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News Headlines
Singh's Reshuffles Cabinet, First Time in Tow Years (Bloomberg Finance LP)
Indian Prime Minister Manmohan Singh ’s first cabinet reshuffle in almost two years
targeted ministries blamed for rising food and fuel costs. Singh left his ministers for
finance, trade, defense, home and foreign affairs in office.
Review levies to bring down food prices, FM tells states (BS)
Finance Minister asked states to review all local levies like mandi tax and octroi to
bring down the spiralling prices of food articles. He asked the states to play their part
effectively in controlling inflation, which soared to 8.43 per cent in December.
Govt considering infrastructure debt fund options (Reuters)
The government is considering various options to create an infrastructure debt fund,
Finance Minister Pranab Mukherjee said on Wednesday, as part of government's
efforts to create long-term funds for the infrastructure sector.
Malegam panel caps MFI interest at 24% (BS)
The Malegam Committee, set up by Reserve Bank of India (RBI), recommended a 24-
per cent interest rate cap on microfinance loans to individuals. It also suggested
creating a new category of non-banking finance companies: NBFC-MFI.
RBI gives breather to MFIs (BS)
The Reserve Bank of India has asked banks to go easy on microfinance institutions by
relaxing certain norms regarding loan restructuring. Banks can now restructure loans
extended to MFIs even if they are not fully secured.
HCL Tech's strong Q2, margin outlook lifts shares (Reuters)
HCL Tech reported a net profit of about 4 billion rupees for Oct-Dec, while revenue
rose 28 percent to 38.9 billion rupees. Profit was expected to rise 24 percent.
OIL min seeks lower duties to avoid price increase (BS)
The petroleum ministry has sought a reduction in duties on crude oil and petroleum
products to avoid more of an increase in fuel prices, necessary because of spiralling
global oil rates.
Govt says willing to reconsider Vedanta refinery plan (Reuters)
Environment Minister Jairam Ramesh said on Wednesday he was willing to revive
Vedanta Resources' plans to expand its alumina refinery in Orissa provided the firm
met certain conditions.
From today, you can switch your mobile operator (BL)
The Prime Minister, Mr Manmohan Singh, will inaugurate Mobile Number Portability
services across the country on Thursday evening. The facility allows mobile users to
change their operator without having to change the phone number.
Essar finalises to buy Shell's UK refinery for $350 mn (ET)
Essar Oil has finalised the acquisition of Shell's Stanlow refinery in UK for $350
million dollars, a source close to the deal said. The Stanlow refinery is part of the
Royal Dutch Shell group with a capacity of 2.37 lk barrels per day.
Concor Q3 net profit up 13.89% (BL)
Container Corporation of India (Concor) recorded a net profit of Rs 2006.19 crore for
the quarter ended December 2010, registering a 13.89 per cent growth year-on-year.
LIC Housing Finance net rises 39% (BL)
LIC Housing Finance's net profit rose 39 per cent to Rs 213 crore in the third quarter
of 2010-11, as against Rs 154 crore in the corresponding year-ago period.
Bajaj Holdings Q3 net up 91.14% to Rs 500.98 cr (ET)
Bajaj Holdings & Investment said its consolidated net profit rose by 91.14 per cent to
Rs 500.98 crore for the third quarter, over the same period previous fiscal.
Torrent Pharma's Q3 profit dips 7% (BS)
Torrent Pharmaceuticals has posted a 7 per cent dip in net profit for the quarter
ended December to Rs 77 cr. Operating profits grew by 5 per cent to Rs 115 cr.
Obama presses China's Hu on currency, rights (Reuters)
President Barack Obama pressed Chinese President Hu Jintao on Wednesday to let
the value of China's currency rise.
IMF stress tests come early for UK, German banks (Reuters)
The IMF will launch the first of its mandatory health checks on big banks this week
under a beefed-up inspection scheme to prevent another global crisis.
China 2010 GDP up 10.3 pct, Dec CPI up 4.6 pct – media (Reuters)
Chinese consumer prices rose 4.6 percent in the year to December, a slowdown
from a 5.1 percent pace in November.
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