NEWS OF THE DAY

NEWS OF THE DAY


·Driven by higher prices of fruits and vegetable, cereals and some manufactured items
such as iron, steel and edible oil, inflation grew to a new 13-year high of 11.63 per cent.
As compared to 11.42 per cent in the previous week and 4.32 per cent in the
corresponding week a year ago.

·Larsen & Toubro (L&T), which recently forayed into power equipment manufacturing, is
in talks with a consortium of banks to raise over Rs 17,000 crore as debt to fund its plans
of entering the power generation segment. The company was discussing with a
consortium of international banks, including homegrown ICICI Bank and State Bank of
India (SBI) to fund four power projects, each with a capacity of over 1000-mega watt.

·Country's largest lender, State Bank of India, has increased floating home loan rate by
0.5 per cent across all tenors with effect from June 27. For home loan up to Rs 30 lakh for
20 and 25 year period, the interest rate has been increased by 0.5 per cent to 11 per cent
against 10.5 per cent.

·Larsen & Toubro (L&T) and its joint venture partner Japan's Mitsubishi Heavy Industries
have bagged Rs 1,557-crore order from Andhra Pradesh Power Development Co
(APPDCL) to build two supercritical turbines of 800 mega watt capacity, becoming the
country's first company to win orders in this category.

·Tata Steel is proposing to set up a Rs 15,400 crore 6 million tonnes integrated greenfield
steel plant at Kalinganagar in Orissa. Company is expected to start the construction
work of the project within a month. It has already applied to the state government for
mines and has shifted about 700 families out of 1200 families to be displaced by the
project in an effort to clear the site for start of work.

·Steel Authority of India will form a joint venture company along with Shipping
Corporation of India (SCI) for carrying out dry bulk shipping trade and importing coking
coal. The steel major and SCI each intend to hold 25 per cent of the paid-up share capital
of the proposed JV, the remaining share capital would be held by other strategic
partners who are yet to be identified.

·Ranbaxy has successfully completed the phase II clinical trials for the first malaria drugs
being developed in India since many decades and expects to start marketing it in next 3-
5 years.

·Homegrown FMCG major Dabur India has decided to increase prices 5 per cent across
most product categories to accommodate the sharp rise in the price of flexible
packaging material made of polymers. This is the sharpest price rise effected by the
company in eight years.

·Punj Lloyd has bagged an order worth Rs 1,005 crore from GVK Power for its Govindwal
Sahib coal fired thermal power plant project in Punjab.

·· Ispat Industries Limited has signed a Memorandum of Understanding (MoU) with the
Jharkhand government for a 1980 mega watt coal-based power plant having six units,
each with a capacity of 330 mega watt at Govindpur-Kara area in Khunti district with an
investment of Rs 8,000 crore.

·Panacea Biotec Ltd has forayed into healthcare delivery by way of entering into
collaboration to set-up 220 bed multi specialty hospital in National Capital Region of
Delhi and Gurgaon.

·Subhash Projects & Marketing Limited (SPML), the Rs 1167 crore company, will be
foraying into urban transport infrastructure projects this fiscal to expand their product
portfolio. The company recently qualified in pre-qualification bids for two government
airport building projects in Indore and Raipur.

·JSW Steel, a part of the $8-billion OP Jindal Group, is all set to invest Rs 6,000 crore in
the current financial year to acquire iron ore mines in the American and African
continents and increase existing capacity. The company, which manufactures flat steel
products like hot-rolled coils, cold-rolled coils, galvanised steel sheets and auto-grade
steel, currently produces around 4.8 million tonnes of steel a year from its Vijayanagar
plant in Karnataka and the Salem facility in Tamil Nadu.

·Prakash Industries Ltd., a diversified business house with interests in steel, power and
mining, has entered into a Memorandum of Understanding (MOU) with the Government
of Chhatisgarh to establish and operate a 2.00 million tonnes per anum (MTPA) cement
plant and a 1.00 MTPA clinker plant in Chhatisgarh. The total investment for the projects
will be around Rs 485 Crores.

·BGR Energy Systems Ltd. has bagged an order worth Rs 3,100 crore from the Tamil
Nadu Electricity Board (TNEB) to construct a 600 mega watt thermal power plant at
Mettur, Tamil Nadu. BGR Energy will be the EPC (engineering, procurement and
construction) contractor for this mega project.