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Economy News
4 The V K Shunglu committee, appointed to suggest ways to improve the
financial condition of power distribution utilities, has suggested that nonperforming
power regulators be sacked. The report has suggested stern
measures because several state power regulators have not been carrying
out annual tariff revisions, mandated by the Electricity Act. (BS)
4 South-west monsoon today made a grand entry into Kerala, bringing
cheer to the farming community dependent on rains for a good crop.
Southwest monsoon has set in over most parts of South Arabian Sea,
Kerala, some parts of Tamil Nadu, South Bay of Bengal and south
Andaman Sea. (ET)
4 The finance ministry is facing an internal conflict over income tax refunds.
The Income-Tax Department has turned down a proposal by the
Department of Economic Affairs (DEA) to go slow on refunds to
taxpayers. The matter has escalated and reached Finance Minister
Pranab Mukherjee. (BS)
4 Limited availability of domestic coal and gas is constraining development
of Indian power sector, which is expected to see on average an annual
capacity addition of 12,000 MW over next five years, says a report. (BS)
4 Delhi may soon become the first city in the country to dole out cash
payouts instead of subsidised kerosene to the BPL families, a move aimed
at controlling widespread pilferage of the fuel. (ET)
Corporate News
4 Reckitt Benckiser, which bought Paras Pharmaceuticals last year in one
of the largest deals in the Indian FMCG space, is set to sell the latter’s
personal care business. Sources say Reckitt, which makes Lizol and Dettol,
has asked JP Morgan to find a buyer for the business. (BS)
4 The board of film and entertainment company Reliance MediaWorks
has approved raising up to Rs 5 Bn ($111 million) through a rights equity
issue. The timing, pricing and other details would be announced later,
Reliance MediaWorks. (BS)
4 Chennai-based oil rig company Aban Offshore Ltd is planning to raise
around $400 million and issue of related securities to qualified
institutional buyers (QIBs) upto to Rs 25 Bn. (BS)
4 With its reentry in Gujarat with a residential project comprising luxurious
apartments, Mumbai-based Ajmera Realty, part of the Ajmera Group is
eyeing a Rs 1 Bn revenue from the same. The project, 'Enigma Fragrance
of Life', will be executed through a 50:50 JV with developer company
Sheetal Infrastructure. (BS)
4 GAIL India is cashing in on the shortfall in gas supply to various
companies created by the drop in output from Reliance Industries’ D6
field in the Krishna-Godavari (KG) basin. The country’s biggest gas
marketing company is importing liquefied natural gas (LNG) from the
global spot market and selling most of it to Reliance’s customers in the
power, steel and petrochemicals business. After regasification, the gas is
being sold to customers such as NTPC and Essar Steel. “Even Reliance has
bought some gas from us for its petrochemical plants,” said a GAIL
official. (BS)
4 Homegrown auto major Tata Motors plans to launch new variants of its
small car Nano during FY12. Although the company has not specified
anything about the forthcoming variant, it is widely speculated that a
diesel version of the car is in the offing. (BS)
4 London-listed Vedanta Resources faces tough decision after a panel of
ministers set stringent conditions for approving Cairn India deal even
though after accepting the stipulations the nation's largest private sector
oil producer will still remain a hugely profitable venture. (ET)
