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News headlines: Corporate
‰ Hindustan Unilever plans to raise prices of its popular soap and
skincare brands, which may prompt other companies to take
similar decisions. (ET)
‰ Reliance Infrastructure and Reliance Natural Resources will
not be able to invest in listed stocks till Dec-12 as part of a
settlement of an investigation into the alleged use of borrowed
overseas funds to invest in the stock market. (ET)
‰ Tata Steel has said that it would hold on to its shares in the
Australian miner Riversdale, calling it a strategic stake. (BS)
News headlines: Economic and political
‰ After raising petrol prices by Rs2.50 per litre, the government has
decided to spare consumers from higher rates for cooking gas and
diesel by tinkering with the tax regime to ensure oil companies
can boost revenues without increasing pump prices. (ET)
‰ Inflation rate accelerated by almost a percentage point to 8.43% in
December, increasing pressure on the RBI to hike key interest
rates. (ET)
‰ The RBI has asked banks to make sure that proper mechanisms
are followed to effectively monitor the end use of loans. (Mint)
‰ The commerce department has opposed the free export of 0.5m
tonne of sugar proposed by food ministry, indicating that the
decision is likely to face stiff opposition if put up before the
empowered group of ministers on food and inflation. (ET)
‰ The Annual Survey of Industries has revealed that the number of
factories rose 6.1% in 2008-09 from 2007-08, even as the biggest
financial crisis in recent years slowed down the economy sharply.
(ET)
‰ The finance ministry has rejected the 9.5% interest payout
proposed on provident fund savings for 2010-11. (ET)
News headlines: Corporate
‰ Tata Motors has said that its global sales increased 21% in
December to 90,294 units on robust demand for commercial
vehicles, but sales of luxury brands from Jaguar Land Rover
remained flat. (Mint)
‰ Rising input costs may force Maruti Suzuki to increase the prices
of its range of products next week. (BS)
‰ Marico is reportedly in talks to buy a 51% stake in the Indian arm
of Australian biscuit company Unibic for Rs1.3bn. (ET)
‰ NTPC may miss the Eleventh Plan (2007-12) commissioning
targets for the proposed 750 MW (3 X 250 MW) Bongaigaon
thermal power station in Assam. (BL)
‰ GAIL will import a shipload of LNG from Qatar in January to meet
rising energy demand this winter season. (ET)
‰ The government has pulled up four investment banks for taking up
the mandate to manage Tata Steel’s follow-on public offer at a
time when they were already mandated to do the same work for
SAIL. (BS)
‰ Kingfisher Airlines faces higher insurance premiums after the
aviation regulator re-classified an “incident“ involving one of the
company's planes as an “accident“. (Mint)
‰ Indian companies looking to acquire Australian coal assets appear
to have put their plans on hold for at least the next three to six
months following widespread floods in Queensland that have
crippled the nation’s mining industry. (ET)
‰ Balaji Telefilms has announced that it will sell three of its
business divisions - Internet, mobile and education. (Mint)
‰ Godrej Properties reported net profit of Rs155m, down 12% YoY.
(ET)
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