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Economy News
4 The government on Thursday unveiled a new policy for the shipping
sector that entails an investment of 0.5 tn by 2020 to take the ports
capacity to 3,200 MT and bring in major reforms in the space (ET).
4 The two-day Vibrant Gujarat Global Investors Summit 2011 concluded
today with investment commitments of $450 billion committed (BS).
4 The Cabinet on Thursday approved the extension of schemes aimed at
coal mines conservation and developing transportation of infrastructure
in coal field areas for an undisclosed period (ET).
4 Food inflation, based on the annual Wholesale Price Index, eased
marginally after having surged for five straight weeks. The food price
index increased 16.91 per cent for the week ended January 1, lower than
the previous week's annual rise of 18.32 per cent (BS).
Corporate News
4 GVK Power and Infrastructure has inked an agreement with the state
government for developing a new terminal for importing gas at
Okhamadhi in Jamnagar district (ET).
4 Jet Airways to add 49 aircraft over the next three-five years. Capacity
expansion will start from next year (ET).
4 BPCL, India’s second-largest oil refiner, is eyeing markets in Asia and
Africa to expand its metal-cutting gas business (ET).
4 PVR Pictures, a 60% subsidiary of the listed PVR, will invest around Rs.1-
1.25 bn in FY12 to up its distribution activities and production of 3-4
movies (ET).
4 Indian Hotels Company Ltd said it will open 43 new properties in the
next four years (ET).
4 Larsen and Toubro (L&T) has said it has delivered its first four dry
shielded canisters for Transnuclear a US-based nuclear power operator
(ET).
4 Birla Corp has signed a memorandum of understanding with the Assam
Mineral Development Corporation, to set up a one-million tonne
greenfield cement plant in Assam (BS).
4 The Company Law Board (CLB) has cleared the decks for infrastructure
financier IL&FS to take a controlling stake in Maytas Properties (ET).
4 Indian Oil Corporation on Thursday formally entered into an
agreement with the Nuclear Power Corporation to set up power plants
across the country (ET).
News Round-up
` ADR/GDR's: AXSB dn 4.60%, BD dn 2.72%, ICICIBC dn 1.89%, INFO dn 6.31%,
LICHF dn 3.62, RIL dn 1.65%, SBIN dn 4.11%, STLT up 2.01%, WPRO dn 2.93%.
` A mid mounting concerns over rapidly rising food prices, wholesale food inflation for
the week ended January 1 moderated to 16.91% from a 23-week high of 18.32% in
the previous week ended December 25, 2010. (BSTD)
` Starbucks is finally coming to India. The world's largest premium chain coffee retail
chain announced that it has entered into an agreement with Tata Coffee (CCO IN)
for a strategic alliance. Agreement includes opening cafes, bean sourcing and
roasting. (BSTD)
` Cadbury India raises buyback price. Offers INR 1,900 a share to minority shareholders
to settle legal battle; hearing today. The offer is at 9% premium to the price
recommended by independent evaluator Ernst &Young. (BSTD)
` Britannia (BRIT IN) forays into breakfast food category. The company has launched a
range of ready-to-cook breakfast mixes in upmas, pohas, porridges and oats. (BSTD)
` IGL (IGL IN) may raise CNG prices by INR 8 per kg. (BSTD)
` Binani Cement (BINC IN) to invest USD 933 mn in Gujarat. In pact with Department
of Mines to set up plant. (THBL)
` MRPL (MRPL IN) buys spot crude from Brunei. Move to avoid petroleum product
supply disruption. (THBL)
` Glenmark (GNP IN) US arm gets USFDA nod to sell GSK's malaria drug. (THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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