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Economy News
4 Fund-starved commercial banks are raising one-year money at rates
higher than the returns on 10-year public sector bonds, causing a market
aberration called `inverted yield curve’. With deposits from households
and businesses yet to pick up, banks are forced to mop up bulk money to
plug mismatches in their books and tide over the liquidity crunch. (ET)
4 Indian economy may grow well over 9% in the current financial year, but
deeper structural reforms are critical to sustain high growth in coming
years, the finance ministry’s mid-year review said. The review, tabled in
Parliament on Tuesday, identified fiscal consolidation , investment in key
infrastructure areas, universal elementary education and cleaner
technologies as the key focus areas for achieving double-digit growth in
medium to long-term. (ET)
4 A milestone in direct tax revenue receipts has been achieved with net
collections up to end November crossing the 50 per cent mark of the
targeted Budget Estimate of Rs.4.3 tn for 2010-11. For the AprilNovember 2010 period, the Centre's net direct tax collections stood at
Rs.2.17 tn, reflecting a 17.85 per cent increase over the Rs.1.84 tn
collected in the same period last year, official data released on Tuesday
showed. (BL)
Corporate News
4 The Bombay High Court on Tuesday ordered an interim stay on a
directive from the ministry of environment and forest, asking Hindustan
Construction Companys subsidiary Lavasa Corporation to stop
construction at a township project near(ET).
4 ONGC board will consider giving special dividend and bonus shares to its
shareholders and split its shares into two,ahead of its public offering on
December 16(ET).
4 GOVERNMENT approval for Vedanta Resources $9.6-billion 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).
4 NTPC is interested in picking up 74% stake in the West Bengal
governments proposed 160 bn greenfield Katwa power project in
Burdwan district (ET).
4 JET Airways and Air India, Indias two large carriers,are leasing 35 Airbus
aircraft in a deal valued at $5 billion, signalling a boom in the aviation
business (ET).
4 Hindustan Construction Company 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).
4 Karuturi Global has reached an understanding to pick up 54 per cent
stake in Mumbai-based Florista, which has a chain of floral designing
boutique stores across the country (BL).
4 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. The plant has started production of hot briquetted
iron (HBI) on December 5 (BL).
News Round-up
` Oil cos. plan to raise petrol & diesel prices by INR 2 a litre after a week as crude
touches a two-year high of USD 90 a barrel, a move that will boost the finances of
state run firms but stoke inflation. (ECNT)
` PNB (PNB IN) increased its retail deposit rates by 50-100 basis points. With this, the
bank's peak rate for deposits of less than USD 2.22 mn will be 8.5%. The public
sector bank which also increased its benchmark prime lending rate by 75 basis points
to 12.50 %, said the new rates would be effective from tomorrow. (BSTD)
` ONGC (ONGC IN) board will consider giving special dividend & bonus shares & split
its shares into two, ahead of its public offering on Dec. 16. (ECNT)
` Reliance (RIL IN) begins property sales at Navi Mumbai SEZ. The first phase of the Navi
Mumbai airport is set to be operational by 2015, with an initial investment of USD
889 mn. (BSTD)
` RCom (RCOM IN), Tata get more GSM customers than CDMA. The total number of
GSM subscribers of RCOM and Tata Teleservices (TTLS IN) by September-end was
41.2 mn and 38.1 mn, respectively. Their CDMA base was 55.28 mn and 40.9 mn,
respectively. (BSTD)
` BHEL (BHEL IN) adopts strategy to venture into newer areas. BHEL and Toshiba
Corporation have signed a MoU to explore the possibility of a JV for a transmission
and distribution business in India and other countries, while with GE India, BHEL has
joined hands for water treatment equipment. (BSTD)
` CESC (CESC IN) has diversified into hydro-electric power generation and is setting up
a 90 Mw unit in west Siang district of Arunachal Pradesh at an investment of USD
140 mn. The project is expected to be commissioned by 2015-16. (BSTD)
` Jindal Steel and Power (JSP IN) said its 1.5 mn tonne capacity newly acquired steel
plant in Oman has begun production nearly four months ahead of schedule. (FNLE)
` SAIL (SAIL IN) follow-on public offer likely by February. (FNLE)
` Jet Airways (JETIN IN) & Air India are leasing 35 Airbus aircraft in a deal valued at USD
5bn, signaling a boom in aviation business. (ECNT)
` NTPC (NATP IN) is interested in picking up 74% stake in West Bengal govt.'s
proposed USD 3.55bn greenfield Katwa power project in Burdwan district. (ECNT)
` L&T Power Ltd a subsidiary of L&T Ltd (LT IN) which manufacturers power equipment
said that its current order book stands at USD 6.66 bn spread over four years. (THBL)
` Gail (GAIL IN) unveils bond issue, gets bids for USD 222.22mn. (ECNT)
` Bajaj Hindustan (BJHS IN) pledges 9.6% stake with IL&FS, Kotak Mahindra Prime at
the end of last month. (ECNT)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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