07 March 2011

News Update: Angel Broking: March 7, 2011

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Economic and Political News
􀂄 India’s foreign exchange reserves up by US $158mn to US $301bn
􀂄 UP has revised its sugar production estimate to 6.5mt; to be up by 25% yoy
􀂄 New bill to centrally regulate MFI would make similar state legislation null and void
􀂄 Garments exports up 19.5% in January; highest in 2010-11
Corporate News
􀂄 Bank of India set to buy 51% in Bharti AXA MF
􀂄 Essar Energy’s US $350mn deal to buy Shell UK’s oil refinery hits union roadblock
􀂄 Coal India has revised its annual output target from 460mt to 440mt for FY2011
􀂄 Coal price hike by Coal India to cost CESC `300 cr
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint

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