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Economy News
4 A ministers' panel is believed to have discussed today strategic sale of sick
public sector units (PSU), which cannot be revived. An Empowered Group
of Ministers (EGoM) met here under the chairmanship of Finance Minister
Pranab Mukkherjee. (BS)
4 India’s move to sign civil nuclear deals with various countries and gaining
access to the Nuclear Suppliers’ Group (NSG) have started yielding results.
(BS)
4 The Reserve Bank of India aims to revamp regulations for non-banking
finance companies (NBFCs) for the first time in 15 years, an industry
which reaches out to even the remote parts of the country that banks
don't. (ET)
4 Indian banks raised 64.40 billion rupees via certificates of deposits (CDs)
on Monday, lower than 72 billion rupees raised on Friday. (ET)
Corporate News
4 The government will infuse Rs 17.4 Bn in Oriental Bank of Commerce
(OBC) as recapitalisation package to shore up the bank's equity capital.
(BS)
4 Reduced gas supply from Reliance Industries Ltd’s (RIL) Krishna
Godavari D6 block has hit power generation of four Andhra Pradesh
units. Officials said gas supply from the block was down by eight to 10 per
cent. (BS)
4 Adani Enterprises has bought its first cargo of Russian coal in a bid to
diversify its coal supply, Adani Coal and Carbon Credit Chief Executive
Officer Vinay Prakash. (BS)
4 Production resumed at Mahindra and Mahindra’s plant at Nashik after
workers resorted to a one-day flash strike yesterday, demanding an
upward revision in the wages of a section of workers. M&M’s Nashik
plant produces popular passenger vehicles like Xylo, Scorpio, Bolero and
Logan. (BS)
4 Instead of getting the 53 per cent rise in rates it had sought for supply
along the 581 km Dahej-Uran/Dabhol-Panvel pipeline, GAIL has been told
to reduce it by six per cent. The existing rate is Rs 26.14 per mBtu and
GAIL, the biggest transporter of natural gas in the country, had asked the
Petroleum and Natural Gas Regulatory Board to allow it to charge Rs
40.16 per mBtu. Instead, the Board has approved Rs 24.49 per mBtu. The
company will now have a hit of around Rs 500 Mn, in adjustments to the
customers of 13 million standard cubic metres per day of gas for the
difference of Rs 1.65 per mBtu since November 20, 2008. These are
primarily consumers in the power and fertiliser industry. (BS)
4 DB Realty managing director Shahid Balwa has resigned from the
company after being embroiled in a widening corruption investigation
that has battered the government. (ET)
4 Andhra Bank said on Monday the federal government plans to increase
its holding in the bank to 58 per cent by infusing additional capital. (ET)
4 Auto component maker Jamna Auto today said it will set up two new
manufacturing units at Hosur and Chennai to produce parts for
commercial vehicles, entailing a total investment of Rs 800 Mn. (ET)
4 Bharat Heavy Electricals Ltd today said it has bagged an order worth
Rs 14.45 Bn for a 600 MW thermal power project in Andhra Pradesh. (ET)
4 Soaring raw material prices have raised the cost of Bharat Petroleum
Corporation's new refinery at Bina by 20%, but the new unit will deliver
impressive refining margins of $11 a barrel, more than double the
margin of its other units in recent months, a top official said. (ET)
News Round-up
` The govt. is considering arming state-run banks with powers to issue shares with
differential voting rights as part of its efforts to shore up their capital base & yet
maintain over 51% controlling stake. (TTOI)
` The first coal-bed methane gas produced from Raniganj block is commanding a 67%
premium over the price of Reliance Ind. (RIL IN) KG-D6 gas, prompting Reliance &
Essar to speed up similar projects which will add up to 10% of the country's current
gas output in two years. (ECNT)
` Reduced gas supply from Reliance Industries Ltd's (RIL IN) Krishna Godavari D6 block
has hit power generation of four Andhra Pradesh units. Officials said gas supply from
the block was down by eight to 10%. (BSTD)
` ONGC (ONGC IN) has sought the Government's special permission to carry out
additional exploratory work in its discovered East Coast block to assess the full
potential of the area which has both oil and gas. (THBL)
` Tata Steel (TATA IN) signed a binding agreement with Canadian iron ore miner New
Millennium Capital Corp to develop the taconite iron ore deposit in Canada.
(BSTD)M&M's Nashik plant resumes production. The facility makes 550 vehicles daily
- 300 units of the Xylo and Scorpio, 200 of the Bolero and 50 of the Logan. (BSTD)
` Tata Motors (TTMT IN) to drive Nano into developing markets. Auto major to export
Nano to Thailand, Sri Lanka, Indonesia & Africa. (FNLE)
` Bhel (BHEL IN) bags USD 321 mn Andhra power order. (FNLE)
` United Phosphorus (UNTP IN) will acquire a 50% stake in Sipcam Isagro Brazil for an
undisclosed amount. (ECNT)
` Ashok Leyland (AL IN) to be renamed Hinduja Leyland. (TTOI)
` BGR Energy Systems (BGRL IN) has bagged turnkey contracts by Power Grid
Corporation of India (PWGR IN) for installation of optic fibre ground wire (OFGW) at
a cost of USD 8mn. (THBL)
` SKS Microfinance Ltd (SKSM IN) is in process of securitising USD 155 mn of its loan
portfolio in states other than Andhra Pradesh. (THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Economy News
4 A ministers' panel is believed to have discussed today strategic sale of sick
public sector units (PSU), which cannot be revived. An Empowered Group
of Ministers (EGoM) met here under the chairmanship of Finance Minister
Pranab Mukkherjee. (BS)
4 India’s move to sign civil nuclear deals with various countries and gaining
access to the Nuclear Suppliers’ Group (NSG) have started yielding results.
