs 889 mn is from the Indian Institute of Science Education and
Research, Pune, for construction of a theatre block and laboratory
complex. (BL)
News Round-up
` Reliance Industries' (RIL IN) prolific D-1 and D-3 gas fields off the east coast, which
have seen a 15% drop in production in recent times, are likely to touch a peak
output of 80 million standard cubic metres per day, in 2012-13. (BSTD)
` The DoT has directed TTSL (TTLS IN) and RCom (RCOM IN) not to launch 3G mobile
services commercially until a lawful interception mechanism is in place. (BSTD)
` Coal India (COAL IN) signed a MoU with the SCI (SCI IN), to create a joint venture to
provide end-to-end logistics solutions for bringing internationally-produced coal into
the country. (BSTD)
` Coal India (COAL IN) plans a second indicative bid for the Colombian assets of the
US miner Drummond as private funds & rivals Xstrata & Glencore join the race to get
a share of soaring exports from the South American nation. (ECNT)
` Tata Chemicals (TTCH IN) will acquire UK soda ash raw material maker British Salt, for
USD 146 mn. (BSTD)
` JSW Steel (JSTL IN) set tot take over Ispat after lenders give their green signal. (BSTD)
` Lanco Infratech (LANCI IN) said it had got letters of intent to develop a 5-Mw solar PV
project and a 100-Mw solar thermal project in Rajasthan under the first phase of the
national solar mission. It also plans to develop 200-300 Mw of solar power over the
next two years. (BSTD)
` Glenmark (GNP IN) said it had got approval from US health regulator for its generic
Felodipine tablets, an anti-hypertensive drug, in the American market. (BSTD)
` Voltas (VOLT IN) said its board of directors had approved the formation of a joint
venture with Saudi Arabia's Olayan Financing Company to execute electromechanical projects in the country. (BSTD)
` Aditya Birla Nuvo (ABNL IN) will issue over 10 million equity shares at a premium of
INR 531.19 each to its promoter group cos. on conversion of warrants issued last
year. (ECNT)
` KEC International's (KECI IN) shareholders have approved the stock spilt proposal
through postal ballot. The shareholders accorded their permission for sub-division of
every INR 10 equity share into five shares of INR 2 each. (ECNT)
` Ranbaxy Laboratories (RBXY IN) said that its South Africa-based joint venture, Sonke
Pharmaceuticals has won Rand 913.5 million (USD 133 mn) order in that country for
supplying anti-retroviral (ARV) drugs for prevention and treatment of AIDS over the
next two years. (THBL)
` Moser Baer Clean Energy Ltd (MBCEL), a subsidiary of Moser Baer Projects Pvt Ltd
(MBPPL) has commissioned one of the country's largest and the first 5-MW solar farm
at Sivaganga in Tamil Nadu. (THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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