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Economy News
Driven by good expansion in steel, coal, cement and electricity generation,
the output of eight crucial core sectorindustries rose 5.8 per cent in
August from 2.7 per cent in July, official data showed. (BS)
India's monsoon season this year wound up 12% below normal, its worst
in five years, leaving behind less planted area and depleted reservoirs that
would lower Kharif, or summer, harvest and impact winter crops. (ET)
State oil firms have slashed petrol prices by 65 paise per litre from
Wednesday because of falling international oil prices. Price of nonsubsidised
cooking gas (LPG) was also cut by Rs 21 per cylinder and that of
jet fuel (ATF) by a steep 3 per cent. (ET)
Drowning out the noise about road projects being under stress, the
National Highways Authority of India (NHAI) has announced a proud
achievement. Only three national highway projects have turned nonperforming
assets (NPAs), it has said, adding that the total outstanding
loan is Rs1.64 bn. (BL)
Corporate News
State-run National Thermal Power Corporation signed a coal-swapping
agreement with Gujarat State Electricity Corporation (GSEC) at
Gandhinagar to swap 10 lakh metric tonnes (MT) of coal. State Energy
Minister Saurabh Patel said GSEC and NTPC will collectively save Rs 9 bn
through the deal. (ET)
Reliance Power (RPower) plans to invest nearly Rs 500 bn in the next
five years to undertake various expansion projects, including increasing
power generation and coal production. (ET)
State Bank of India reduced the short-term deposit rates by 1
percentage point for amount below Rs 10 mn, second such move this
month. (ET)
Maruti Suzuki India (MSI) announced recall of 69,555 units of the Dzire,
Swift and Ritz models manufactured between March 2010 and August
2013 to repair wiring harness fitment. (BS)
Infrastructure financing company IDFC Ltd has further pared its foreign
investment limit to 48 per cent to meet requirements for the banking
operations after having granted a licence by RBI earlier this year. (ET)
Riding on strong demand for its products, Hero MotoCorp said it clocked
sales of six lakh units of two-wheelers in September. (BL)
Construction and infrastructure major IVRCL is in various stages of
negotiations to conclude the sale of some of its assets, including the
Chennai de-salination plant and a couple of road projects. (BL)
JSW Steel has reduced long product prices by Rs.1,000 a tonne and flat
steel prices by Rs.500-750 a tonne due to sluggish demand and cheap
imports from China flooding the market (BL)
Zuari Cement through its subsidiary Gulbarga Cement Limited (GCL) to
set up a 3.23 million tonnes cement plant in Gulbarga, Karnataka. The
company along with cement plant is setting up 50 MW captive power
plant. (BL)
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
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Economy News
Driven by good expansion in steel, coal, cement and electricity generation,
the output of eight crucial core sectorindustries rose 5.8 per cent in
August from 2.7 per cent in July, official data showed. (BS)
India's monsoon season this year wound up 12% below normal, its worst
in five years, leaving behind less planted area and depleted reservoirs that
would lower Kharif, or summer, harvest and impact winter crops. (ET)
State oil firms have slashed petrol prices by 65 paise per litre from
Wednesday because of falling international oil prices. Price of nonsubsidised
cooking gas (LPG) was also cut by Rs 21 per cylinder and that of
jet fuel (ATF) by a steep 3 per cent. (ET)
Drowning out the noise about road projects being under stress, the
National Highways Authority of India (NHAI) has announced a proud
achievement. Only three national highway projects have turned nonperforming
assets (NPAs), it has said, adding that the total outstanding
loan is Rs1.64 bn. (BL)
Corporate News
State-run National Thermal Power Corporation signed a coal-swapping
agreement with Gujarat State Electricity Corporation (GSEC) at
Gandhinagar to swap 10 lakh metric tonnes (MT) of coal. State Energy
Minister Saurabh Patel said GSEC and NTPC will collectively save Rs 9 bn
through the deal. (ET)
Reliance Power (RPower) plans to invest nearly Rs 500 bn in the next
five years to undertake various expansion projects, including increasing
power generation and coal production. (ET)
State Bank of India reduced the short-term deposit rates by 1
percentage point for amount below Rs 10 mn, second such move this
month. (ET)
Maruti Suzuki India (MSI) announced recall of 69,555 units of the Dzire,
Swift and Ritz models manufactured between March 2010 and August
2013 to repair wiring harness fitment. (BS)
Infrastructure financing company IDFC Ltd has further pared its foreign
investment limit to 48 per cent to meet requirements for the banking
operations after having granted a licence by RBI earlier this year. (ET)
Riding on strong demand for its products, Hero MotoCorp said it clocked
sales of six lakh units of two-wheelers in September. (BL)
Construction and infrastructure major IVRCL is in various stages of
negotiations to conclude the sale of some of its assets, including the
Chennai de-salination plant and a couple of road projects. (BL)
JSW Steel has reduced long product prices by Rs.1,000 a tonne and flat
steel prices by Rs.500-750 a tonne due to sluggish demand and cheap
imports from China flooding the market (BL)
Zuari Cement through its subsidiary Gulbarga Cement Limited (GCL) to
set up a 3.23 million tonnes cement plant in Gulbarga, Karnataka. The
company along with cement plant is setting up 50 MW captive power
plant. (BL)
�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��
��
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