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News Round-up
FIIs exit India funds in favour of safer assets, global funds sold stock worth USD 2.4bn
in Aug., the highest since global turbulence hit markets. (ECNT)
Food inflation was back in single-digit territory at 9.55% for the week ended Aug 27
after rising to double digits the week before. (BSTD)
The CAG has attacked the petroleum ministry and the Reliance Industries Ltd (RIL IN),
for violations in the production-sharing (PSC) contract governing Reliance's crown
jewel, the KG-D6 block. In its final report on the functioning of hydrocarbon PSCs
tabled in Parliament, the government auditor has recommended revisiting the profitsharing
formula. It is, however, silent on the loss that an increased capex in D6 may
cause to the government. (BSTD)
The Comptroller and Auditor General (CAG) has pulled up the government for
"risky" acquisitions of a large number of aircrafts worth USD 9.95 bn, funded almost
entirely through debt, and creating no cost benchmarks before negotiating with
manufacturers. (BSTD)
Britain's BG is keen to expand its portfolio in India & is eyeing stakes in ONGC's
(ONGC IN) deep water block & considering investment in an LNG terminal, but the
company wants natural gas prices to be freed from govt. control. (ECNT)
IOC (IOCL IN) has barred Switzerland-based Vitol, from participating in its tenders and
other government-run refiners may follow suit. (FNLE)
RBI has told private lender Axis Bank (AXSB IN) that the proposed acquisition of
Enam's broking & investment banking businesses has to be an all-cash deal. The
regulator's stand on the matter puts a question mark on the ambitious deal that was
structured as an all-stock transaction. (ECNT)
Bharti Airtel (BHARTI IN) is understood to have agreed to give dividend to its minority
partner in Rajasthan circle, TCIL, this year at the rate of 20% or equivalent to the
amount it would give to its shareholders. (BSTD)
Bharti Airtel (BHARTI IN) has acquired license to offer 2G and 3G mobile services in
Rwanda, Africa and will invest about USD 98 mn in the same in the next three years.
(BSTD)
RCom (RCOM IN) gets USD 304 mn order from HDFC Bank (HDFCB IN) for
construction and maintenance of a data centre. (FNLE)
SAIL's (SAIL IN) expansion to increase steel production capacity to 21.40 million
tonnes per annum (MTPA) at an investment of USD 13.39 bn is expected to be
completed by 2012-13. (BSTD)
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 �� ��
News Round-up
FIIs exit India funds in favour of safer assets, global funds sold stock worth USD 2.4bn
in Aug., the highest since global turbulence hit markets. (ECNT)
Food inflation was back in single-digit territory at 9.55% for the week ended Aug 27
after rising to double digits the week before. (BSTD)
The CAG has attacked the petroleum ministry and the Reliance Industries Ltd (RIL IN),
for violations in the production-sharing (PSC) contract governing Reliance's crown
jewel, the KG-D6 block. In its final report on the functioning of hydrocarbon PSCs
tabled in Parliament, the government auditor has recommended revisiting the profitsharing
formula. It is, however, silent on the loss that an increased capex in D6 may
cause to the government. (BSTD)
The Comptroller and Auditor General (CAG) has pulled up the government for
"risky" acquisitions of a large number of aircrafts worth USD 9.95 bn, funded almost
entirely through debt, and creating no cost benchmarks before negotiating with
manufacturers. (BSTD)
Britain's BG is keen to expand its portfolio in India & is eyeing stakes in ONGC's
(ONGC IN) deep water block & considering investment in an LNG terminal, but the
company wants natural gas prices to be freed from govt. control. (ECNT)
IOC (IOCL IN) has barred Switzerland-based Vitol, from participating in its tenders and
other government-run refiners may follow suit. (FNLE)
RBI has told private lender Axis Bank (AXSB IN) that the proposed acquisition of
Enam's broking & investment banking businesses has to be an all-cash deal. The
regulator's stand on the matter puts a question mark on the ambitious deal that was
structured as an all-stock transaction. (ECNT)
Bharti Airtel (BHARTI IN) is understood to have agreed to give dividend to its minority
partner in Rajasthan circle, TCIL, this year at the rate of 20% or equivalent to the
amount it would give to its shareholders. (BSTD)
Bharti Airtel (BHARTI IN) has acquired license to offer 2G and 3G mobile services in
Rwanda, Africa and will invest about USD 98 mn in the same in the next three years.
(BSTD)
RCom (RCOM IN) gets USD 304 mn order from HDFC Bank (HDFCB IN) for
construction and maintenance of a data centre. (FNLE)
SAIL's (SAIL IN) expansion to increase steel production capacity to 21.40 million
tonnes per annum (MTPA) at an investment of USD 13.39 bn is expected to be
completed by 2012-13. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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