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Coal India overtakes RIL as most valued firm in m-cap
Obama readying plan to boost jobs, cut deficits
Bharti group firm launches
Rs 10,000 tablet computer
Govt decision on SBI rights issue likely in 3 months
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Indian FMCG firms to continue buying spree, says Crisil report
Government may allow more than 1 MT of non-basmati rice exports
Cairn seeks ONGC nod for Vedanta deal by Sept 21
No extra charge for seat of choice in low cost airlines
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Coal India overtakes RIL as most valued firm in m-cap
Mumbai, August 17 With an over 2 per cent gain in its share price, the public sector coal giant today achieved a market value of Rs 2,51,296 crore, which was over Rs 4,000 crore more than that of private sector energy giant Reliance Industries Ltd (RIL). RIL shares ended marginally down by 0.55 per cent, commanding a market valuation of Rs 2,47,129 crore at the end of today's trade at the BSE. Interestingly, RIL had toppled state-run ONGC over four years ago to become the country's most valued firm, and now it has been overtaken by another public sector major as the biggest company in terms of market valuation. ONGC is the country's third most valued company at present with a market capitalisation of Rs 2,37,200 crore. A company's market capitalisation is determined by multiplying its share price with total number of shares. Coal India's market value exceeded that of RIL for the first time at around mid-day by about Rs 200 crore and it further extended its lead during rest of the trading session. A few minutes later, CIL's market valuation exceeded that of RIL at BSE also. At around 1206 hrs, RIL's market cap in BSE trade stood at Rs 2,50,468 crore, slightly lower than CIL's Rs 2,50,538 crore.— PTI |
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Obama readying plan to boost jobs, cut deficits
Washintong, August 17 His ideas will be outlined in a major speech immediately after the Sept. 5 Labor Day holiday, White House officials said. While no final decisions have been made, it is likely the jobs proposals will include tax cuts for businesses that hire new employees, tax cuts for the middle class, and support for sectors of the economy that are falling behind, the officials said. The measures are also expected to include investments in infrastructure beyond the construction projects the president has been repeatedly calling for as well as some assistance for the long-term unemployed. The White House also suggested that Obama would push the congressional "super committee" — set up this month to find more budget savings under the debt ceiling deal — to go beyond their $1.5 trillion target. He plans to call again for a ‘balanced approach’ to reducing the deficit, with revenue increases alongside spending cuts, the officials said, also suggesting job measures may be included to offset painful cuts. The super committee is due to unveil a compromise package on November 23 that must be agreed by Congress by December 23. — Reuters |
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Maruti expects new Swift to revive sales Maruti Suzuki India Ltd has launched the new version of its premium hatchback Swift at an introductory price ranging from Rs 4.22 lakh to Rs 6.38 lakh. The company has adopted several new weight reduction techniques for an enhanced power to weight ratio in the new Swift. The new Swift retains the round look; however elements like the headlights and tail lights have a stretched look. The engines from the outgoing Swift have been carried over to the new car, essentially the K-Series 1.2-litre petrol and the 1.3-litre DDiS diesel engines. “We have launched the new Swift at a time when there was a significant demand for the outgoing model. I am confident that the new Swift will create new benchmarks with its improved fuel efficiency, stylish and sportier looks and high performance," MSIL MD and CEO Shinzo Nakanishi said. Tribune Photo: Mukesh Aggarwal New Platform
Longer & wider
50,000 Bookings
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Bharti group firm launches Rs 10,000 tablet computer
New Delhi, August 17 The 7-inch tablet, branded Beetel Magiq, runs on Google's Android operating system and supports both 3G and Wi-Fi networks, Beetel said in a statement. Beetel is one of the largest makers of fixed-line phones in India. A company spokesman said China's Huawei was their manufacturing partner for the tablet. India is the world's second-biggest and the fastest-growing market for mobile phones, although computer penetration is still low. Apple Inc began iPad sales in India in January this year, while Samsung Electronics launched its Galaxy Tab in India in November last year. Bharti Airtel's closest rival, Reliance Communications this month launched a tablet computer priced at Rs 12,999.— Reuters |
