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Economy News
4 Oil Minister Murli Deora has sought a meeting with Finance Minister
Pranab Mukherjee to discuss precarious finances of state-owned oil firms,
as crude oil appears to be inching towards the $100 per barrel mark. (BS)
4 Sebi has put the onus on foreign institutions, which issue participatory
notes, to keep a tab on the final beneficiary of this derivatives
instrument. The move, which is part of the regulator to get foreign
institutions to comply with ‘Know Your Client’ (KYC) requirements ,
follows instances where a couple of participatory note-issuing institutions
failed to provide exact details of the ultimate beneficiary. (ET)
4 The Central Board of Direct Taxes is formulating a far-reaching immunity
scheme to prompt the repatriation of unaccounted money parked
overseas. The proposed scheme could be one of the major
announcements of Finance Minister Pranab Mukherjee’s forthcoming
Budget speech. (BS)
4 Despite the Reserve Bank of India (RBI) taking several steps to ease
liquidity, banks today borrowed more than Rs 1 Tn from the central bank.
(BS)
Corporate News
4 Tata Communications has entered into an outsourcing agreement with
Cananda-based Videotron under which the latter will route the entire
international voice traffic though the Tata group firm's network. (BS)
4 US jury directed Glenmark Pharmaceuticals to stop selling a copy of
Abbott Laboratories’ hypertension drug, ‘Tarka’, in US. (BS)
4 ONGC Chairman R S Sharma said the royalty issue on Cairn India’s oil field
in Barmer, Rajasthan, should be resolved before the state-run company
hits the capital market with its follow on public offer. (BS)
4 JSW Steel planned to infuse Rs 38 Bn in Ispat Industries over the next
two to three years. The country's third-largest steel maker, JSW Steel,
had acquired nearly 45 per cent stake in debt-ridden Ispat Industries for
Rs 21.6 Bn in December last year. (BS)
4 Essar Oil said it has re-engaged in discussions to buy Royal Dutch Shell
Plc's three European refineries but refused to put a timeline for
conclusion of the deal. "We have re-engaged to buy Shell's Stanlow
refinery in northwest England and the Heide and Hamburg units in
Germany," said Naresh Nayyar, MD CEO, Essar Oil. (BS)
4 Nava Bharat Ventures Limited exercised the ‘issuer’s conversion
option’ to convert the outstanding foreign currency convertible bonds
(FCCBs) into equity shares of the company. The company had issued the
FCCB in October 2006 worth 6 billion yen and had 3.52 billion yen
outstanding FCCBs. (BS)
4 With rubber prices going up, tyre manufacturer JK Tyre & Industries
has decided to hike the prices of its products by two to four per cent. (BL)
News Round-up
` SEBI asks FII's to monitor PN beneficiaries, asks foreign institutions to make sure
beneficial owners comply with PN reporting norms. (ECNT)
` SAIL (SAIL IN) calls off roadshows for USD 1.44bn FPO, govt. likely to miss divestment
target for FY11. (ECNT)
` Tax authorities have asked Infosys Tech. (INFO IN) to fork out over USD 88.89mn,
refusing to acknowledge onshore services - derogatorily called "body shopping" - as
software exports. (ECNT)
` LIC will not be able to issue tax-saving infrastructure bonds aggregating USD 1.11bn
to retail investors this fiscal due to regulatory glitch. Life insurer's can't raise money
for any other activity but core business. (ECNT)
` Lodha Developers has awarded the civil construction contract of its proposed world's
tallest residential building World One, to a JV of west Asia - based Arabian
Construction Co. & Simplex Infrastructures (SINF IN). The contract is worth USD
100mn & is scheduled to be completed in 38 months. (ECNT)
` Sujana Towers (SUTL IN) revives stake sale plan, co. looks to raise USD 111.11mn,
may also evaluate merger proposals. (ECNT)
` JSW Steel (JSTL IN) will infuse USD 844.44mn in Ispat Ind. (NDEN IN) over the next 2-
3 years. (ECNT)
` Camlin (CAMLN IN) promoters looks to sell 15% stake to PE major India Value Fund,
may raise USD 22.22mn. (ECNT)
` VA Tech Wabag Ltd (VATW IN) has signed a joint venture agreement with Zawawi
Trading Company LLC (ZTC), Sultanate of Oman to float a new company to tap the
market in West Asia. (BSTD)
` Ruchi Soya Industries (RSI IN) said it will invest USD 133 mn to expand refinery
capacity by 1.1 million tones by the next financial year. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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