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Corporate Front Page:
- JSW Group plans to enter the agri business, sell branded fruits & veggies. (ET)
- State Bank of India has re-jigged and extended its teaser home and auto loans schemes for three months up to March 2011.(BL)
- With an eye on having a global footprint as well as securing supplies of key raw material like coking coal and iron ore, SAIL is looking to build steel plants abroad. (FE)
- Hero Group says its exposure in the alleged financial fraud at Citigroup was Rs287.5mn. (ET)
- ICICI Bank raised its base rate 50bps to 8.25% and PLR by 25bps to 17%. (ET)
- BHEL is exploring the possibility of setting up an assembly unit in Indonesia to grab a sizeable market share of the growing demand for power equipment in the South-East Asian country. (BL)
- HDFC Bank decided to increase its base rate by 25bps to 7.75% effective January 1. (ET)
- Tata Motors hiked the prices of some its passenger vehicles and all of its commercial vehicles by a range of Rs3,000-30,000. (BS)
- Tata Steel plans to ink an agreement with Japan-based Nippon Steel by end of this month to set up a Rs24bn steel plant for producing auto-grade steel. (BS)
- JSW Steel emerges as the highest bidder for the debt-laden Bellary Steel & Alloys. (BS)
- Jindal Steel & Power plans to build its first oil refinery to expand its energy business in the domestic and overseas markets. (BS)
- ICICI Bank is keen to acquire more local banks to expand in the smaller towns in India. (ET)
- Marg is planning to hive-off its residential projects business to a wholly-owned new subsidiary Marg Properties. (BS)
- PNB has said that it plans to enter the life and general insurance business and has appointed Boston Consulting Group as its adviser. (TOI)
- NTPC plans setting up a 4000MW power project at Pudimadaka in Anakapally mandal of Visakhapatnam district at an approximate cost of Rs230bn. (BS)
- iGate, which was expected to announce the acquisition of a controlling stake in Patni Computer at a media conference, has cancelled the event. (ET)
- Tata Steel is in talks with Canada’s New Millennium Capital to extend an existing agreement to develop iron ore mines in Canada. (ET)
- Indraprastha Gas plans to raise CNG prices by Rs1.25 a kg. (BS)
- TVS Motor reported 42% growth; it sold 171,790 units in December 2010 against 120,913 units in the same month of the previous year. (BS)
- PNB is planning a foray into the insurance business. (BS)
- Corporation Bank raised its base rate to 8.9% from 8.25%, while Dhanlaxmi Bank increased it to 8.25% from 7.5%. (ET)
- HCL Infosystems expanded its distribution business in the Middle East by acquiring a 20% in Dubai-based Techmart Telecom Distribution. (ET)
- BSNL is set to invite bids from private operators to share its third generation airwaves. (ET)
- Auto parts maker Tata Autocomp Systems has filed for an IPO of shares including a fresh issue to raise up to Rs7.5bn. (FE)
Economy Front Page:
- India’s overall balance of payments surplus slumped to US$3.3bn in the July-September quarter. (ET)
- Steel prices are set to rise by about 5% later this week. (ET)
- India’s foreign exchange reserves rose to US$295.03bn as on December 24 from US$294.6bn in the previous week. (ET)
- The domestic car market grew at least 25% last month over the previous year. (ET)
- Sales in the domestic drug retail market rose a healthy 18.4% during 2010. (ET)
- Mr. Kapil Sibal, Communications and IT Minister, promised to overhaul a decade-old telecom policy to address key issues including transparent spectrum allocation mechanism, package for local equipment manufacturing and mergers and acquisitions. (BL)
- India plans to overhaul its decade-old telecom policy, frame new rules on mergers and on radio waves, says telecom minister. (DNA)
- Government will impose a 60% import tax on sugar from January 1. (FE)
- India's external debt stood at US$296bn as of Sep’ 10, representing an increase of 12.8% over Mar’ 10. (BL)
- Government proposes to set up a central regulator for the ports sector on the lines of the Central Electricity Regulatory Commission. (BL)
- State-owned oil firms today raised jet fuel prices by almost 2%. (BS)
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