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Economy News
4 Fertiliser companies could get Rs 9 bn every year for next three years as
a part of a package to improve efficiency in the sector, according to a
fertiliser ministry proposal that will be taken up by a group of ministers
(GoM) on Wednesday. (ET)
4 Finance Secretary Ashok Chawla has said that the government would be
able to end the current financial year with a fiscal deficit of less than the
Budget target of 5.5 per cent of gross domestic product, or GDP. This
would be possible because of buoyancy in tax collections and better-thanexpected revenue from the sale of spectrum for high-speed telephony
and broadband services. (BS)
Corporate News
4 L&T Chairman AM Naik has kicked off a restructuring plan that will
divide the Rs.370 bn engineering and infrastructure behemoth into nine
virtual companies. He also said that each of these, being called
`independent companies', will have a full-fledged CEO, CFO and HR head,
and will manage its own profit and loss account and some of these
independent companies could be spun out of L&T and listed on the
bourses before 2015. (ET)
4 India's largest wind-turbine maker Suzlon Energy is in talks with
Gamesa Corporacion Tecnologica of Spain for a strategic alliance. The
discussions may result in Suzlon promoters, led by Tulsi Tanti, selling a
majority stake in the company. (BS)
4 US-based packaged food maker Kraft Foods on Tuesday sued Nusli
Wadia-owned Britannia Industries for trademark and copyright
violations of its popular Oreo cookies. (ET)
4 The country's largest car maker, Maruti Suzuki India (MSIL), reported
17 per cent growth in its sales for December 2010 at 99,225 units. The
company sold 84,804 units in the corresponding period the previous year.
(BS)
4 Natco Pharma has sought a voluntary licence from Pfizer to make and
sell copies of the US company's HIV medicine in India, a first step to a
provision that permits firms to legally make patented drugs of other
companies. (ET)
4 Kingfisher gets three more months to repay BPCL jet fuel dues which
stand at nearly Rs 2.2 bn. (BS)
4 Lanco Infratech plans to borrow from Chinese banks, joining rivals in
seeking cheaper funds for equipment contracts for plants. (ET)
4 Diamond Power Infrastructure has bagged orders from Power Grid
Coporation of India and SMO-SPIC for supply of 400KV D/C line
conductors. (ET)
News Round-up
` Foreign direct investment (FDI) inflows dipped for the second consecutive month,
falling by about 7% to USD 1.6bn in Nov., over the same period last year. (BSTD)
` India's robust domestic demand will enable it to maintain 8.4% annual growth over
the next 5 years, according to projections made by research & rating agency Crisil
India. (BSTD)
` Fertiliser cos. could get USD 200mn every year for the next 3 years as a part of a
package to improve efficiency in the sector, according to a fertiliser ministry proposal
that will be taken up by a group of ministers on Wednesday. (ECNT)
` ONGC (ONGC IN) & SAIL (SAIL IN) set for share sale, selloff on track. (ECNT)
` Bharat Petroleum Corporation (BPCL IN) plans to increase refining capacity to over 45
million tonnes by 2015- by when it hopes to have a firm foothold in new areas like
petrochemicals, gas and power. (THBL)
` Twenty one months before he retires, L&T (LT IN) chairman AM Naik has kicked off a
restructuring plan that will divide the USD 8.22bn engineering & infrastructure
behemoth into nine virtual companies. (ECNT)
` Reliance Power Ltd (RPWR IN) plans to take its renewable energy (wind and solar)
capacity to 1000 MW in next two-three years. (THBL)
` Pfizer (PFIZ IN) has filed a petition in a US court against Dr Reddy's Labororatories Ltd
(DRRD IN) for patent infringement on the generic version of atorvastatin which is
being sold under the brand Lipitor. (THBL)
` Suzlon Energy (SUEL IN) is in talks with Gamesa Corporacion Tecnologica of Spain for
strategic alliance. The discussions may result in Suzlon promoters, led by Tulsi Tanti,
selling a majority stake in the company. (BSTD)
` UTV Software Communications (UTV IN) founder Rohinton Soli Screwvala has sold his
1.09% stake in the company for USD 5.59mn through an open market transaction.
(BSTD)
` Jindal Saw (JSAW IN) announced a execution of their Mining Lease Agreement with
Rajasthan for iron ore mines. The lease period is for 30 years. (BSTD)
` Truck rentals during calendar year 2010 rose by 24-40% on trunk routes, with robust
manufacturing growth & high consumer spending. However, the rentals stabilised
during Dec. and are expected to remain firm in the first quarter of calendar year
2011. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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