Tractors and construction equipment maker Escorts said on Thursday, 13 March 2008, FID Fund Mauritius has acquired a further 0.39% stake in the company, raising its total holding in the firm to 5.12%.
Finance Minister (FM) P Chidambaram will inform the Parliament today how the government would compensate banks for the losses incurred on account of the farm loan waiver. FM had announced a massive Rs 60000-crore debt loan waiver package to farmers in Union Budget 2008-09 announced on 29 February 2008.
Oil refiners such as Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation may slide after oil hit a record high of $111 a barrel on Thursday, 13 March 2008. The soaring global crude prices have an impact on the profitability of the domestic oil marketing companies (OMCs), as they sell petroleum products below the cost price.
Jindal Stainless plans to invest up to Rs 900 crore in its proposed subsidiaries in the next 2-3 years.
Real estate firms Unitech and Indiabulls Real Estate have reportedly deferred the listing of their real estate investment trusts on the Singapore Stock Exchange owing to the liquidity crunch in global markets.
Private equity firms Blackstone and Primus Capital Partners are reportedly in the race to pick up a minority stake in Hinduja Foundries, formerly Ennore Foundries.
The government on Thursday, 13 March 2008, approved the new National Mineral Policy, which, among other things, proposes the setting up of an independent dispute resolution mechanism — the Mining Administrative Appellate Tribunal.
The new policy aims to attract foreign direct investment (FDI) to the tune of $250 million annually in the mining sector in the next five years. An amendment to make the required changes in the existing Mining Act will be introduced in the ongoing session of Parliament.