Economy News
4 Foreign direct investment (FDI) in multi-brand retail and insurance may
be opened up soon in India, Mr Montek Singh Ahluwalia, Deputy
Chairman, Planning Commission, indicated on the sidelines of a
Federation of Indian Chambers of Commerce and Industry (FICCI) event.
(BL)
4 France on Monday signed deals with India worth euro 13.3 billion in the
nuclear power, civil aviation and defence sectors. India and France have
signed as many as five agreements in the civil nuclear power sector. They
included a framework agreement to construct two civil nuclear plants in
Jaitapur, Maharashtra, costing euro 7 billion (roughly $9.5 billion). The
sixth agreement was on film co-production and one MoU on cooperation
on earth system science and climate. Plans are also afoot to construct
another four nuclear power plants (a total of six), all by French nuclear
giant Areva, at a total cost of $25 billion. (BS)
Corporate News
4 State Bank of India, on Monday, hiked interest rates on fixed deposits
by 50-150 basis points. The sharp rise of 150 basis points is for short-term
deposits having maturity up to three months, while for longer term
deposits; the hike is between 50 and 100 basis points, which indicate tight
liquidity in the system. (BL)
4 Engineers India Limited said it is mulling to bid under the ninth round
of the New Exploration and Licencing Policy (NELP) of oil and gas blocks
and enter city gas distribution projects. The company is looking to enter
city gas distribution projects and provide consultancy for nuclear power
projects. (BS)
4 Piramal Healthcare on Monday said its shareholders have approved a
proposal to buyback 20 per cent of its total number of shares that will
entail an outgo of Rs 25.08bn. A resolution seeking shareholders nod for
contributing to charitable and other funds up to an amount of Rs 2bn, has
also been approved by the shareholders. (BS)
4 Shares of Tata Steel, surged 3.4% on Monday after news that global
mining major Rio Tinto had made a $3.5-billion bid for Africa-focused
Riversdale Mining, in which the Tatas own a 24% equity stake. While the
development sparked speculation that Tata Steel, one of the three major
shareholders in Riversdale Mining, could launch a counter bid, people
familiar with the group said the Mumbai-based conglomerate would not
go alone in putting in such a bid. (ET)
4 India and Kazakhstan will iron out some unspecified commercial issues by
February next year, paving way for state-run ONGC to pick up 25% stake
in Kazakhstan’s Satpayev block after six years of delay. The Cabinet
Committee on Economic Affairs (CCEA), India’s apex body on economic
matters, has already approved the deal last year. (ET)
4 Suzlon Energy Ltd has informed BSE that the board of directors of the
company has approved the acquisition of tower business division of
Suzlon Towers and Structures Ltd and operations and maintenance
division of Suzlon Infrastructure Services Ltd, both are wholly owned
subsidiaries of the company, under a composite scheme of arrangement,
subject to receipt of all statutory and regulatory approvals. (BL)
