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Economy News
4 The Supreme Court had issued notice to the Centre and 11 companies on
a petition seeking the cancellation of 2G spectrum licences allotted to
these firms on a petition alleging these firms were ineligible and/or
failed to fulfil the rollout obligations. (BL)
4 As a preemptive measure against rising food inflation, the government
extended the zero-duty regime on refined and raw sugar imports by
three months to March 31. (BS)
4 After increasing the direct tax collections target in 2010-11 by Rs 200 bn,
the finance ministry now plans to raise the indirect tax receipts by at
least Rs 100 bn to Rs 3250 bn for the same period. (BS)
4 The government informed the Supreme Court that it would procure an
additional 5 million tonnes of foodgrain for allocation to the poor
through the public distribution system (PDS) during 2011. (BS)
Corporate News
4 Reliance Industries Ltd (RIL) has opposed the proposal of a new
pipeline from Kakinada to Srikakulam floated by Andhra Pradesh Gas
Infrastructure Corporation (APGIC). RIL has argued that gas availability
for the pipeline is uncertain and will not contribute to the development
of a national gas grid. (BS)
4 High-profile investment banker Madhabi Puri-Buch is likely to quit the
ICICI group. She is currently managing director & CEO of ICICI
Securities. (BS)
4 The proposed disinvestment plans for state-owned trading giant MMTC
will be implemented in the next financial year, said Commerce and
Industry Minister Anand Sharma. (BS)
4 IVRCL Infra is in talks with potential bidders to offload its 55% stake in
Hindustan Dorr-Oliver. (ET)
4 Anil Ambani’s Reliance Power signed a power purchase agreement
with NTPC Vidyut Vyapar Nigam for a 100-Mw solar thermal power
project in Rajasthan. (BS)
4 State Bank of India (SBI) Chairman O P Bhatt said the Reserve Bank of
India (RBI) might raise interest rates by 25 basis points soon. Banks are
waiting for the monetary policy review on January 25 for further
indication. (BS)
4 The Hero group, which has agreed to buy out its Japanese partner
Honda’s 26% stake in the two-wheeler joint venture Hero Honda, plans
to enter the three-wheeler business, pitting itself against market leader
Bajaj Auto. (ET)
4 The GVK-led consortium, which operates the Mumbai airport, has roped
in UK-based air traffic services provider NATS to suggest ways to
decongest the country’s secondbusiest airport and increase its
productivity and operational efficiency. (ET)
4 Engineering company Greaves Cotton said it has won a 10-year
contract from Tata Motors to supply small diesel engines for its new
half-tonne truck — Ace Zip — which is expected to be launched in the
first quarter of this fiscal. (ET)
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