Corporate news

Corporate Announcements:
· Bajaj Auto reported Q3’09 results, total revenue went down
16% yoy to Rs. 21.03 bn, and net profit declined 23% yoy to
Rs. 1.64 bn. (ET)
· Jindal Steel & Power’s subsidiary Jindal Petroleum has
signed four production sharing contracts with the government
of the Democratic Republic of Georgia for exploration and
production of four blocks of oil and gas and will invest
USD 150 mn in phases in these blocks. (ET)
· Gail India may get exclusive marketing rights for the
distribution of the natural gas produced by Reliance
Industries from its D-6 block in the Krishna-Godavari basin.
(ET)
· L&T is in an advanced stage of talks with Nuclear Power
Corporation of India for setting up a joint venture company for
producing forging materials. (ET)
· HPCL has signed an agreement with the Bihar government to
buy two sick sugar mills, in a move that will revive and
expand the agro-based industries in the state. (ET)
· MMTC will not be investing in a special purpose vehicle
created by Maytas group for setting up a SEZ. (ET)
Economic and Political Headlines:
· Prime Minister Manmohan Singh said that India's woes due to
the global meltdown will continue during the next fiscal, and
predicted a lower growth of 6.5-7% for the country's economy
this year. (ET)
· The government will stick to its borrowing schedule to raise
Rs. 500 bn instead of Rs. 350 bn. (ET)
International News Headlines:
· The US President-elect Barack Obama is likely to back a
financial-rescue effort to provide capital to banks and deal
with troubled assets clogging balance sheets. (Bloomberg)
· According to Federal Reserve, the consumer prices and
industrial production tumbled in the US with the cost of living
falling 0.7%, Industrial output shrinking 2%, and the capacityutilization
rate sliding to 73.6% in December 2008.
(Bloomberg)