5 Dec - Economy News :: Kotak Securities

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Economy News
 The coal ministry will auction or allot 18 more coal blocks in addition to
already announced 74 mines for sale in the first lot to meet the growing
demand for the fossil fuel, according to coal secretary Anil Swarup Out of
the 92 coal blocks to be allotted and auctioned in the first lot, 57 mines
would be given to the power sector, while the remaining mines would be
for the sectors like steel and cement. (LiveMint)
 The country's sugar production rose 56% up to November 30 in the
marketing year that started in October from a year before, mainly on
higher output in Maharashtra and Uttar Pradesh, according to the first set
of actual output data this season compiled by the Indian Sugar Mills
Association (ISMA). (ET)
 There is no scientific evidence to prove that Genetically Modified crops
would harm soil, human health and environment, according to
Environment Minister Prakash Javadekar. The 12 crops ready for field
trials include cotton, rice, castor, wheat, maize, groundnut,potato,
sorghum, brinjal, mustard, sugarcane and chickpea. (ET)
Corporate News
 Zuari Fertilisers and Chemicals and Zuari Agro Chemicals have
offered to spend as much as Rs.2.82bn to buy 25.9% of Mangalore
Chemicals and Fertilizers Ltd from public shareholders, setting the
stage for another battle to gain control of the fertilizer maker. The two
Zuari companies have offered to buy as many as 30.7mn shares of
Mangalore Chemicals at a price of Rs.91.92 a share, a 6.69% premium
over Thursday's closing price. (LiveMint)
 India is the largest engineering hub for ABB worldwide, with about 4,000
engineers and will play a key role in its future, the global CEO of ABB has
said. Those employees include the 1,200 in its R&D centre, which ABB plans
to leverage to tap markets in Africa and elsewhere for affordable micro
power grids, locomotive technology and other segments (ET)
 The EU has banned imports from a Ranbaxy Laboratories Ltd factory
unit that makes injectable antibotics after the unit failed an inspection.
European authorities inspected all units at Ranbaxy's Dewas plant, in
Madhya Pradesh, in June and did not approve the manufacturing practices
at the unit that makes injectable cephalosporin antibiotics. (BS)
 ONGC Videsh Ltd (OVL) is likely to soon acquire stakes in two Russian
oilfields, Vankor and Yurubcheno-Tokhomskoye. It might sign an initial
agreement in this regard as early as next week, when Russian President
Vladimir Putin visits India. (BS)
 Axis Bank has said that, it had raised Rs.57bn by selling infrastructure
bonds. The 10-year senior unsecured redeemable non-convertible
debentures (NCDs) were priced at 8.85%, payable annually. (BS)
 The Airports Authority of India (AAI) has decided to withdraw credit
facility relating to airport user fees to the financially-embattled low-cost
carrier SpiceJet at all airports in the country from Thursday midnight (ET)
 Ericsson has bagged a seven-year deal, likely worth more than $1 billion,
to manage the network of Reliance Communications across 11 service
areas (ET)