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MUMBAI (Thomson Financial) – India has allowed exports of 25,000 metric tonnes (MT) of corn (maize) under the United Nations’ World Food Programme, despite the government ban imposed last month, the government of India’s Directorate General of Foreign Trade (DGFT) of the commerce ministry said in a statement.
Archive for August 6th, 2008
RPT India allows 25,000 metric tonnes of corn exports under UN programme
Posted by Yogesh on Wednesday, 6 August, 2008
Posted in Corporate News | Tagged: Corn | 1 Comment »
Power Grid, Teesta Urja to form JV to generate power in Sikkim
Posted by Yogesh on Wednesday, 6 August, 2008
MUMBAI (Thomson Financial) – Power Grid Corp. of India Ltd. said it entered into an agreement with Teesta Urja Ltd. to form a 26:74 joint venture, Teestavalley Power Transmission Ltd., to develop associated transmission systems to generate 1200 mega watt (MW) power from Teesta-III Hydro Electric Project (HEP) being developed in the eastern Indian state of Sikkim by Teesta Urja.
Posted in Corporate News | Tagged: Agreement, Power Grid Corp, venture | Leave a Comment »
India’s central bank to introduce exchange-traded currency futures
Posted by Yogesh on Wednesday, 6 August, 2008
MUMBAI (Thomson Financial) – Indian central bank, The Reserve Bank of India, said it will introduce currency futures in an attempt to develop the derivatives market and add to the existing menu of foreign exchange hedging tools available to residents.
Posted in Indian Economy | Tagged: Reserve Bank of India | Leave a Comment »
HSBC to hold its stake in India Axis Bank
Posted by Yogesh on Wednesday, 6 August, 2008
NEW DELHI, Aug 6 HSBC would like to hold on to its stake in Indian private sector lender Axis Bank in the short-term, its India head said on Wednesday.
Naina Lal Kidwai, HSBC’s country head, said it did not make sense to sell the shares after a fall in the stock’s price. Axis Bank shares are down more than 20 percent in 2008.
Source Reuters
Posted in Corporate News | Tagged: Axis Bank | Leave a Comment »
India’s govt approves Daiichi-Ranbaxy deal
Posted by Yogesh on Wednesday, 6 August, 2008
NEW DELHI, Aug 6 – India has approved Daiichi Sankyo’s stake purchase in the country’s top drug maker by sales, Ranbaxy Laboratories , the finance ministry said in a statement on Wednesday.
Japan’s Daiichi has agreed to buy a 34.8 percent stake in Ranbaxy and aims to take up to 20 percent more from the open market in deals worth up to $4.6 billion.
Posted in Corporate News | Tagged: Daiichi, Deal, Ranbaxy | Leave a Comment »
India’s Airtel to launch 3G iPhone on Aug 22
Posted by Yogesh on Wednesday, 6 August, 2008
NEW DELHI, Aug 6 ,Airtel India’s top mobile operator, said on Wednesday it would launch Apple Inc’s third-generation iPhone in India on August 22. Source Reuters
Posted in Corporate News | Tagged: Bharti, iPhone | Leave a Comment »
India regulator: allow mobile virtual network ops
Posted by Yogesh on Wednesday, 6 August, 2008
NEW DELHI, Aug 6 – India’s telecoms regulator has asked the government to allow firms to offer mobile services without owning a network or spectrum, which could increase competition and push already cheap call rates even lower.
Mobile Virtual Network Operators, or MVNOs, piggy-back on the spectrum and networks of existing Read the rest of this entry »
Posted in Sector Spotlight | Tagged: Mobile Virtual Network Operators | Leave a Comment »
Canara Bank expects flat net profit in ’08
Posted by Yogesh on Wednesday, 6 August, 2008
SHANGHAI, Aug 6 , Canara Bank an Indian state-owned lender, expects its net profit this year to be flat from last year due to securities-related provisions, but it will resume rising next year as the economy improves, its chairman said on Wednesday.
“This year, we don’t expect a drastic fall in profit. We expect the profit to be maintained, approximate Read the rest of this entry »
Posted in Financial Result | Tagged: Canara Bank | Leave a Comment »
Reliance Power to raise $2.5 bln loan-sources
Posted by Yogesh on Wednesday, 6 August, 2008
MUMBAI, Aug 6 – Utility Company Reliance Power Ltd is planning to raise as much as $2.5 billion through India’s largest rupee-denominated loan this year to fund a power project, two bankers familiar with the matter said on Wednesday.
Reliance Power, part of the Anil Dhirubhai Ambani Group, has hired SBI Capital Markets, a unit of SBI, to raise Read the rest of this entry »
Posted in Corporate News | Tagged: Reliance Power | Leave a Comment »
Finmin under pressure to dilute new public float norm
Posted by Yogesh on Wednesday, 6 August, 2008
The Finance Ministry is under pressure from corporate biggies to dilute its draft norms for making 25% public float mandatory. Corporates also want more time to adjust to the new norms. There still seems to be divergence on these issues which may delay the notification of these norms till the middle of August.
The draft public float guidelines issued in February this year, prescribed 25% as the minimum public shareholding of all listed companies, but there are differences on the matter even within the Ministry. Read the rest of this entry »
Posted in Market View | Leave a Comment »
