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Archive for August, 2008

India cbank bought $4.4 bln of bonds from refiners

Posted by Yogesh on Saturday, 30 August, 2008

MUMBAI, Aug 29 (Reuters) – India’s central bank said on Friday it had bought 193.25 billion rupees ($4.4 billion) of oil bonds from state-run refiners in exchange for dollars to help finance the companies’ oil purchases in the global markets.

The direct operations with oil companies started on June 5 and ended on August 8. Read the rest of this entry »

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India’s L&T sees $13.7 bln of new orders this year

Posted by Yogesh on Saturday, 30 August, 2008

MUMBAI, Aug 29 (Reuters) – Larsen & Toubro Ltd (LART.BO: Quote, Profile, Research, Stock Buzz), India’s top engineering and construction firm, expects 600 billion rupees ($13.7 billion) of new orders this year, chairman A.M. Naik said at a shareholders’ meeting on Friday. Source Reuters

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India stainless steel demand shines amid global gloom

Posted by Yogesh on Saturday, 30 August, 2008

NEW DELHI, Aug 29 (Reuters) – India’s stainless steel demand is expected to rise 8-9 percent in the current fiscal year and double in the next five years, as more of the alloy is used to make railway coaches and buildings, an industry official said.

India’s buoyant demand contrasts with a gloomy global outlook, with the International Stainless Steel Forum (ISSF) seeing little recovery in demand in 2008 from a year ago when rising prices of key raw materials forced production cuts. Read the rest of this entry »

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India inflation dips to 12.4 percent

Posted by Yogesh on Thursday, 28 August, 2008

MUMBAI, India – India’s annual inflation dipped to 12.4 percent as fuel and power costs moderated, the Ministry of Commerce reported Thursday.

The wholesale price index, the nation’s most-watched inflation indicator, fell to 12.4 percent for the week ending Aug. 16, down from 12.63 percent percent for the week before.

Overall, the price of food increased slightly, while the cost of fuels came down. Sugar and cotton prices rose, but the cost of naphtha and furnace oil fell.

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Tech Mahindra announces Strategic Partnership with Servista

Posted by Yogesh on Thursday, 28 August, 2008

MUMBAI, India, Aug 28, 2008 (BUSINESS WIRE) — Tech Mahindra (TechM), the largest independent India-based IT services provider in the telecom space today announced that it has signed an agreement to acquire a minority equity stake in Servista, a leading European Systems Integrator. As a part of the agreement, Tech Mahindra will be Servista’s exclusive delivery arm for three years and will also assist Servista in securing more large scale European IT Offshoring business. As part of this strategic partnership, TechM will have the right to nominate a member onto Servista’s board of directors. This deal will drive Tech Mahindra’s expansion into the European market place and will significantly enhance TechM’s business development capability.

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Tata steel Q1 consolidated net profit rises to 39.15 bln rupees

Posted by Yogesh on Thursday, 28 August, 2008

MUMBAI (Thomson Financial) – India’s Tata Steel Ltd. said its first-quarter consolidated net profit, which includes the figures from its U.K.-based Corus unit, rose on the back of an increase in sales.

The world’s sixth-largest steel maker said its net profit for the quarter ended June rose to 39.15 billion rupees from proforma net profit of 24.09 billion for the same quarter a year ago.

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India spot gold rises on overseas leads but domestic demand lacklustre

Posted by Yogesh on Thursday, 28 August, 2008

MUMNBAI (Thomson Financial) – Indian spot gold prices closed higher on Thursday, tracking international bullion markets, but rising prices kept wholesale buyers on the sidelines, thus capping gains.

Gold prices climbed in Europe, tracking higher oil and supported by a recovery in the euro against the dollar. Strong physical demand after gold’s recent sharp price fall also helped keep prices over $830 an ounce, although the precious metal is struggling to overcome technical resistance to break much higher. “Wholesale buying was weak in the domestic market, but retail buying was good even at soaring price levels, as it is considered to be an auspicious day for buying gold according to the Hindu calendar,” said Bhargav Vaidya, proprietor of India-based bullion trading house B.N. Vaidya & Associates.

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Aditya Birla Nuvo to buy Apollo Sindhoori

Posted by Yogesh on Thursday, 28 August, 2008

MUMBAI, Aug 28 – Diversified Indian firm Aditya Birla Nuvo Ltd said on Thursday its board had approved the acquisition of 56 percent in Apollo Sindhoori Capital Ltd .

Aditya BIrla Nuvo, which has interests in cement, apparel and financial services, will also make an open offer for a further 20 percent in Apollo Sindhoori, as required by law, it said in a statement.

Source Reuters

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India 3G auction to also include CDMA – minister

Posted by Yogesh on Thursday, 28 August, 2008

NEW DELHI, Aug 28 – India has decided to auction CDMA licences for 3G services, a change in policy that means Reliance Communications and Tata Teleservices will have to bid for spectrum they were previously guaranteed of getting.

No. 2 mobile operator Reliance Communications and sixth-ranked Tata Teleservices are the only operators with major CDMA operations in India, where the GSM platform dominates. At the start of August, the government announced plans for a global auction of 3G licences.

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India’s July oil sales up, diesel demand fuels growth

Posted by Yogesh on Thursday, 28 August, 2008

NEW DELHI, Aug 28 – Indian domestic oil product sales in July rose an annual 7.8 percent as high diesel demand from power producers and a drop in gas supplies outweighed the impact of higher fuel prices and falling car sales.

Fuel sales growth dropped in June, when the government raised petrol and diesel prices by about 10 percent, but the decline was primarily because dealers reduced inventories to normal levels after filling up ahead of the expected hike in prices.

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