The board meeting, which was expected to be held on February 5, was brought forward by a day. "Announcements relating to critical leadership appointments are expected to be made at the board meeting," the company's internal newsletter stated.
For instance, an oil marketing company availed of a short-term credit facility of Rs 500 crore (Rs 5 billion) from a public sector bank at less than 7 per cent. Non-banking finance companies, which were finding it difficult to raise resources from banks, can now avail of loans at 10.5-11 per cent as against 14-15 per cent in November.
The Kushan Pal Singh-led realty major has halted construction work on nearly 16 million sq ft of office and retail mall space out of the 62 million sq ft of planned construction. In the office space, the developer has stalled construction on nearly 12 million sq ft of office space out of the 36 million sq ft of space being planned.
Last week, the 20-hectare zone had got embroiled in a controversy amid reports that the state government was taking back the land. This was after allegations that the land was allotted in an unfair manner. But Chief Minister Rajasekhara Reddy said the government would not cancel the allocation as the company was "sound."
The aggrieved shareholders, who have come together under the banner of The Indian Film Company Requisition Group, has said in a fresh communication to IFC that they were legally entitled to get access to the share register. A copy of the communication was provided by Bankside Consultants, the PR agency representing IFCRG.
The disclosure comes within days after Kishore Biyani-owned Pantaloon Retail said that same store sales in December dropped for the first time in four years. Analysts were more surprised at the drop in value retailing, which indicated that value retailers were not benefiting from downtrading.
Ranbaxy's investment in the six-year-old joint venture for the 50 per cent stake is estimated at Rs 30.5 crore (Rs 305 million). Industry sources said the deal was unlikely to impact Ranbaxy's financials as revenues and investment in the joint venture was not significant. Sources said revenues from NPI were only $25 million in 2007 through the sale of four generic products.
According to a decision taken by the Cabinet Committee on Economic Affairs, the Commission on Agricultural Costs and Prices will consider the above elements while recommending the MSP. The CACP, an advisory body under the agriculture ministry, recommends MSPs of over 20 crops, including wheat and rice.
TCL wants to raise around Rs 10 billion through a rights issue, sources familiar with the developments said. This means the government will have to invest Rs 2.6 billion to retain its stake in the company, in case it approves the issue. The company needs to raise fresh equity for any fresh borrowing, as it has already reached the maximum limit of debt vis-a-vis its net worth, as stipulated under the shareholder agreement.
The Mumbai police, along with a group of enthusiastic citizens including Mumbai Sheriff Indu Shani, combed commercial complexes, malls, office buildings and residential premises in south and south-central Mumbai to identify and get rid of unsecured Wi-Fi connections in the city, following terrorist attacks last year.Terror mails were sent via unsecured Wi-Fi connections before the Delhi and Ahmedabad serial blasts also.
Anil Ambani-promoted Reliance Power is likely to announce the financial closure of its 3,960-Mw Sasan ultra mega power project (UMPP) in a few weeks.
Andhra Pradesh chief minister YS Rajasekhara Reddy said on Sunday public projects being implemented by Maytas Infra in the state, individually or as part of consortia, were being closely reviewed. Andhra Pradesh chief minister YS Rajasekhara Reddy said on Sunday. The total value of the projects awarded to Maytas and its joint venture partners amounts to Rs 3,800 crore (Rs 38 billion).
According to industry leaders, the ongoing strike is also going to dampen production and also hit the timely delivery of goods to the customers. The transporters are mainly demanding that diesel prices be reduced by at least Rs 10 per litre, a uniform VAT of 4 per cent on the fuel, withdrawal of service tax on truck operators and rationalisation of tyre prices.
The government has given clear instructions to the state governments to take necessary steps to ensure smooth transportation of essential commodities. "If the situation demands, the law of the land will prevail. The law of the land says the permit of truck operators could be revoked if the situation demands. The government is committed to provide full support to the state governments," said Brahm Dutt, secretary, ministry of road transport and highways.
UB Group's other businesses are being aggressively being ramped up. The group recently entered apparel exports to add to its leather exports business. These are in addition to a sturdy fertiliser arm, an engineering construction firm and a property development business which is getting into building high-end apartments.
With the stock markets yet to recover and banks lowering fixed deposit rates, companies accessing public deposits are seeing investors parking funds.
A majority of Indian CEOs do not expect economic prospects to improve in 2009 and feel growth is constrained by the liquidity crunch, negative sentiment and demand recession in the economy.
The government is expected to announce the second stimulus package in the next three days.
Permitting realty firms to tap ECBs, relaxing borrowing norms for non-banking finance companies, increasing the ECB limit 50 per cent to $750 million under the automatic route (that is, without central bank permission) and raising the price ceiling at which overseas loans can be raised are among proposals the committee is considering. For realty, the committee may relax norms only for integrated township projects, said a top finance ministry official.
Chandamama, the comic that has enthralled three generations of Indians, is now trying to keep up with the times. But, supply side is a problem that they are having to deal with. The lack of new titles may be slowing down their expansion plans.
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