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News headlines: Corporate
SBI has increased lending rates by 25bps, increasing base rate to
9.5% and deposit rates by up to 100 basis points. (BS)
Pending settlement of royalty and cess dispute, the Oil Ministry has
reportedly blocked Cairn's plans to begin crude oil production from
the Bhagyam oilfield. (BS)
Bharti Airtel plans to have a new organisation structure for its
operations in India and South Asia, effective August 1, to improve
efficiency. (BS)
L&T Finance Holdings completed the private placement of 60mn
(4% stake) equity shares at Rs 55/share, aggregating to Rs3.3bn
with the private equity fund of Capital International. (BS)
JSW Steel will not go ahead with its proposed 6mtpa capacity
expansion at Vijaynagar until it receives approval for captive iron
ore mines in Karnataka. (BS)
News headlines: Economic and political
A Group of Ministers formed to approve the draft mining bill has
agreed to earmark 26% of the profit made by coal mining
companies and 100% of the royalty paid by companies mining for
other major minerals to compensate people displaced by such
projects. (ET)
Food inflation in the country fell to a seven-week low of 7.61%YoY
for the week ended June 25. (FE)
The government has cleared guidelines of the much-delayed FM
Radio Phase III expansion that will allow private radio channels to
broadcast news of All India Radio and enable revenue generation of
Rs17.3bn from auction of license for services in 227 cities. (FE)
Driven by a hefty increase in tax refunds which more than doubled
in 1QFY12, net direct tax collections dropped by almost 17%YoY
during 1QFY12 to Rs572.7bn. (FE)
As per TRAI data, Mobile Number Portability (MNP) requests
jumped nearly 24% in May to 10.57mn subscribers, from the
preceding month. (BL)
The Indian Sugar Mills Association (ISMA), has asked the
government to lift stock holding limit on sugar traders and permit
immediate export of another 1mn tonne. (BS)
News headlines: Corporate
Lupin has received tentative approval from the US health
regulator to market capsules used in the treatment of chronic pain
as a result from an injury to the nervous system. (BL)
World Bank Group member IFC has invested Rs120mn in Jain
Irrigation Systems' proposed lending subsidiary. (BS)
Future Group plans to open 25-30 Big Bazaar outlets by June
2012, and will invest Rs3bn for the same. (BS)
The government has given the nod to MMTC to extend its longterm
agreements for supply of iron ore to Japanese Steel Mills,
Posco and Chinese steel mills for three years till 2014. (BS)
SBI will seek the government's nod to raise Rs200bn through the
rights issue within this month. (BS)
Reliance Infra has inducted 16 new managers at top level
positions across functions in the past two months. (ET)
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