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Economy News
4 The Reserve Bank announced the purchase of government securities
worth Rs.120 bn on Wednesday as part of its decision to inject Rs.480 bn
into the system, which is facing a cash crunch due to advance tax payment
and busy credit season. (BS)
4 Cement makers today increased the price of the commodity in
Maharashtra by Rs.10 per 50 kg bag in the wake of a spike in demand.
(BS)
4 Power Minister Sushil Kumar Shinde today said that South Korean major
Doosan Heavy Industries and Construction Company has shown interest
for 100 per cent foreign direct investment for setting up a power
equipment manufacturing project in Haryana. (BS)
4 With different tax rates leading to fuel prices varying from state to state,
the oil industry has demanded inclusion of crude oil and its products, and
natural gas in the reformist GST (Goods and Services Tax) regime. (BS)
4 The country’s merchandise shipments rose to $18.89 billion in November,
up 26.5 per cent from $15 billion in the same month last financial year.
The new year has brought cheer to the industry, which expects to not
only meet the $200-billion target for 2010-11 but may exceed it as well.
(BS)
Corporate News
4 A stake sale deal between Patni Computer Systems and iGate is on
course, but has been delayed due to procedural issues. Sources involved in
the deal said they include tax-related developments and offshore
transaction fees. (BS)
4 Tata Power Company, has called off its plan to sell 15 per cent stake in
two special purpose vehicles (SPVs) owning coal mines in Indonesia to
private equity (PE) firm Olympus Capital for $300 million (Rs13.9 bn). (BS)
4 Oil and Natural Gas Corp signed a cooperation agreement with GAIL
India Ltd, giving the gas utility exclusive marketing rights of all the
natural gas it will produce in future. (BS)
4 Separation of Areva T&D India's transmission and distribution business
will be completed between June and September this year, a top company
official said here today. (BS)
4 SAIL has hiked prices across product categories by around Rs.1,000 per
tonne to offset an increase in input costs. (BS)
4 The government has notified procedures for regular export of 5,00,000
tonnes of sugar, out of which the country’s top two makers Bajaj
Hindustan and Balrampur Chini have got permission to ship over
33,000 tonnes. (ET)
4 Reliance Capital's subsidiary, Reliance Exchange next Ltd (R Next) has
picked up a 26 per cent stake in Indian Commodity Exchange Ltd (ICEX)
from Indiabulls Financial Services Ltd. (BL)
News Round-up
` Diesel price rise may be deferred to 2011-2012, due to high inflation rate. (BSTD)
` Cement makers increased the price of the commodity in Maharashtra by INR 10 per
50 kg bag in wake of a spike in demand. (BSTD)
` GAIL (GAIL IN) has entered into an agreement with ONGC (ONGC IN), under which it
will exclusively purchase & market the natural gas produced from the latter's various
fields during the next 3 years. (BSTD)
` IOC (IOCL IN) is looking at increasing its imports of crude from Angola in Southern
Africa. At present about 5% of the country's annual crude oil imports come from
Angola, on term contracts that have a fixed tenure. (BSTD)
` Reliance Ind. (RIL IN) is mulling the establishment of a USD 1.2bn LNG import
terminal on either the east or west coast, to meet demand at its refineries &
petrochemical plants. (BSTD)
` Reliance Exchangenext, a subsidiary of Reliance Capital (RCFT IN), has acquired a
26% stake in the Indian Commodity Exchange Ltd. (ICEX) from Indiabulls Financial
Services for an undisclosed amount. (BSTD)
` The govt. has notified the procedures for the recently allowed export of 0.5 million
tonnes of sugar. The country's top 2 producers Bajaj Hindustan (BJH IN) & Balrampur
Chini (BRCM IN) have together got a quota of more than 33,000 tonnes. (ECNT)
` BSE makes changes in five indices effective from Jan 10. (ECNT)
` HDFC Bank (HDFCB IN) raises its interest rates on retail term deposits by up to
1.25%, depending on maturities. (BSTD)
` A stake sale deal between Patni Computers (PATNI IN) & iGate is on course, but has
been delayed due to procedural issues (ie. tax related development & offshore
transaction fees). (BSTD)
` Tata Power (TPWR IN) has called off its plan to sell 15% stake in 2 special purpose
vehicles (SPVs) owning coal mines in Indonesia to private equity firm Olympus Capital
for USD 300mn. (BSTD)
` Allcargo Global Logistics (AGLL IN) will buy a container clearance facility, seeking to
benefit from rising overseas trade. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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