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Corporate Front Page:
- L&T Power Ltd, a subsidiary of L&T which manufactures power equipment, has a current order book of Rs300bn spread over four years. (BL)
- Jindal Steel and Power Ltd (JSPL) has announced that its plant in Oman (Jindal Shadeed) has started trial production almost five months ahead of schedule. (BL)
- Government approval for Vedanta Resources’ US$9.6bn deal to acquire Cairn India will hinge on the Anil Agarwal-led firm accepting certain pre-conditions, including retaining the entire management team of Cairn, to make up for its lack of prior oil and gas experience. (ET)
- HCC has signed a cooperation Agreement with Vinci Construction Grands Projets (VCGP) of France for working together in power, water, transportation and infrastructure projects in India and overseas. (BL)
- The Bombay High Court has stayed the stop-work notice issued by the Environment Ministry to Lavasa Corporation, a subsidiary ofHCC, by granting the company interim relief till December 16 on the Ministry's show-cause notice. (BL)
- LIC Housing Finance, Punjab National Bank, Bank of India and Central Bank of India have a combined exposure of Rs200bn to the 19 companies embroiled in the bribes-for loans controversy. (FE)
- Kotak Mahindra Bank raised its base rate and benchmark prime lending rate by 25 basis points with immediate effect. (BL)
- Religare Enterprises is close to buying 85% of the Ajay Piramal Group-promoted real estate fund Indiareit Fund Advisors, valuing the entire fund at around Rs2.5bn. (ET)
- Jet Airways and Air India, India’s two large carriers, are leasing 35 Airbus aircraft in a deal valued at US$5bn. (ET)
- United Phosphorus has firmed up plans to launch a clutch of new branded hybrid vegetable seeds, ranging from tomatoes to green peas, next year. (BL)
- CARE has reaffirmed its ‘AAA' rating of LIC Housing Finance's debt instruments. (BL)
- CESC plans to have 500 MW hydroelectric generation capacities — through greenfield ventures or acquisitions — in the North-East and North India in the next six years. (BL)
- Welspun Corporation has bagged contracts worth Rs16.7bn from international markets. (BS)
- BEML plans to start assembly line for helicopters and small airplanes. (BS)
- HBL Power Systems is set to take over Igarashi Motors India, a Japanese-owned company that makes micro motors from its plants in Chennai. (BL)
- OnMobile Global and diversified communications and entertainment company Madison World have announced that they have inked a JV to set up direct sales and revenue channels for marketers using mobile services. (ET)
Economy Front Page:
- According to a report tabled by the Finance Minister in Lok Sabha, India’s GDP growth may surpass the 9% mark in the current fiscal. (BL)
- Crisil has revised India's growth forecast upwards to 8.6% for 2010-11 from earlier 8.2%. (BL)
- The levy of a penalty by banks and housing finance companies for foreclosure of home loans does not amount to abuse of dominant position, the Competition Commission of India (CCI) ruled on Tuesday. (ET)
- For the April-November 2010 period, the Centre's net direct tax collections stood at Rs2.17tn, reflecting a 17.85% increase over the Rs1.84tn collected in the same period last year. (BL)
- OIL companies plan to raise petrol and diesel prices by Rs.2 per liter after a week as crude touched a two-year high of $90 a barrel. (ET)
- The government is unlikely to take a call on freeing sugar exports before the end of December. (ET)
- India is likely to phase out oil subsidies in the next three to four years, in line with the commitment it has made to the world at the Seoul G-20 Summit last month. (FE)
- RBI has permitted banks to use non-governmental organizations as intermediaries for banking and financial services. (FE)
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