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Economy News
4 India's M&A market saw a massive 166.5% surge in terms of deal value,
amounting to $51 billion in 2010 (ET).
4 The higher-than-expected wholesale price rise in December has
prompted the Prime Minister's Economic Panel to further revise upwards
the Marchend inflation forecast to up to 7% from 6.5% estimated earlier
(ET).
4 The government has stated that time and cost overruns in the
infrastructure projects have improved significantly in 2010 as compared
to the decade ago (ET).
4 The finance ministry has rejected the 9.5% interest pay out proposed on
provident fund savings for 2010-11 saying the surplus funds found by the
PF department from its past accounts were unverifiable (ET).
Corporate News
4 Cummins India will make engines for light commercial vehicles and
components like turbochargers in India (ET).
4 UTV Software Communications is in the process of selling its stake in
UTV Indiagames - the online and mobile gaming subsidiary of the group,
said two sources involved in the deal (BS).
4 Bajaj Auto's ultra low-cost car project might slow down with partner
Renault India, who is still to take a final call on branding and marketing
the vehicle (BS).
4 India's leading private airport developers, GMR and GVK groups, are
planning to bid for the modernisation of Ngurah Rai International Airport
in Bali, Indonesia (BS).
4 Natco Pharma Limited said K & C Pharmacy, a general partnership firm
at New Jersey in which it is a 75 per cent partner, has sold its right, title
and interest in a retail pharmacy outlet known as Nicks' Drugs(BS).
4 National Aluminium Co. Ltd. (NALCO) has entered into a
Memorandum of Understanding with Indian Rare Earths Ltd (IREL) for
making value-added products from beach sand minerals (BS).
4 Maruti has bought prime properties in metros to build up market
showrooms and capture footfalls of cash-rich customers, signaling a sea
change in its distribution strategy (ET).
4 US engine maker Cummins Inc aims to more than triple its investment in
India to $500 million through Cummins India by 2015 as it introduces at
least five new business segments, a top official told reporters (ET)
News Round-up
` The government is likely to soon announce significant policy measures concerning FDI
in the multi-brand retail segment. (BSTD)
` State-owned oil marketing companies raised petrol prices by up to INR 2.54 a litre.
(BSTD-Sun)
` After raising petrol prices by INR 2.50 per litre, the govt. has decided to spare
consumers from higher cooking gas & diesel by tinkering with the tax regime to
ensure oil cos. can boost revenues without increasing pump prices. (ECNT)
` Rising losses on the sale of petrol and diesel has prompted Reliance Industries Ltd to
shelve its plans of reopening its retail outlets. The company had earlier resumed
operations in 750 of the 1,433 outlets it had shut down in 2008. (BSTD-Sat)
` SAIL (SAIL IN) has inked a pact with IRCON International for jointly working on rail
infrastructure projects in India and overseas. (BSTD)
` Lupin (LPC IN) gets FDA nod for nabumetone tablets. (FNLE-Sat)
` Hindustan Unilever (HUVR IN) may trigger a price rise in daily-use items by increasing
prices of its popular soap & skin care brands to offset high input costs. (ECNT)
` Tata Motors (TTMT IN) plans to merge CV & passenger car dealership, Winger &
Xenon to be sold along with Nano & Indica, as it seeks to boost margins for dealers.
(ECNT)
` Maruti Suzuki (MSIL IN) has bought prime properties in metros to build up-market
showrooms & capture footfalls of cash-rich customers, signalling a sea change in its
distribution strategy as competition hots up & market share dwindles. (ECNT)
` Infosys Tech. (INFO IN) plans to acquire smaller govt. contractors in the US as India's
No. 2 software exporter intensifies efforts to tap into the USD 70bn govt. outsourcing
market in the country. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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