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Govt decision on SBI rights issue likely in 3 months
New Delhi, August 17 “We will be taking a call on rights issues or other options through which capital can be infused in SBI within next 2-3 months,” official sources said. The government would also examine other route of capital infusion like follow-on public offer (FPO), Qualified Institutional Placement (QIP), etc, taking into view the second quarter provisional numbers. As of June 2011, the Capital Adequacy Ratio (CAR) of the bank stood at 11.6 per cent. Of this, Tier-I capital stood at 7.6 per cent at the end of first quarter, against the government’s desire of minimum 8 per cent. Last week, SBI Chairman Pratip Chaudhuri had said, "We are already in a dialogue with the government for the rights issue to bring new Tier-I...it should happen by the end of this fiscal".— PTI |
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Indian FMCG firms to continue buying spree, says Crisil report
New Delhi, August 17 “Major FMCG players in India will continue to pursue acquisitions given the significant scope for expansion in under-penetrated product segments and geographies, and the intensifying competitive pressures in the domestic market,” Crisil said. The agency said homegrown players will continue to scout for small to medium-sized acquisitions, mostly in populated developing nations where the targets are attractively priced. “The overseas acquisitions by CRISIL-rated FMCG players, such as Dabur India and Marico in the recent past, have strengthened the acquirers' business risk profiles by enhancing their product offerings and geographical reach,” CRISIL Ratings Director Nagarajan Narasimhan said. Moreover, prudent funding of acquisitions has helped the acquiring companies maintain stable financial risk profiles and credit quality, he said. The agency also said Indian subsidiaries of global FMCG majors may pursue domestic targets as the size and cost of acquisition targets are unlikely to be constraining factors for these players. Last year, there were 13 major acquisitions at an estimated cost of over Rs 5,000 crore.— PTI |
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Government may allow more than 1 MT of non-basmati rice exports
New Delhi, August 17 Last month, the government had allowed export of one million tonnes of non-basmati rice at a minimum export price of USD 400 per tonne. However, the shipments have been put on hold following Delhi High Court order. "There has been pressures from different states to allow export of additional quantity of rice to ease storage problem in view of bumper output of the grain this year," Thomas told reporters here. He said the government was considering these proposals for grant of permission for additional quantity of rice. Andhra Pradesh has demanded more exports as the state has revised upwards its rice production estimates to 11 million tonnes from the earlier forecast of 8.5 million tonnes, the minister said. Similarly states like West Bengal and Orissa have also witnessed bumper rice crop, which has exerted pressure on their limited storage capacity of the grains, he pointed out. India's rice production increased to 95.32 million tonnes in 2010-11 crop year (July-June) as against 89.09 tonnes in the previous year. Asked about the legal tangle involved in export of one million tonnes of non-basmati rice, Thomas said this falls in the jurisdiction of Commerce Ministry which is looking into the matter.— PTI |
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Cairn seeks ONGC nod for Vedanta deal by Sept 21
New Delhi, August 17 The government wants Cairn India to agree to pay royalty and cess on its all important Rajasthan block and seek consent of partner ONGC before its control can be transfered to London-listed mining group Vedanta. Cairn India is opposed to the riders but its parent firm has demanded these be voted by shareholders where it along with Vedanta will vote for their acceptance. Cairn Energy wants to wrap up the transaction quickly.— PTI |
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No extra charge for seat of choice in low cost airlines
New Delhi, August 17 He said it was observed that few scheduled airlines were charging an amount of Rs 50 to Rs 4,000 for seat assignment, which was over and above the fare charge by the airlines. “To maintain transparency in tariff publication, Directorate General of Civil Aviation has written to scheduled domestic airlines on July 15 to withdraw such charges,” Ravi said in his reply. Air India Express, SpiceJet, Go Air and IndiGo have withdarwn seat assignment, he stated.— PTI |
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V2 Retail posts Rs 4.77 cr loss in Apr-Jun DLF may challenge CCI order AEGON Religare Life Insurance plan Jet-Kingfisher alliance clean: CCI Mahindra posts profit of
Rs 662 crore |
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