Tuesday, October 31, 2006

News of the week

Economics

As part of RBI’s mid-term review of the monetary and credit policy to be released on October 31, it is expected to come out with comprehensive guidelines on NBFCs.

The private sector accounted for Rs71 of every Rs100 spent on capex in 2005-06. Of the 1,769 listed entities that spent Rs1098.45bn on capex in 2005-06, Rs777.66bn was from 1,559 private companies.


Politics

Congress president Sonia Gandhi has given hints that there is no room for young party leaders in the Union Council of Ministers as of now.
Traders in Delhi will go on a 72-hour strike from October 30 to protest the sealing drive in the city.

Corporate

State-owned oil marketing companies are seeking zero customs duty for capital goods imported for the new refineries coming up in Punjab, Bina in Madhya Pradesh and Paradeep in Orissa.

IOC plans to invest ~Rs120bn to upgrade its refining facilities to handle high sulphur crude oil - media. GAIL (India) plans to expand its CNG distribution network to 46 cities in the country over the next four years .

VSNL has signed an MoU with global telecom service providers for construction of a new submarine cable system - media.
Reliance Communications: 1) plans to set up a platform for Indian petroleum giants that will enable the PSUs to service customers through mobile phones; 2) plans to enter high-end wireless data services market in India, currently dominated by BlackBerry devices - media.
Tata Steel’s land lease in Jamshedpur is being reviewed by the Jharkhand government - media.
Sun Pharmaceutical is set to take its lead molecule for anti-allergic treatment to the phase-II trials (trials on patient) in the US - media.
Ranbaxy will have to either go to the US Supreme Court or wait until 2010 to launch the cholesterol-lowering drug atorvastatin - media. Wipro has clinched a deal for developing the Madhya Pradesh govt’s electronic tendering project, which will not involve any cost to it - media.
TCS has announced the formation of a Japan offshore development centre to be based at its facility in Kolkata - media.
TajGVK’s 3Q PAT at Rs1.51mn was up 62% YoY - media.

Source: Collated from Bloomberg and the following news papers-Economic Times, Business Standard & Financial Express dated 23-27 Oct, 2006
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