Tuesday, April 07, 2009

News Update 07-April-2009:-

Tata Steel sales up 45% in March

Tata Steel has recorded a 45 per cent increase in sales in March 2009 to 6,96,000 tonnes from Jamshedpur Works, as compared to 4,79,000 tonnes in March 2008.

RCom to open 82 stores in Punjab
Reliance Communications today said it will open 82 new exclusive mobile stores in Punjab as part of its expansion programme.

NMDC exceeds production target for 2008-09
State-run mining giant NMDC has surpassed the production target set by the government for 2008-09 even as its sales volumes dipped over six per cent amid reduced intake by the steel sector, a top official said. As against the MoU (memorandum of understanding) target of 28.4 million tonnes for the fiscal that just ended, the Navratna PSU produced 28.9 million tonnes of iron ore, Steel Secretary P K Rastogi told PTI.

Tata Motors to set up CV plant in Myanmar
India's largest auto maker Tata Motors today said it will set up a heavy truck manufacturing facility in Myanmar with a capacity of 1,500 units a year.

Swiss banks held securities worth $3.35 trn in 2008
At a time when crackdown on tax havens have acquired a political colour, data shows that Swiss banks held securities worth $3.35 trillion in 2008, with over half managed on behalf of foreign entities.

PowerGrid to borrow $2 bn from World Bank, ADB
Central transmission utility PowerGrid Corp today said it will borrow $2 billion (about Rs 10,000 crore) from the World Bank and Asian Development Bank to part finance Rs 55,000 crore investment plans till 2012.

V-Guard opens two new facilities
Electrical goods manufacturer, V-Guard Industries Ltd today announced the opening of two new cable factories, one each in Uttrakhand and Tamil Nadu, set up with a total investment of Rs 45 crore.

Essar Steel to start production from Minnesota plant by 2011
Ruias-led Essar Steel plans to start the first phase of production from its proposed $1.1 billion steel plant at Minnesota in the US by 2011, company sources said. http://www.business-standard.com/india/news/essar-steel-to-start-productionminnesota-plant-by-2011/58169/on

BHEL's southern power unit to double investment
Power Sector Southern Region (PSSR), a unit of state-run Bharat Heavy Electricals Ltd (BHEL), will more than double its investment in 2009-10 for purchasing high-capacity cranes and heating equipment.

Infosys to work as consultant for Rajasthan power cos
Rajasthan government-run power companies have appointed IT major Infosys as consultant for implementing centre-funded Restructured Accelerated Power Development and Reform Programme (R-APDRP) in 87 cities across the state under the 11th Five-Year Plan.

India for three-fold increase in IMF equity
India pitched for tripling the International Monetary Fund's (IMF's) equity to SDR 650 billion (about USD 975 billion) to empower the multilateral funding agency to play an effective role in pulling the global economy out of the current crisis.

Deposits with SBI zoom post Lehman collapse
The Reserve Bank of India numbers show that SBI Group's share of bank deposits jumped from 23.2% in end-September 2008 to 24.4% in end-December 2008. The enormity of the gain in market share becomes clear when viewed in context of the overall deposit base of Rs 35,69,352 crore, as on end-December.

Cos may land a windfall from FCCB buybacks
Ever since the Reserve Bank of India allowed Indian companies to buy back FCCBs in December 2008, a dozen companies have redeemed such bonds worth $340 million at deep discounts to the conversion price. As in the case of Moser Baer, these companies also will earn twin benefits from FCCB buyback. When they pay off a loan at a discount, they earn a substantial one-time gain. Also, they need not carry the mark-to-market losses for the redeemed FCCBs.

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