According to sources close to the development, the ministry feels that the National Textile Corporation (NTC), which has put the land on sale, will get better prices than the bid put in by Lodha Developers. The company, which had initially placed a bid of Rs 657.90 crore (Rs 6.57 billion), later hiked it to Rs 710 crore (Rs 7.1 billion), following a request from NTC.
However, despite a further drop in the growth rate, production levels in the Indian manufacturing sector recorded a robust increase, as firms reported expanding output in response to favourable market conditions.
Reliance Retail will acquire the retail, wholesale, logistics and warehousing businesses of the Future Group. Future Group's financial and insurance businesses are not part of the deal.
The new Da da ding Nike ad, featuring actor Deepika Padukone, has gone viral. It has been appreciated by most but panned by some, and despite the mixed reviews it has nearly crashed the internet.
The FY13 fourth quarter (Q4) earnings, however, fell short of analysts' expectation, as debt was still high at Rs 21,730 crore (Rs 217.3 billion), with much of the targeted non-core sales done.
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