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Economy News
4 Wholesale food inflation saw a sharp increase to 18.32 per cent for the
week ended December 25(BS).
4 THE International Monetary Fund (IMF) expects Indian economy to grow
by 8.8% during the current financial year,up from 7.4% a year ago(ET).
4 Direct tax collections in the first nine months (April-December) of the
current financial year increased 19.47 per cent to touch Rs 2989.58 bn,
compared with Rs 2502.32 bn in the corresponding period of 2009-
10.(BS)
Corporate News
4 BHEL-Alstom and L&T-Mitsubishi Heavy Industry have made it to the
final round of NTPC's supercritical boiler tender, estimated at over Rs 100
bn. NTPC has set the deadline for bids to January 20(BS) .
4 Steel Authority of India (Sail) today said it was in talks with Japanese
companies for technology to set up a cold rolled grain-oriented (CRGO)
steel manufacturing facility(BS).
4 Gujarat Mineral Development Corporation (GMDC) says it will take
till January 20 to select and announce a partner for its Rs 140 bn
aluminium project in Kutch (BS)
4 JSW Steel plans to increase coking coal imports from Australia and the
US by as much as 40% next fiscal year as it raises production (ET).
4 Larsen & Toubro's Buildings & Factories Company has secured orders
totalling Rs 11.8 bn for construction of residential buildings and factories
in the third quarter of this fiscal (ET).
4 Promoters of Reliance Infrastructure are set to raise their stake in the
company to 48% by investing 16 bn and converting warrants issued to
them in July 2009 into equity shares(ET).
4 TAKE Solutions has acquired UK-based WCI Consulting Group through
its subsidiary for an undisclosed amount.The acquisition would help
TAKE Solutions to make a comprehensive foray into the European Life
Sciences market (ET).
4 Suzlon Energy has won 8.6bn order from the Vedanta Group firm
Hindustan Zinc to set up wind farms in four states which will together
generate 150 megawatt (MW).(ET)
4 To boost its revenues from other businesses, power equipment major
Bharat Heavy Electricals Ltd (BHEL) is betting big on transportation,
renewable energy and water businesses (BS).
4 The shareholding pattern of real estate major Unitech has undergone a
change, with promoters increasing their stake to 48.6 per cent upon
conversion of warrants into equity (BS)
News Round-up
` Wholesale food inflation saw a sharp increase to 18.32% for the week ended Dec.
25, primarily due to a steep rise in onion prices. The inflation rate is a 23 week high,
much above the expectations of analysts & policymakers. (BSTD)
` IMF said India may need to increase policy rates to contain inflation. It also predicted
India's GDP growth would be 8.75% this year, but would moderate to 8% next year.
(BSTD)
` Direct tax collections in the first nine months of the fiscal increased 19.47%. (BSTD)
` SEBI revisits interest rate futures norms to enhance volumes, wants banks to perform
the role of market makers to boost investor participation. (BSTD)
` M&M (MM IN) plans of launching a range of SUVs & pick-up trucks in the US remains
a distant one as the company struggles with long term plans. (BSTD)
` Promoters will invest USD 355.55mn to hike their stake in Anil Dhirubhai Ambani
group firm Reliance Infrastructure (RELI IN) to 48%. (BSTD)
` SBI (SBIN IN) has asked Vodafone for cash & cash equivalent against guarantee
sought by the telco for depositing with the Supreme Court in its case against incometax dept. The bank has also said that it is not in favour of counter guarantee from
foreign banks as security. (ECNT)
` Power Finance Corp. (POWF IN) FPO likely to open around May 15. (BSTD)
` Power Finance Corp. (POWF IN) plans USD 1.33bn tax-free bond issue this fiscal.
(FNLE)
` NTPC (NATP IN) is eyeing Maldives to set up solar power projects, a move that would
enhance the thermal power generators green footprint. (BSTD)
` Unitech (UT IN) promoters infuse USD 84.44mn to increase stake to 48.6% upon
conversion of warrants into equity. (BSTD)
` Riversdale Mining & JV partner Tata Steel (TATA IN) have reached an agreement
allowing them to fully own the USD 1bn Benga power plant project in Mozambique.
(BSTD)
` SAIL (SAIL IN) is in talks with Japanese cos. for technology to set up a cold rolled
grain-oriented (CRGO) steel manufacturing facility. The proposed 0.25 million tonne
green field facility would attract investments worth USD 666.67 - 777.78mn. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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