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Economy News
4 Despite the volatility in global crude oil prices, the Government is trying
to prevent further increase in diesel, and cooking gasretail prices. The
Petroleum Minister, Mr Murli Deora, on Wednesday said that his Ministry
is not in favour of raising prices of these petroleum products. "We are
trying to see that there is no further price increase," the Minister told
reporters here adding that "If crude oil prices increase then something
has to be done, but we are doing our best to see that essential
commodity prices don't increase." (BL)
4 The ministry of corporate affairs has resolved tax hurdles to the
implementation of the International Financial Reporting Standard (IFRS)
with the tax department. "The ministry was getting positive response
from companies in regards to the implementation," Mr Khurshid said in a
summit at the Bombay Stock Exchange (BSE), a day after the minister
said the deadline of April 2011 for the transition to the new international
accounting norms will be met. (ET)
4 The group of ministers constituted to find ways to deregulate urea
pricing on Wednesday deferred a decision on raising the retail price of
urea for farmers. The panel, however, rejected a proposal moved by the
department of fertilizers that sought to continue with urea pricing under
the New Pricing Scheme. The panel asked a committee of secretaries
(CoS) to prepare a report by next month on including the country's most
consumed fertilizer under the nutrient-based subsidy, or NBS, regime.
(ET)
4 Banking on healthy growth in direct taxes collections, finance minister
Pranab Mukherjee raised the target for financial year by Rs 200 bn to Rs
4.5 trillion. Mr Mukherjee is counting on the tax bouyancy to meet
additional expenditure on subsidy because of the rising commodity prices,
helping him stay within the fiscal deficit target of 5.5 % of GDP. (ET)
Corporate News
4 Major healthcare chain Apollo Hospitals will invest nearly Rs.10 bn for
setting up 12 new hospitals across the country over the next two years.
"We will be investing Rs.0.8 -1 bn per hospital in class-II and class-III cities
across the country," Apollo Hospitals chairman Prathap C. Reddy said. (ET)
4 Kerala's IT sector has landed a prestigious investment with TCS signing
up for a mega learning centre at the state capital. The Rs 15 bn Global
Learning Centre of TCS will come up at the TechnoCity, close to the
Technopark here. TCS director and CFO S Mahalingam said the centre
would train and accommodate 15,000 employees at any time. (ET)
4 The Sanlam group of South Africa is likely to pick up 20 per cent stake in
Shriram Capital, the Shriram group's holding company for all its financial
services ventures, it is reliably learnt. While the Shriram group has
refused to confirm this development, saying that it would not comment
on "market speculation", sources in the know have told that the
proposal, which is awaiting regulatory clearance, will cement ties
between the two entities. (BL)
4 Praj Industries has entered into an agreement with Qteros of the US to
accelerate commercialisation efforts for industrial-scale cellulosic ethanol
production. The two companies will jointly develop process design
packages (PDPs) that will enable cheapest commercial-scale production of
ethanol, initially from a non-food based feedstock. (BL)
4 BOC India Ltd announced on Wednesday that it wants to delist its
shares from the bourses by acquiring 10.52 per cent of the public
shareholding in the company.It said in a notice to the exchanges that they
would buy back 8.98mn shares at a floor price of Rs 225.29 a share. As on
September 30, 2010, the promoters held 89.48 per cent stake in the
company. (BL)
News Round-up
` While the govt. is reluctant to raise diesel prices, oil marketers may be forced to
increase the prices of petrol again. (BSTD)
` RBI is expected to raise key rates by at least 25 basis points this month to tackle
inflationary pressures. Analyst expects a total rise of 75 bps in 2011. (BSTD)
` The govt. is planning to establish a USD 222.22mn fund to aid plans of state owned
fertiliser cos. to acquire plants abroad. (FNLE)
` ONGC (ONGC IN) FPO likely on March 9, SAIL (SAIL IN) in FEB. (FNLE)
` Reliance Ind. (RIL IN) has abandoned the second exploratory well in a KrishnaGodavari block after encountering "disappointing" results. (BSTD)
` US drug maker Merck & Co. has called off its two year research alliance with Ranbaxy
(RBXY IN). (BSTD)
` Gitanjali Gems (GITG IN) is in advanced talks with 2 private equity players to raise up
to USD 100mn & hopes to close the deal by Feb. (BSTD)
` Financial services co. Edelweiss Group has started retail housing finance business
through its subsidiary to cash on its existing customer base. (BSTD)
` Apollo Hospitals (APHS IN) will invest nearly USD 222.22mn to set up 12 new
hospitals in small towns across the country over next 2 years. (BSTD)
` M&M (MM IN) will increase vehicle prices by an average 1% in the next 2 to 3 days,
due to rising input costs. (BSTD)
` Shares of Balaji Distilleries (BLD IN) will stop trading on bourses from Jan. 7 on
account of the cos. distillery division's merger with liquor manufacturer United Spirits
(UNSP IN). (BSTD)
` Cox & Kings (COXK IN) expects to close out acquisitions of travel firms in the US &
Europe by end of this financial year. (BSTD)
` Dr Reddy's (DRRD IN) will contest the patent infringement case filed against it by
Pfizer, over its cholesterol lowering drug Atorvastatin. (BSTD)
` Jindal Poly Films (JDPF IN) plans to go for private equity investment in its subsidiary ,
Jindal India Thermal Power. The BC Jindal group promoted co. may also go in for
listing Jindal India Thermal once the cos. USD 2.03bn power plant in Orissa becomes
operational. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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