The Indian rupee opened higher at 47.81 against the dollar on expectations of capital inflows. The partially convertible rupee had closed at 47.85 in previous session.
In a bid to step up capacity, Berger Paints has decided to set up a Rs 100 crore greenfield water-based plant along with a supporting emulsion facility in southern India. The paints major is also looking at an additional investment of Rs 30 crore to set up an emulsion plant in Gujarat and a resin plant in Goa.
State-owned NMDC, India���s biggest mining company, will tap the capital market in two phases. The government will first divest 8.38% of its equity stake in the current financial year, which will be followed by a follow-on offer (FPO) in 2010-11.
Real estate company Peninsula Land is planning to raise a qualified institutional placement (QIP) of Rs 500 crore for acquiring land in Mumbai. Peninsula Land has already identified five plots in Parel, Lower Parel, Kanjurmarg and Thane.
Amidst growing concern over the financial health of airlines, the top three carriers of the country���Air India, Kingfisher Airlines and Jet Airways���are planning to convert most of their domestic flights into no-frills services. This would result in more attractive fares for consumers, but may further pull down the yield of airlines.
Cash-strapped Maytas Infra has started selling plant and machinery in a last ditch attempt to stay afloat. This could just be a precursor to a stake sale. The delay by lenders to infuse a minimum Rs 100 crore to meet working capital needs of the company has triggered the sale of idle plant and machinery.
National Thermal Power Corporation is likely to set up power plants in Nigeria and Srilanka.Two 250 MW coal based power plant in Trincomalee region in Srilanka will be set up for which site is being identified and a joint venture Ceylon electricity company is under finalization.
India's official auditor has on record said his office was yet to ratify the $9 billion capital expenditure claimed by Mukesh Ambani-led Reliance Industries for tapping natural gas from the Krishna-Godavari basin. The remarks clearly run contrary to a statement by Director General of Hydrocarbons V.K. Sibal recently that the office of the Comptroller and Auditor General of India had already carried out the necessary audit on the matter.
Bharat Heavy Electricals will pay from its pocket to airlift critical power equipment from different countries for two NTPC projects critical for meeting the electricity demand during the Commonwealth Games 2010. The government-owned power equipment company decided to airlift various turbine forgings, rotors, castings and pumps to run boilers from Germany, Japan and South Korea after the power ministry held it partly responsible for delaying National Thermal Power Corporation���s projects at Jhajjar and Dadri.
Gujarat government has cleared land transfer to Himalaya International for its mega food project. The Rs 130 crore facility shall make value added products for domestic and export markets.
Gulf Oil board has approved raising $100 million via GDR / ADR / FCCB issue. The company is also planning rights issue to raise around Rs 75 crore.
The Mumbai-based financial services firm Edelweiss Capital is in talks with Japanese insurance group Tokio Marine Holdings for a possible joint venture in life insurance. The Japanese insurer, which is already present in India through a non-life JV with fertiliser co-operative IFFCO, has been on the lookout for a local partner to start a life venture.
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