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News headlines: Corporate
‰ Starbucks Corp. has signed an MoU with Tata Coffee for their
India foray. (ET)
‰ Birla Corp Ltd. signed an MoU with AMDC (a PSU) to set up a
1mn tonne greenfield cement plant in Assam, at a project cost of
Rs4.5bn. Birla would hold 87.5% stake in the JV. (ET)
‰ Indian Hotels Company plans to open 43 new properties, with
10,000 to 12,000 rooms over the next four years. (BL)
‰ SAIL will launch its follow-on share sale in the second week of
Feb-2011 to raise US$1.9bn. (BS)
News headlines: Economic and political
‰ As per the “Maritime Agenda 2020”, the government will invest
Rs5tn into the ports and shipping sector by 2020 to take the ports
capacity to 3,200 MT and bring in major reforms in the space. (ET)
‰ Telecom ministry has allowed mobile carriers to offer video calls on
their 3G networks, on condition they provide interception
capabilities to security agencies by July 31. (ET)
‰ Deposits grew by Rs1,716bn in the fortnight ended December 31,
2010, taking the annual rate of growth to 16.45%. (BS)
‰ In the 2 day Vibrant Gujarat Global Investors Summit 7,936 MoUs
valued at Rs20.83tn have been signed. (ET)
‰ The government has cleared 19 foreign direct investment projects
worth Rs43.4bn, including that of Tata Steel and Future Ventures.
(BS)
‰ Food inflation declined to 16.9% for the week ending 1Jan2011,
from 18.32% for the previous week. (BS)
News headlines: Corporate
‰ SAIL reported net profit of Rs11.07bn, down 34% YoY. (BS)
‰ Pfizer reported net profit of Rs4.36bn, up 72% YoY. (BS)
‰ The Ministry of corporate affairs has allowed IL&FS to hold 80%
stake in Maytas Properties. IL&FS will channel Rs1.5bn into
Maytas over the next 18 months. (BS)
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