Economy
• Inflation rate for week ended February 28 at 2.4 percent lowest in 7 years.
• UBS upgrades India from moderate underweight to overweight as it feels that valuations have improved substantially and that the Indian economy is less affected by the global financial crisis than most other markets.
• Indian rupee touches new low of 51.93 against the USD.
• Indian exports shrink 16 percent in January 2009 to US$12.4 billion from US$14.7 billion in corresponding period last year.
• World Bank : The global economy is likely to shrink for the first time since World War 2 with growth at least 5 percentage points below potential and likely to have long term implications for developing countries .
• RBI Governor : India to likely miss the central banks 7 percent growth target as a result of the global economic slowdown.
• French Food Services giant Sodexo acquires Radhakrishna Hospitality Services Group , India’s pioneer in the food and facilities management sector for US$100 million, or roughly around Rs.520 crores.
• IT Services major Tech Mahindra in discussions to acquire Bangalore based niche telecom solutions player Sloka Telecom.
• Jubilant Organosys signed an agreement with France based Guerber for the distribution of Jubilant Organosys signd an agreement with France based Guerber for the distribution of its nuclear medicine products in Europe.
• Norwegian financial services group DnB Nor looking to expand its ship financing business in India with a representative office in Mumbai.
Business
• Air India to make Frankfurt hub for European operations, to provide seamless scissor connections between India Europe and US.
• State run oil companies lower aviation fuel by 7 percent. This is the 11th reduction in aviation turbine fuel since September 2008.
• Volkswagon, Mercedes Benz and BMW to open finance arms in India despite having financial tieups with local Indian banks.
• Elder Pharmaceuticals which controls 221 percent stake in NeutraHealth makes an offer to shareholders of the UK based company to purchase additional equity.
• Towell Piramal Sunteck Realty, a JV between Piramal Sunteck Realty and Oman’s leading business house WJ Towell group has formed a JV 51: 49 JV with Bank of Muscat for developing real estate projects in Oman.
• German car maker Volkswagen to set up manufacturing plant at Chakan in Poona in November 2009.
• L&T, Spice Group and Tech Mahindra in fray to acquire a 51 % stake in the scam hit Satyam Computers.
India News Bytes - 13th March 2009
Monday, March 16, 2009
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