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India Equity Research Reports, IPO and Stock News
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Economy News
4 Spinning mills have had an extraordinary year this fiscal, getting a higher
price for yarn spun from cotton inventories bought at a lower price. But
after the windfall, the operating margin of spinning mills are expected to
come under pressure next fiscal as they may not be able to pass on the
higher cotton cost to fabric and garment makers. (BL)
4 Industrialist Mr Naveen Jindal, whose integrated steel plant in Orissa has
hit a hurdle with India’s Environment Ministry, says his company has done
“no wrong” and the state government is “welcome” to take action
against it if it finds any wrongdoing. (BL)
4 Finance minister Pranab Mukherjee is seeking support from other
political parties to push through the Insurance Laws (Amendment) Bill
2008. "We have started talking to various stakeholders. In this case, the
stakeholders are various political parties, because we do not have 272
members in the Congress party," said Mr Mukherjee, speaking on the
sidelines of an event in Mumbai. (ET)
Corporate News
4 After foraying into retail and sports management, Reliance Industries Ltd
is now venturing into financial services. On Sunday, RIL announced that it
has agreed to establish a joint venture with New York-based D.E. Shaw
group to build financial services business in India. (BL)
4 Australian consultancy group Thiess and state-owned Singareni Collieries
are in race for NTPC’s nearly $3 billion worth of contracts for developing
coal mines in Jharkhand. (BL)
4 Suzlon Energy plans to shortly start making REpower wind turbines at
its plant near Mangalore. Suzlon owns about 91 per cent of REpower
Systems AG of Germany. “There are definite plans to make REpower
turbines at our Mangalore unit, which will be for the export markets,” Mr
Tulsi Tanti, Chairman and Managing Director, Suzlon Energy Ltd (BL).
4 L&T is reviewing the future of some of its manufacturing JVs. It was
likely to selectively exit JVs where it was not a majority shareholder, said
people aware of the development, on condition of anonymity. The
process has begun. The immediate focus is on two JVs under the
machinery and industrial products division. L&T, according to these
sources, is negotiating with US agriculture and construction equipment
company Case Corporation — renamed CNH after its merger with New
Holland. (BS)
4 The battle between JSW Steel and the Vedanta group’s mining
subsidiary, Sesa Goa, over acquisition of Bellary Steel has reached the
Supreme Court. The Delhi High Court had last week accepted Sesa Goa’s
bid. JSW Steel Vice-Chairman and Managing Director Sajjan Jindal told
Business Standard the company had appealed against the Delhi High
Court order in the Supreme Court. “We believe we have a strong and
genuine case and will fight it out,” he said. (BS)
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 Spinning mills have had an extraordinary year this fiscal, getting a higher
price for yarn spun from cotton inventories bought at a lower price. But
after the windfall, the operating margin of spinning mills are expected to
come under pressure next fiscal as they may not be able to pass on the
higher cotton cost to fabric and garment makers. (BL)
4 Industrialist Mr Naveen Jindal, whose integrated steel plant in Orissa has
hit a hurdle with India’s Environment Ministry, says his company has done
“no wrong” and the state government is “welcome” to take action
against it if it finds any wrongdoing. (BL)
4 Finance minister Pranab Mukherjee is seeking support from other
political parties to push through the Insurance Laws (Amendment) Bill
2008. "We have started talking to various stakeholders. In this case, the
stakeholders are various political parties, because we do not have 272
members in the Congress party," said Mr Mukherjee, speaking on the
sidelines of an event in Mumbai. (ET)
Corporate News
4 After foraying into retail and sports management, Reliance Industries Ltd
is now venturing into financial services. On Sunday, RIL announced that it
has agreed to establish a joint venture with New York-based D.E. Shaw
group to build financial services business in India. (BL)
4 Australian consultancy group Thiess and state-owned Singareni Collieries
are in race for NTPC’s nearly $3 billion worth of contracts for developing
coal mines in Jharkhand. (BL)
4 Suzlon Energy plans to shortly start making REpower wind turbines at
its plant near Mangalore. Suzlon owns about 91 per cent of REpower
Systems AG of Germany. “There are definite plans to make REpower
turbines at our Mangalore unit, which will be for the export markets,” Mr
Tulsi Tanti, Chairman and Managing Director, Suzlon Energy Ltd (BL).
4 L&T is reviewing the future of some of its manufacturing JVs. It was
likely to selectively exit JVs where it was not a majority shareholder, said
people aware of the development, on condition of anonymity. The
process has begun. The immediate focus is on two JVs under the
machinery and industrial products division. L&T, according to these
sources, is negotiating with US agriculture and construction equipment
company Case Corporation — renamed CNH after its merger with New
Holland. (BS)
4 The battle between JSW Steel and the Vedanta group’s mining
subsidiary, Sesa Goa, over acquisition of Bellary Steel has reached the
Supreme Court. The Delhi High Court had last week accepted Sesa Goa’s
bid. JSW Steel Vice-Chairman and Managing Director Sajjan Jindal told
Business Standard the company had appealed against the Delhi High
Court order in the Supreme Court. “We believe we have a strong and
genuine case and will fight it out,” he said. (BS)
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