Bharti Infratel falls over 13% on debut
Bharti Infratel’s debut on the BSE disappointed traders as the share closed over 13% lower than its issue price of Rs. 220. Commentator reportedly attributed the Rs. ???? ????? 28.80 drop to Rs. 191.20 per share to a high price and a cautious outlook for the telecom tower business.
“One needs to go through the long-term chance of the tower business” said Akhil Gupta, Vice and md Chairman, Bharti Infratel.
L&T Hydrocarbon gets Rs. 781 crore agreement for ONGC
L&T Hydrocarbon bagged a Rs. 781 crore agreement for 3 wellhead systems from Oil and GAS Corporation Ltd (ONGC). The contract is the right part of ONGC’s redevelopment of the Heera and South Heera oil fields.
“Lately, L&T was awarded another contract from ONGC for B-127 Cluster 3 Wellhead Platforms Project. These agreements reiterate the long-term association of ONGC with L&T in the advancement of offshore areas in India” stated a press release.
RBI to implement Basel III in April 2013
RBI announced that Basel III, the new global capital rules for banks, will be implemented from 1 April 2013. Earlier to be implemented from 1 January 2013, Basel III are global regulatory standards agreed to by the Basel Committee on Banking Supervision to strengthen the global banking system’s resilience in various domains including capital adequacy and market liquidity risk amongst others. ?????? ???
“India may also monitor the improvement on Basel III implementation far away closely, particularly the major types who are the people of the Basel Committee” said a news release.
India Infrastructure Finance Business Limited (IIFCL) negotiates $1.2 billion line of credit
India Infrastructure Finance Business Limited (IIFCL) negotiated a $1.2 billion credit line from Asian Development Bank. The funds are set to be used in various industry sectors. The announcement comes at the back of the state owned company reportedly consuming $1 billion out of a $5 billion RBI line of credit.
Kalpataru Power Transmission Limited (KPTL) receives new orders worthy of Rs. 955 crore
Kalpataru Power Transmission Small (KPTL) announced that it bagged new orders worthy of Rs. 955 crore including a Rs. 405 crore purchase from Power Grid Company of India Ltd for the source and installing a 238 km transmitting line. ????? ???? ?????? Various other orders include Rs. 260 crore in Uganda, Rs. 140 crore in Armenia, Rs. 65 crore in Rs and Philippines. 85 crore at Hazira from ONGC.
“We continue to concentrate on increasing our footprints in the international markets and have been successful in entering two new countries, Uganda and Armenia. We have further strengthened our foothold in Africa plus CIS region with these contracts” said Manish Mohnot, Executive Director, KPTL.
Ministry proposes Rs. 10/litre price hike in Diesel
The petroleum ministry has reportedly proposed a Rs. 10/litre hike in the price of Diesel over a 10 month period. Prices will be increased by Rs. 1 every full month if the proposal is accepted.
“It could affect the product sales of automobiles for a brief term however the elimination of cost distortion can help the sector and economy in the long run” commented market body SIAM about the proposal.
Clariant Chemicals offers India business for 502 million chf, approximately Rs. 3020 crore
Swiss chemicals company Clariant announced divesting from its business procedures in India for a consideration of 502 million chf (Swiss Francs) or approximately Rs. 3020 crore to US based private equity company SK Capital.
“We are delighted to partner with the administration and employees of the businesses to build about their strong technology, brand, and leading market positions to more efficiently serve their large and growing global markets and customers” said Barry Siadat, MD, SK Capital.
Tecpro Systems Ltd bags Rs. 263.7 crore order from NTPC Ltd subsidiary
Tecpro Systems Ltd received an order worthy of Rs. 263.7 crore from Kanti Bijlee Utpadan Nigam Ltd, a subsidiary of condition owned NTPC Ltd. The purchase entails the EPC firm to provide Coal Handling Bundle for the Muzaffarpur Thermal Power Task and may be the second such purchase it offers received from Kanti Bijlee Utpadan Nigam Ltd.
These repeat orders are a testimony to our strong client loyalty and confirmed execution capabilities in the Coal and Ash handling space where we continue to maintain our leadership position” said Amul Gabrani, Vice Chairman plus MD, Tecpro Systems in a filing to NSE.
Ambuja Cement planning to invest Rs. 2,000 crore in Rajasthan
Ambuja Cement is reportedly planning an expense of Rs. 2,000 crore to enhance its procedures in Rajasthan. “We are actively going after the five million tonne capacity expansion in Rajasthan and neighboring northern regions with an investment of Rs 2000 crore” said Ajay Kapur, CEO, Ambuja Cement.
Ratan Tata retires as Chairman of Tata Group
Rata Tata stepped down as Chairman of the Tata Group, handing over charge to 44 year old Cyrus Mistry. Ratan Tata was appointed Chairman of the group in 1991 and has since overlooked key acquisitions including Jaguar Land Rover, Corus and Tetley.
He has been the recipient of Padma and Bushan Vibhushan, India’s second and 1 / 3 highest civilian honours.
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