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Economy News
4 RBI said that companies (with net worth more than Rs 1Bn) can continue
to use zero-cost options for hedging their foreign exchange exposures.
RBI had in November 2009 banned this product but allowed importers
and exporters to write and sell ‘put’ options in both foreign currency
rupee and cross-currencies and earn premium on them. (Mint)
Corporate News
4 Eyeing properties overseas to meet the growing domestic demand for
manganese ore, which is pegged to touch 4.5 million tonnes by 2012,
MOIL has invited bids from global firms to form JVs for such acquisitions.
"... MOIL invites proposals on ... investment opportunities primarily for
Manganese Ore and other minerals both within India and globally," the
company said. (ET)
4 The finance ministry plans to fast-track stake sale in Power Finance
Corporation and Rashtriya Ispat Nigam as it is worried that a delay in
approval of the follow- on public offers of two oil companies (ONGC and
IndianOil) could derail the center’s divestment programme. (ET)
4 Tuhin Mukherjee , the man widely credited for JSW Steel’s recent mine
acquisitions overseas , has quit the company to join the Birlas’ unlisted
mining arm ,EsselMining. (ET)
4 US-based Worthington Industries picked up 60% stake in Nitin Cylinders,
a wholly-owned subsidiary of Nitin Fire Protection Industries, for
around $21 million. After the deal, the subsidiary will turn into a joint
venture between Nitin Fire and Worthington which is in the business of
manufacturing pressure cylinders. (BS)
4 Dish TV said that it will increase its total transmission bandwidth to 648
megaHertz from the current 432 Mhz. The company said that it has
signed a long-term contract for transponders, to facilitate this. This extra
transponder capacity will enable Dish TV to increase its standard
definition channel capacity as well as high definition (HD) capacity. The
company expects that this hike in capacity, which gives its substantial
advantage over competition, could be a game changer in the DTH
industry. (BS)
4 NTPC will takeover 3,000-odd acres of vacant land from Patratu Thermal
Power Station (PTPS) in Jharkhand to set up 1320 mw of thermal power
generation capacity at an investment of Rs.66 bn. A memorandum of
understading between NTPC and Jharkhand State Electricity Board
(JSEB), the holding company for PTPS, will be signed by December 31, a
top NTPC official said. (ET)
4 Mahindra & Mahindra Ltd said that it will launch a new premium-end
pick-up truck in the first half of next year. With margins under pressure
on the back of rising costs of raw materials such as steel and rubber, the
company is planning to increase prices in January. (HBL)
4 Bannon Automotive Llc of New York is suing Mahindra Reva Electric
Vehicle Pvt. Ltd for $25 million (Rs.1.13 bn) for alleged failure in adhering
to an agreement inked between it and the erstwhile Reva Electric Car Co.
in October 2009 to make and sell Reva models in the US and the
Caribbean islands. (Mint)
4 Power Grid Corp. of India Ltd (PGCIL) plans to seek a $1 billion
(Rs.4,510 crore) loan each from the Asian Development Bank (ADB) and
the World Bank. “We are seeking these loans as we have a huge capital
expenditure programme for the 12th Plan period (2012-17). We have
been advised by the government to seek non-sovereign loans on the
strength of our balance sheet...we are in talks with ADB for availing
some part of the loan without sovereign guarantee,” said PGCIL
chairman and managing director S.K. Chaturvedi. (Mint)
News Round-up
` SBI (SBIN IN) raised USD 111.11mn at 9.05% through 3 month certificates of deposit
(CDs). (BSTD)
` China's largest govt. owned energy firm CNPC has approached ONGC (ONGC IN) to
forge a comprehensive agreement that could provide it access to India's oil & gas
assets. (ECNT)
` HPCL (HPCL IN) & L N Mittal plan to sell a 10% stake each in the under construction
Bathinda refinery in a public offering in Q4 of 2011 to raise USD 222.22 - 333.33mn.
(BSTD)
` M&M (MM IN) to raise prices of its products across all categories in Jan. due to
increase in commodity rates. (BSTD)
` Tata Steel (TATA IN) plans to sell its UK-based Teesside Cast Products plant for USD
500mn in two months & will use the proceeds to repay its European debts. (BSTD)
` The Tata group's Indian Hotels co. (IH IN) holdings in international hotel chain Orient
Express Hotels slump more than 50% in value. (BSTD)
` Bhel (BHEL IN) has secured two orders worth USD 66.67mn from the Railways for
the development, manufacture & supply of 3 phase IGBT-based propulsion systems
for Electric Locomotives & AC Electric Multiple Units. (ECNT) ***Sun Pharma (SUNP
IN) has extended a distribution pact for drugs with US subsidiary Caraco Pharma Labs
for another year. (BSTD)
` MOIL (MOIL IN) has invited bids from global firms to form JV's to acquire properties
overseas. (BSTD)
` Income Tax department to re-audit some of Satyam Computers (SCS IN) accounts,
wants firm to pay USD 111.82mn tax for period between 2002-03 & 2007-08. (BSTD)
` Gitanjali Gems Ltd. (GITG IN) plans to divest 10% of equity to private equity investors
to raise USD 100mn. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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