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Economy News
4 The government is expecting to exceed the direct tax collection target of
Rs.4.3 trillion for 2010-11 on the backdrop of high economic growth of
8.9% recorded during the first half of the current fiscal (ET).
4 India is considering imposition of anti-dumping duty of up to 40.9% on
the import of glass fibre, used in automobiles, electrical insulation and
heat resistant fabrics, from China to protect domestic players (ET).
4 The industry ministry has proposed a change in the foreign direct
investment (FDI) policy that will give companies flexibility in pricing of
convertible instruments to raise funds overseas (ET).
Corporate News
4 TULIP Telecom plans to sell 20-30 % in its subsidiary Tulip Data Center
for Rs.3 bn to a private equity investor (ET).
4 Nagarjuna Construction Company Limited, through its subsidiary NCC
Power Projects Limited, has acquired a 55 per cent equity stake in
Chennai-based Nelcast Energy Corporation Limited (NECL) for an
undisclosed sum (BS).
4 Hitachi Home and Life Solutions (India) Ltd (HHLI) is planning to reenter the washing machine market with product specifications suiting
Indian customers in 2011 (BS)
4 Gail India, the country’s largest gas transportation firm, plans to raise
3,5 bn from the market to fund its Rs.70 bn capital expenditure in the
next financial year (ET).
4 Ispat Industries Ltd (IIL) is set to be renamed as JSW Ispat Steel and
become a joint venture between JSW Steel of Sajjan Jindal group and
Kolkata-based Mittals (BL).
4 The coal and power ministries are slated to meet on Wednesday to
decide on NTPC's proposed 1,980-MW North Karanpura thermal power
project in Jharkhand (ET).
4 ONGC fuel subsidy bill will increase by nearly 21% to about Rs.42 bn in
the third quarter this fiscal. (ET).
4 The government has given more time to 20 SEZ developers, including
Tata Consultancy Services and Mahindra World City, to execute their
projects (ET).
4 Low-cost airline IndiGo has equalled Kingfishers Airways marketshare
of 18.6% in December to grab the second position in the aviation
industry. Jet Airways has retained its top slot with a marketshare of 25%
(ET)
News Round-up
` RBI & SEBI have once again opposed the finance ministry's move to include
development or reforms in the financial sector as part of the mandate of the newly
formed Financial Stability & Development Council (FSDC), bringing to fore the
regulators unease over the govt.'s intrusion into their turf. (ECNT)
` Vodafone locked horns with its Indian partner Essar. The UK based co. wrote to the
SEBI & BSE objecting to the reverse listing of an Essar subsidiary, Essar Telecom
Holding, which holds 11% in Vodafone Essar. (ECNT)
` Tulip Telecom (TTSL IN) plans to sell 20-30% in its subsidiary Tulip Data Center for
USD 66.66mn to a private equity investor. (ECNT)
` Tulip Telecom (TTSL IN) said it subsidiary had bought the Data Center facility in
Bangalore from SADA IT Parks Private Ltd (SADA) for USD 51 mn and would further
invest USD 149 mn to upgrade it. (BSTD)
` GAIL India (GAIL IN) plans to raise USD 777.78mn from the market to fund its USD
1.56bn capital expenditure in the next fiscal. (ECNT)
` Strides Arcolab (STR IN) has received approval from the USFDA for additional
package size of Adenosine injection used for treating cardiac problems. (ECNT)
` UK's National Health Service plans to outsource back office & IT projects worth USD
3bn in a move that could help India's top firms HCL & Tata Consultancy Services (TCS
IN) gain more business from the country's govt. departments. (ECNT)
` Tata Steel (TATA IN) plans to invest USD 2- 2.4 bn annually for the next three years,
in capacity expansion, portfolio revision and debt restructuring. (BSTD)
` Essar Energy announced the launch of offering of approximately USD 500 mn of
convertible bonds, due 2016. (BSTD)
` RCom (RCOM IN) raises USD 255 mn to partly refinance 3G spectrum fee. (BSTD)
` TVS Logistics Services Ltd announced the full acquisition of Michigan-based
Manufacturers Equipment and Supply Company, a logistics service provider to the
automotive and industrial tool and die sector. (BSTD)
` Parsvnath Developers (PARSV IN) intends to reduce debt to USD 133 mn from the
existing USD 244 mn over the next 12 months. (FNLE)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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