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APRIL 26, 2011

Economy News
  • Blaming rising interest rates for the investment slowdown in the economy, industry chamber CII’s new president and vice-chairman of Tata Steel, B Muthuraman, today asked Reserve Bank of India (RBI) to moderate its tight monetary stance. The central bank is slated to announce its annual policy for 2011-12 just about a week later. (BS)

  • The National Highways Authority of India (NHAI) is facing arbitration claims of over Rs 110 Bn in tribunals and various courts. Of the total disputes, 1,099 disputes amounting to Rs 10,219.13 crore are in tribunals and 536 disputes amounting to Rs.865.40 crore are in various courts. (BS)

Corporate News

  • RIL plan to build a Rs.50-60 Bn port project at Rewas, in Maharashtra, and a liquefied natural gas (LNG) import facility have been currently put on hold, said Niraj Ambani, president, logistics, Reliance Industries. "The Rewas port is a part of the Maha Mumbai SEZ project that is awaiting regulatory clearances for land acquisition. So for now the Rewas Port project is on hold," Ambani said. (ET)

  • 4 An independent review of Reliance Industries’ operations in the KG D6 block off the east coast has found the company responsible for the fall in gas production from the country’s most-prolific field. The report, submitted to the government last week, says the slow pace of field development is the reason production has fallen to 50 million standard cubic metres a day (mscmd) from a peak of 60 mscmd last year. The review was commissioned by the oil regulator, the Directorate General of Hydrocarbons. (BS)

  • Indian Oil Company, the country’s biggest oil marketer, is exploring a foray into merchant power and setting up a coastal refinery to cater to demand abroad. On passing on the price increase in petrol, a decontrolled product, the company said it would do so “at the earliest”. (BS)

  • TCS, the country's largest software maker, today said it expects to hire 6,000 employees overseas, which is 10% of the total 60,000 people it plans to recruit this fiscal. "The overseas hiring will be similar to the 10% which we have done earlier," (BS)

  • Mahindra Holidays & Resorts India, a wholly-owned subsidiary of
    Mahindra & Mahindra (M&M), today said it has lined up a capex of Rs.7 bn for this fiscal. Presently, the leisure hospitality provider has 1,650 rooms and operates 36 resorts across India and Thailand. (BS)

  • Navratna PSU Nalco's Rs.44 bn expansion plan to raise alumina refinery capacity from 1.575 million tonnes to 2.1 million tonnes are at advance stages of commissioning, company sources. The National Aluminium Company Ltd (Nalco) has started commissioning various expanded capacities of its alumina refinery at Damanjodi, including cogeneration power plant, evaporation plant, stacker and bauxite circuit for production of alumina. (BS)

  • Power Finance Corporation (PFC) today said its board has approved the final papers for coming out with a follow on public offer (FPO). "The board of directors of the company at its meeting on April 24 have approved the Red Herring Prospectus (RHP) in respect of the proposed further public offer," PFC said in a filing to the Bombay Stock Exchange. The company plans to come out with an FPO of 229.5 Mn shares, comprising a fresh issue of 172.1 Mn equities and an offer for sale of 57.3 Mn shares. (BS)

  • The Supreme Court has issued notices to ONGC and Punj Lloyd on Singapore based off-shore construction major Swiber's plea, challenging Bombay High Court order which had set aside a $125-million ONGC contract to Swiber for laying off-shore pipelines along the country's west coast. (ET)

Source: ET = Economic Times, BS = Business Standard, FE = Financial Express,
BL = Business Line, ToI: Times of India, BSE = Bombay Stock Exchange

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