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News, Articles, Announcements, Reports related to Indian Economics and Corporate World

Archive for July, 2008

India’s top 10 mutual fund firms

Posted by Yogesh on Thursday, 31 July, 2008

MUMBAI, July 31 – Following is a list of India’s top 10 asset management firms by average assets at end June:

— No. 1 fund firm Reliance Capital Asset Management (www.reliancemutual.com), a unit of billionaire Anil Ambani’s Reliance Capital Ltd , managed 908.13 billion rupees in June, more than 1.5 times than amount managed by its nearest rival. Read the rest of this entry »

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Tata Motors sells stake in auto parts unit

Posted by Yogesh on Thursday, 31 July, 2008

MUMBAI, July 30 , India’s top vehicle maker, sold a 24 percent stake in its auto components unit and booked a profit of 1.14 billion ($27 million) rupees on the sale, a senior official said on Wednesday.

The profit was included in the other income for the June quarter, chief financial officer C. Ramakrishnan told a news conference after Tata Motors released its quarterly results. Read the rest of this entry »

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Renault asks Bajaj Auto to join India venture

Posted by Yogesh on Thursday, 31 July, 2008

MUMBAI, July 31 has invited India’s Bajaj Auto Ltd to join a $1 billion manufacturing alliance with partner Nissan Motor Co , the Economic Times reported on Thursday, citing unnamed industry sources.

Renault and Nissan, which are developing a $2,500 car with motorbike maker Bajaj, are also negotiating with the Indian firm to extend their venture to distribute the Renault and Nissan vehicles that will be made in Chennai, the paper said. Read the rest of this entry »

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HDFC raises lending rate by 75 basis points

Posted by Yogesh on Thursday, 31 July, 2008

MUMBAI, July 31 – India’s Housing Development Finance Corp said on Thursday it was raising its retail prime lending rates by 75 basis points, the latest in a series of rate hikes by lenders after the central bank tightened policy.

The increase will take effect from Aug. 1 and its floating home loan rates will carry a minimum rate of 11.75 percent, a 75 basis point increase, it said in a statement. Read the rest of this entry »

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Eaton Acquires Engine Valves Business of Kirloskar Oil Engines Ltd.

Posted by Yogesh on Thursday, 31 July, 2008

CLEVELAND, Jul 31, 2008 (BUSINESS WIRE) — Diversified industrial manufacturer Eaton Corporation today announced it has acquired the engine valves business of Kirloskar Oil Engines Ltd. Terms of the transaction were not disclosed.

“Through this acquisition, we will be able to use our global resources to meet the needs of the domestic Indian customer base and Read the rest of this entry »

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Lupin says buys German generic sales co

Posted by Yogesh on Thursday, 31 July, 2008

MUMBAI, July 30 – Indian drug maker Lupin Ltd said on Wednesday it had acquired Hormosan Pharma, a German sales and marketing company of generic drugs.

No financial details were disclosed.

The German firm, which specialised in drugs for the central nervous system, had total sales of 6.8 million euros in 2007, Lupin said in a statement. Source Reuters

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Mahindra, Kinetic may form JV

Posted by Yogesh on Thursday, 31 July, 2008

MUMBAI, July 30 – Mahindra & Mahindra Ltd is considering entering into a joint venture with Kinetic Motor for manufacturing two-wheelers, a source close to the development said on Wednesday.

Mahindra, India’s top utility vehicle and tractor maker, would hold an 80 percent stake in the new firm, which would be called Mahindra Kinetic Ltd, with Kinetic holding the rest. Source Reuters

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NALCO alumina unit slumps, shutdown unlikely

Posted by Yogesh on Thursday, 31 July, 2008

NEW DELHI, July 30 – India’s National Aluminium Co Ltd scaled back operations at its Orissa alumina refinery by half from Saturday because of a coal shortage, but a shutdown was unlikely with supplies set to improve, the firm said.

“The possibility of shutting down of alumina refinery is remote. Action has already been initiated to normalise the coal supply with the help of the Ministry of Mines and Ministry of Coal,” the company said. Read the rest of this entry »

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Power Grid Q1 net profit falls to 3.06 bln rupees vs 4.52 bln

Posted by Yogesh on Thursday, 31 July, 2008

MUMBAI (Thomson Financial) – Power Grid Corp of India Ltd. said its net profit for the first quarter fell to about 3.06 billion rupees compared with 4.52 billion last year.

The company which is responsible for the interstate transmission of electricity said in a regulatory filing that its total revenues for the quarter ended June 30 increased to 14.08 billion rupees compared with 10.55 billion last year. Source CNBC

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Central Bank of India Q1 net dips 40 pct despite higher revenues; shares slip

Posted by Yogesh on Thursday, 31 July, 2008

MUMBAI (Thomson Financial) – Central Bank of India on Thursday said its first-quarter to June earnings fell 39.7 percent to 593.2 million rupees from 983.5 million rupees a year earlier.

In a regulatory filing with the Bombay Stock Exchange the majority state-owned bank said total revenues in the quarter increased 37.3 percent to 25.73 billion rupees from 18.74 billion rupees a year earlier. Source CNBC

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