(BS)
4 The Reserve Bank of India aims to revamp regulations for non-banking
finance companies (NBFCs) for the first time in 15 years, an industry
which reaches out to even the remote parts of the country that banks
don't. (ET)
4 Indian banks raised 64.40 billion rupees via certificates of deposits (CDs)
on Monday, lower than 72 billion rupees raised on Friday. (ET)
Corporate News
4 The government will infuse Rs 17.4 Bn in Oriental Bank of Commerce
(OBC) as recapitalisation package to shore up the bank's equity capital.
(BS)
4 Reduced gas supply from Reliance Industries Ltd’s (RIL) Krishna
Godavari D6 block has hit power generation of four Andhra Pradesh
units. Officials said gas supply from the block was down by eight to 10 per
cent. (BS)
4 Adani Enterprises has bought its first cargo of Russian coal in a bid to
diversify its coal supply, Adani Coal and Carbon Credit Chief Executive
Officer Vinay Prakash. (BS)
4 Production resumed at Mahindra and Mahindra’s plant at Nashik after
workers resorted to a one-day flash strike yesterday, demanding an
upward revision in the wages of a section of workers. M&M’s Nashik
plant produces popular passenger vehicles like Xylo, Scorpio, Bolero and
Logan. (BS)
4 Instead of getting the 53 per cent rise in rates it had sought for supply
along the 581 km Dahej-Uran/Dabhol-Panvel pipeline, GAIL has been told
to reduce it by six per cent. The existing rate is Rs 26.14 per mBtu and
GAIL, the biggest transporter of natural gas in the country, had asked the
Petroleum and Natural Gas Regulatory Board to allow it to charge Rs
40.16 per mBtu. Instead, the Board has approved Rs 24.49 per mBtu. The
company will now have a hit of around Rs 500 Mn, in adjustments to the
customers of 13 million standard cubic metres per day of gas for the
difference of Rs 1.65 per mBtu since November 20, 2008. These are
primarily consumers in the power and fertiliser industry. (BS)
4 DB Realty managing director Shahid Balwa has resigned from the
company after being embroiled in a widening corruption investigation
that has battered the government. (ET)
4 Andhra Bank said on Monday the federal government plans to increase
its holding in the bank to 58 per cent by infusing additional capital. (ET)
4 Auto component maker Jamna Auto today said it will set up two new
manufacturing units at Hosur and Chennai to produce parts for
commercial vehicles, entailing a total investment of Rs 800 Mn. (ET)
4 Bharat Heavy Electricals Ltd today said it has bagged an order worth
Rs 14.45 Bn for a 600 MW thermal power project in Andhra Pradesh. (ET)
4 Soaring raw material prices have raised the cost of Bharat Petroleum
Corporation's new refinery at Bina by 20%, but the new unit will deliver
impressive refining margins of $11 a barrel, more than double the
margin of its other units in recent months, a top official said. (ET)
News Round-up
` The govt. is considering arming state-run banks with powers to issue shares with
differential voting rights as part of its efforts to shore up their capital base & yet
maintain over 51% controlling stake. (TTOI)
` The first coal-bed methane gas produced from Raniganj block is commanding a 67%
premium over the price of Reliance Ind. (RIL IN) KG-D6 gas, prompting Reliance &
Essar to speed up similar projects which will add up to 10% of the country's current
gas output in two years. (ECNT)
` Reduced gas supply from Reliance Industries Ltd's (RIL IN) Krishna Godavari D6 block
has hit power generation of four Andhra Pradesh units. Officials said gas supply from
the block was down by eight to 10%. (BSTD)
` ONGC (ONGC IN) has sought the Government's special permission to carry out
additional exploratory work in its discovered East Coast block to assess the full
potential of the area which has both oil and gas. (THBL)
` Tata Steel (TATA IN) signed a binding agreement with Canadian iron ore miner New
Millennium Capital Corp to develop the taconite iron ore deposit in Canada.
(BSTD)M&M's Nashik plant resumes production. The facility makes 550 vehicles daily
- 300 units of the Xylo and Scorpio, 200 of the Bolero and 50 of the Logan. (BSTD)
` Tata Motors (TTMT IN) to drive Nano into developing markets. Auto major to export
Nano to Thailand, Sri Lanka, Indonesia & Africa. (FNLE)
` Bhel (BHEL IN) bags USD 321 mn Andhra power order. (FNLE)
` United Phosphorus (UNTP IN) will acquire a 50% stake in Sipcam Isagro Brazil for an
undisclosed amount. (ECNT)
` Ashok Leyland (AL IN) to be renamed Hinduja Leyland. (TTOI)
` BGR Energy Systems (BGRL IN) has bagged turnkey contracts by Power Grid
Corporation of India (PWGR IN) for installation of optic fibre ground wire (OFGW) at
a cost of USD 8mn. (THBL)
` SKS Microfinance Ltd (SKSM IN) is in process of securitising USD 155 mn of its loan
portfolio in states other than Andhra Pradesh. (THBL)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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