Posts Tagged ‘Mahindra & Mahindra’

NEWS ROUND UP 22nd – 26th March

Hello Friends here we come up with the News Round Up from various categories.

Economy

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路The Reserve Bank of India (RBI) unexpectedly raised interest rates from聽record-low levels for the first time since it began cutting in 2008, citing聽intensifying inflationary pressures and a steady economic recovery. The聽central bank raised the repo rate, the rate at which it lends to banks to 5.00聽percent from 4.75 percent and reverse repo rate, the rate which it absorbs聽funds from the system to 3.50 percent from 3.25 percent with immediate聽effect.

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路India’s Wholesale price inflation accelerated to 9.89 percent in February聽from a year ago, above the Reserve Bank of India’s end March projection of聽8.5 percent and higher than the 8.56 percent level recorded in January this聽year.

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路India’s food price index rose 16.30 percent in the 12 months to March 6,聽while the fuel index was up 12.68 percent. The rise in the food price index聽was lower than an annual rise of 17.81 percent in the previous week.

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Pharmaceutical

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路Elder Pharmaceuticals had increased its stake in Bulgarian subsidiary Elder聽Biomeda AD to 61 per cent from the present 51 per cent, as part of its聽strategy to strengthen its presence in the European market. The Rs 600-聽crore turnover Elder Pharma did not disclose the deal size. In April 2008,聽Elder had formed Biomeda AD in Bulgaria, to acquire three Bulgarian聽healthcare companies belonging to the local Biomeda group.

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Metal

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路Welspun Gujarat Stahl Rohren unit will acquire a 75 per cent stake in MSK聽Projects, marking its foray into infrastructure. Welspun will invest a total of聽Rs 400 crore, of which Rs 200 crore will be infused directly into MSK.

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Realty/ Construction.

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路Punj Lloyd has bagged a project worth $40 million (nearly Rs 181 crore)聽from Abu Dhabi Gas Industries (GASCO) for infrastructure related works.

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The company has secured a letter of award for engineering, procurement聽and construction works in UAE from GASCO.

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路Subhash Projects & Marketing has bagged two orders worth Rs 475.34 crore聽for infrastructure related works. The company, along with Kirloskar聽Brothers Ltd, has bagged a contract worth Rs 439.35 crore from Bangalore聽Water supply Sewerage Board for civil and electromechanical works.

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路路 Hindustan Construction Company (HCC) acquired a controlling stake in聽Swiss real estate firm Karl Steiner AG in an all-cash deal for around Rs 150聽crore (Swiss Francs 35 million), a move that will pave way for the company聽to enter the European and Gulf markets.

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路PT Madhucon Indonesia, a subsidiary of the Hyderabad-based聽infrastructure company Madhucon Projects Ltd, has been granted a new聽coal mining business permit for exploration of 30,970 hectares at聽Mauraduwa in south Sumatra, Indonesia.

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Oil & Gas

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路GAIL India plans to transit 21 per cent more natural gas through its pipelines聽at 114.8 million cubic meters per day in 2010-11 fiscal. The company in a聽press statement that it has set a target of transmitting 114.8 mmscmd of聽natural gas from domestic fields and imported LNG in 2010-11 fiscal as聽opposed to moving 94.8 mmscmd during current fiscal.

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Capital Goods

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路McNally Bharat Engineering Company has bagged an order worth Rs 173.2聽crore for works at Mahanadi Coalfields in Sambalpur, Orissa. This is the third聽order that the company has bagged within a week, the first two being from聽NPCC and SAIL.

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路Larsen & Toubro (L&T) has bagged a project worth Rs 2,035 crore from聽ONGC Mangalore Petrochemicals Ltd to set up an aromatics complex at聽Mangalore special economic zone.

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Automobile.

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路Mahindra & Mahindra has joined the long list of corporate houses looking to聽obtain a banking licence after the finance minister’s budget speech聽revealed that banking regulator RBI was planning to allow more players in聽the sector. A top executive of the $6.3-billion group that it was planning to聽seek a banking licence for its non-banking finance company Mahindra &聽Mahindra Financial Services (MMFSL).

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