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Economy News
4 Shipping Ministry is gearing up to introduce a bill in the Budget session
of Parliament to provide a single comprehensive legislature for all kinds
of ports and streamline the existing Acts (ET).
4 The government is planning to launch a dedicated horticulture rail
transport system by March this year, with an investment of over Rs.180
mn to link wholesale markets (ET).
4 The government will reopen cotton exp
orts, allocating specific quantity
for traders, subject to overall ceiling of 2.5 million bales (ET).
Corporate News
4 PowerGrid plans to issue domestic bonds for about Rs.100 bn in 2011-12
to meet its expansion needs. It has planned a 50 per cent increase in its
capital expenditure to Rs 180 bn for the next year (BS).
4 After bagging contract for the country's first monorail in Mumbai,
construction major L&T is now eyeing a similar project in Gujarat (BS).
4 The government has rejected Cairn India proposal to raise peak
production from its Rajasthan oil fields by 37% to 2,40,000 barrels per
day (ET).
4 Patni Computer Systems promoters and private equity firm General
Atlantic are selling their 60%-plus stake to Nasdaq-listed IT services
provider iGate (ET).
4 Berger Paints has objected to the finding of the Quality Council of India
(QCI) that its paints contain unacceptable amount of lead (BS).
4 DQ Entertainment eyes huge opportunities in film animation business
to drive future growth of the company (BL).
4 A government panel will be formed this month to decide on captive coal
blocks lying idle with firms like Arcelor Mittal, Tata Steel and NTPC,
according to sources (ET).
4 With the government putting off an increase in diesel prices, Petroleum
Ministry sought an increase in government subsidy to bail out oil
marketing companies including HPCL and BPCL (BS).
News Round-up
` Finance ministry sees further delay in goods & service tax (GST) by a year, oppositiongovt. standoff on 2G may nudge rollout to April 2012. (BSTD)
` Prime Minister Manmohan Singh has directed the petroleum ministry to decide within
this month if the USD 9.6bn Cairn-Vedanta deal should be approved. This decision
should be purely on merit. (ECNT)
` Reliance Infra (RELI IN) allotted 22.6 million equity shares to AAA Project Ventures, a
Reliance Anil Dhirubhai Ambani promoter group co., against convertible warrants
issued to them, for USD 465.55mn, holding reaches 48%. (BSTD-Sat)
` Cadbury India (CAD IN) is now willing to consider a premium over the INR 1743 per
share price recommended by Ernst & Young for buyback offer. (BSTD)
` PowerGrid (PWGR IN) plans USD 2.22bn bond issue in 2011-12. (BSTD)
` Gujarat NRE Coke (GNC IN) had pledged 35.92% of the cos. equity, according to
filing to NSE. (BSTD-Sat)
` Shipping Corp. (SCI IN) has signed an agreement with Coal India (COAL IN) for a
possible JV for transporting thermal coal. (BSTD-Sat)
` Steel giants such as Tata, Essar & SAIL (SAIL IN) are likely to put bids for the Hajigak
mines in Afghanistan, which contain an estimated 1.8billion tonnes of iron-ore
deposits, but may also form a consortium for the purpose. (BSTD-Sat)
` L&T (LT IN) has bagged the 420Mw Reoli Dugli hydroelectric project after it agreed
to match the bid of another co. (BSTD-Sat)
` Jindal Polyfilms ltd (JDPF IN) subsidiary Jindal Resources (Mozambique) has been
awarded a coal block for prospecting & exploration. (BSTD-Sat)
` Reliance Retail is set to open 150 stores by March end & double the number of stores
across the country in all formats within five years. (BSTD-Sat)
` Tata Consultancy Services (TCS IN) is close to winning an engagement for providing IT
support services to France based Veolia Water, considered to be the worlds largest
provider of water-based services. (THBL SUN)
` Essar Shipping ports & Logistics Ltd (ESRS IN) is in the process of investing USD 1.1 bn
to acquire 12 new vessels and two jack-up rigs in the next two years. (THBL SAT)
` FORTIS HEALTHCARE (FOHE IN) plans to set-up standalone dialysis and diagnostic
centers across cities. (THBL SAT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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