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Economy News
4 The Orissa government is examining a draft for a fresh agreement with
the Anglo-Australian major Rio Tinto for mining in the mineral-rich state.
(ET)
4 The government is not going to impose duty on capital goods import of
power equipment for mega power projects during the present plan
period, a top government official has said. (ET)
4 The Reserve Bank will conduct a new round of surveys to gauge the mood
of industry on growth prospects, amid expectations that the Indian
economy is poised to clock nine per cent expansion in 2010-11. (BS)
4 The interest rate in the overnight inter-bank market may see pressure to
move up, due to demand for funds in the first week of the new reporting
fortnight. (BS)
4 Indian steel makers' are snapping up ore and coal abroad, as their
availability is stuck at home. With less and less coal and iron ore blocks
being allotted to Indian companies at home, the world has become their
oasis, as they successfully buy raw material assets across continents.(BS)
Corporate News
4 Emami is expecting a 15-20 per cent growth in its Chyawanprash
segment even as its plans to consolidate all its brands under the category,
a top company official said. The company will also spend Rs.120-150 mn in
the current fiscal to boost the sales of its popular brands through its new
marketing initiative. (ET)
4 SBI to seek lower provisioning for special home loans: Bank to argue with
the Reserve Bank that new norms don’t apply to floating rate schemes.
(BS)
4 Indian pharmaceutical companies led by Glenmark, Aurobindo and Sun
Pharma maintained their number one position in the US generics
market, by bagging 33.17 per cent or 139 of 419 original Abbreviated
New Drug Application (ANDA) approvals from the US Food and Drug
Administration (FDA) in 2010. (BS)
4 State-run oil marketing companies IOC, HPCL and BPCL have seen their
losses on diesel sales climb to almost Rs 7 per litre amid a steep rise in
international crude prices. (BS)
4 NMDC said that its two coal blocks in Madhya Pradesh, containing an
estimated 100 million tonnes of reserves, are likely to commence
production by the end of this year. (BS)
News Round-up
` NSE will replace American style stock options with European style contracts with
effect from today. (BSTD)
` Borrowing costs are poised to rise at least 1% point this calendar year as RBI may be
forced to tighten rates to contain price rise that is accelerating beyond most policy
maker's forecast. (ECNT)
` Aided by higher trade deficit & lower net invisibles, India's current account deficit in
the Sept. quarter widened to a record USD 15.8bn, according to RBI data. In
corresponding quarter last year current account deficit was at USD 9.2bn. (BSTD-Sat)
` The much awaited new industrial production series with a more current list of items,
that were stated for launch this month, is likely to be pushed back several months
due to data collection problems being faces by the Central Statistical Organisation.
(ECNT)
` SBI (SBIN IN) & ICICI Bank (ICICIBC IN) increased their benchmark lending rates
because of sharp increase in the cost of funds. SBI increased its base rate by 40 bps
to 8%, ICICI Bank with 50 bps hike to 8.25%. The rates are effective from Monday.
(BSTD-Sat)
` SBI (SBIN IN) is planning to set up its operations in South Korea, Sao Paulo &
Botswana this year. (BSTD)
` SBI (SBIN IN) has decided to seek the regulator's approval to make only 0.4%
provisioning instead of 2% for teaser rate schemes. (BSTD)
` ICICI Bank (ICICIBC IN) is keen to acquire more local banks to expand in booming
smaller towns in India. (ECNT-Sat)
` NTPC (NATP IN) will set up a 4000Mw power project at Visakhapatnam in Andhra
Pradesh at a cost of USD 5.11bn. (BSTD)
` NMDC's (NMDC IN) 2 coal blocks in Madhya Pradesh, containing an estimated 100
million tones of reserves, were likely to begin production by the end of this year.
(BSTD)
` Car sales may zoom 25% despite lower discounts. Higher disposable incomes to drive
car sales in Dec. (ECNT-Sat)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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