Hello Friends, here, we bring you the latest updates from the Indian market and Industry.
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SMC Morning News Capsules
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NEWS CAPSULES
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• Backed by government stimulus measures and a low base effect, growth in industrial output touched a two-year high in November 2009.
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The index of industrial production (IIP) grew 11.7 per cent, primarily due to growth in manufacturing (12.68 per cent in November as against 2.7 per cent last year),
fuelling a debate on withdrawal of fiscal and monetary stimulus measures.
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• Maruti Suzuki, India’s largest manufacturer of passenger cars, launched Eeco, a multipurpose vehicle (MPV) in Ahmedabad.
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With Maruti Omni being largely used by the cargo segment, and the Versa failing to create a buzz in the market, the company needed to focus on the passenger side.
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Introduced in three variants at a price range of Rs 2.58-2.89 lakh, Eeco aims at fulfilling this gap.
Currently the company sells 550 Omni each month.
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• Telecom major, Bharti Airtel, has announced that it has agreed to acquire 70% stake in Bangladesh-based, Warid Telecom.
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Bharti plans to make $300 million fresh investment in the company, thus taking the overall investment to $1 billion.
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The new funding will be for capacity expansion, coverage and innovative products.
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• FMCG major Dabur said it has tied up with a Belgium firm for technical collaboration to reduce carbon emissions in its plants and has invested Rs 5 crore for the purpose.
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The company said it is rolling out a host of initiatives at its various manufacturing facilities spread across India and Nepal to reduce carbon emissions and become more energy efficient.
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• Central electricity distribution firm PowerGrid would sign an agreement with Bangladesh later next month for setting up a transmission link with the neighboring country.
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• Punj Lloyd has bagged orders worth Rs 947 crore from Ind-Barath Energy.
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The company informed that it has won an order for partial balance of plant and civil work on a two 350 MW thermal power project by Ind-Barath Energy, Orissa.
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• New Delhi Television (NDTV) has informed BSE that NDTV Worldwide, a NDTV Group company has entered into an agreement with Beximco Group, Bangladesh.
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The company would be providing consultancy to set tip and assist in the business management and operations of a 24-hour news and current affairs channel proposed to be launched in Bangladesh by Beximco Group.
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• Infosys Technologies, India’s second-largest software services exporter, has reported a 3.6 per cent year-on-year (Y-o-Y) decline in net profit to Rs 1,582 crore for the third quarter ended December 31, 2009.
Total income, too, saw a decline of close to 1 per cent to Rs 5,741 crore.
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• Two – wheeler giant Bajaj Auto reported a smashing 189.24 per cent increase in its net profit at Rs 475.14 crore for the third quarter ended December 31, 2009.
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The company had a net profit of Rs 164.27 crore in the corresponding quarter a year ago.
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• IT firm Mastek reported a 24.8 per cent decline in its net profit at Rs 23.54 crore for the quarter ended December 31, 2009.
It had a net profit of Rs 31.33 crore in the same period previous fiscal.
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