Britannia to invest Rs1000 mn in 2 new plants
BRITANNIA Industries (BIL) will invest around Rs 1000mn to set up a plant each in Bihar and Orissa to scale up production tocater to the growing market.
Nalco now sets sights on Namibia’s uranium assets
HINDUSTAN Copper and Nalco’s joint bid to acquire a copper mine in Namibia has fallen flat after the mine owner decided towithdraw the offer halfway through the due diligence process. Nalco has instead decided to renew its efforts in the Africancountry by scouting for uranium assets.
BEML inks deal with MECL for coal mining projects
BEML and Mineral Exploration Corporation Limited (MECL) engaged in exploratory activities for the mining sector, have signeda memorandum of understanding (MoU) for participating in coal & metal mining projects.
HCL, TCS, Wipro, Sify vie for Andaman project
HCL, Tata Consultancy Services, Wipro and Sify are among the six companies that are learnt to have submitted bids to set upand maintain ‘State Data Centre' in Andaman and Nicobar Islands. The project entails building and managing the entire datacentre infrastructure for the Union Territory, for a period of five years. Industry watchers expect the value of the SDC contractto be below Rs 350 mn.
IDBI Bank likely to raise equity capital
IDBI Bank may consider raising equity capital, thereby diluting the Government's stake, over the next 12-15 months.Thebank will explore the options of going in for a rights issue, follow-on public offer, qualified institutional placement orpreferential placements for raising funds.
RBI excludes banks from class action
Banks could be excluded from class-action suits, which have been proposed under the new Companies Bill, 2009. The movewill help to ensure that the interests of depositors remain paramount. Class action is a new clause that would allow members,shareholders or creditors of a company to file complaints against the organization in case of serious instances of mismanagement.
Steelmakers hike flat prices, unfazed by cheaper imports (positive)
Imported steel flat products may become cheaper, with domestic steelmakers' recent move to hike prices of flats by Rs 750-1,500 a tonne from September 1. Post-taxes, steel prices in the domestic market are expected to go up by Rs 2,000 a tonneto about Rs 40,000 (a tonne), while the landed cost of imports are $625 (Rs 28,750) a tonne and end up at Rs 38,000 atonne after addition of Customs duty, freight and other local taxes.
Macro Economic and Other News International News
India's food and fuel inflation edges higher
Inflation for the Food Articles group stood at 10.86% inthe week ended August 21 as against 10.05% in theprevious week. It was at 14.86% in the comparable weeklast year. The index for Food Articles group rose by 1.8%to 303.3 in the week ended August 21. Inflation for thePrimary Articles group also rose to 15.19% from 14.75%in the week ended August 14, the data revealed. It stoodat 8.87% during the week ended Aug. 22, 2009.
Loans waived will be treated as taxable income inthe hands of the borrowers
The Direct Tax Code (DTC) provides that loans waived bylenders will be treated as income in the hands of theborrowers and taxed accordingly. It may then not matterwhether the loan was utilised for acquisition of capitalasset or for revenue expenditure purposes, say some taxexperts. The DTC Bill seeks to directly bring within thescope of income the amount of remission or cessation of any liability by way of loan, deposit, advance or credit.
More rains forecast for Central, North-west India
The low-pressure area over Northwest and adjoiningWest-central Bay of Bengal has crossed the coast and laycentred over Orissa and neighborhood. Two other systemshave been operating over Central India and NorthwestIndia, an India Meteorological Department (IMD) updatesaid.
US private employment and non farm payrollexpands faster than estimate
US private employment for the month of August came inat 67,000 vs consensus estimates of 40,000. The nonfarm payroll for the month of August came in at -54,000vs consensus estimates of -105,000.
The US unemployment rate comes in-line withestimates
The US unemployment rate for the month of August camein at 9.6%, in-line with consensus estimates.
Source: Economic Times, Business Line, Business Standard, Times of India, DNA Money, Mint, Financial Express, Bloomberg
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