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Economy News
4 Food price index rose 12.1% for the week ended December 11 from a
year ago,compared with 9.5% in the previous week as prices rallied for
the fifth week in a row (ET).
4 The Centre has for the third time this fiscal deferred the implementation
of service tax levy on transport of goods by rail. This levy will now come
into effect from April 1 (BL).
4 Gold imports went up by over 42% during November at 39.8 tonne in
spite of ruling high price as compared to the corresponding month in
2009 (ET).
4 Tax collections in advanced economies are declining sharply because of
rising unemployment and slowdown in economic activity even as
corporates and individuals in certain economies like India pay more tax
(ET).
Corporate News
4 Singapore government's investment vehicle Temasek has acquired over
3% equity in Max India that runs a hospital chain and owns stake in an
insurance venture (ET).
4 Adani Power on Thursday announced that it has synchronised the
countrys first supercritical unit of 660 mw plant at Mundra,taking its coal
power generation capacity to 1,980 mw (ET).
4 Reliance MediaWorks has said it has inked a Memorandum of
Understanding (MoU) with Russian World Studios (RWS) and
Obyadinennaya Gosudarstvennaya Kinokollektsia (BS).
4 Strides Arcolab will be consolidating its stake in Australian firm Ascent
Pharmahealth in which it currently holds 60.3% (ET).
4 ONGC subsidiary ONGC Videsh Ltd (OVL) has agreed to swap stake with
Petroleo Brasileiro SA (PBR) or Petrobras and Colombia's Ecopetrol SA
(EC) in two Brazilian blocks (BL).
4 Greaves Cotton has bagged a 10-year contract from Tata Motors to
supply small diesel engines for its new half-tonne truck (BL).
4 Coal India plans to import about 250 million tonnes (mt) over the next
10 years to meet the country's growing requirement. (BL)
4 KNR Constructions Limited, an infrastructure company with
operations mainly in the road and highways sector, has formed 'KNRCL
FZE', a wholly-owned subsidiary in Ras Al Khaimah, UAE (BS).
4 Pipavav Shipyard has signed an MoU with SAAB Dynamics AB as part of
a defence co-production initiative taken by Wallenberg Group in India.
This will enable Pipavav to enter the army and air force segments, said a
statement from the company (BL).
News Round-up
` A day after RBI warned that inflation risks marring economic growth, wholesale food
inflation bounced back into double digits at 12.13% for the week ended December
11, the highest in 6 weeks, primarily on the back of soaring prices of vegetables and
other perishables. Fuel inflation also rose marginally to 10.74%. (BSTD)
` RIL (RIL IN) shut two natural gas wells last week, cutting output by about 4 million
cubic metres a day. (BSTD)
` Tata Steel (TATA IN) and a consortium of five public sector units are buying time,
even as the world's third-largest mining company, Rio Tinto, today offered USD 3.9
bn for Australia's Riversdale Mining. (BSTD)
` Coal India (COAL IN) plans to import about 250 million tonnes coal over the next 10
years to meet the country's growing requirement. (THBL)
` Power Finance Corporation's (POWF IN) follow-on public offer is likely to hit the
market in FY12. (BSTD)
` ONGC Videsh Ltd to swap stake with Petrobras, Ecopetrol. To farm out more than
half its stake in Brazillian block. (THBL)
` Suven Life Sciences Ltd (SVLS IN) has secured four product patents, two each from
New Zealand and Eurasia, corresponding to the new chemical entities. (BSTD)
` Strides Arcolab (STR IN) is moving to increase its stake to 94% from 58% in Australiabased Ascent Pharmahealth by paying USD 36 mn. (BSTD)
` Reliance Media-Works has said it has inked a MoU with Russian Work Studios (RWS)
and Obyadinennaya Gosudarstvennaya Kinokollektsia (OGK).
` Glenmark Pharma (GNP IN) said its wholly-owned US subsidiary, Glenmark Generics
has received approval for three generic drugs from FDA. (FNLE)
` Temasek picks up over 3% stake in Max India (MAX IN). (ECNT)
` Indian Hotels Company (IH IN) to offer USD 193 mn shares, warrants to Tata Sons.
(ECNT)
` Pipavav Shipyard (PIPV IN) in pact with SAAB Dynamics AB for defence production.
(THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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