In the last 10 months, India has raised $3.5 billion selling off pieces of state-run companies. NewDelhi is Overburdened with debts and need cash desperately.
SBI eying stakes in Tata Motors Finance :
The bank, however, will not be the majority shareholder. It will not be small, it will be significant, but not a majority stake. During the first nine months of the current financial year, TMFL disbursed loans worth Rs 4,446 crore, which is lower by 18 per cent over the same period of the previous year.
Temptation Foods postpones EGM
Temptation Foods postpones EGM Scheduled to be held on 05 March 2010 The extraordinary general meeting of Temptation Foods which is scheduled to be held on 05 March 2010 has been postponed due to unforeseen events.
Indian Railway Finance to Raise 10 Billion Rupees Selling Bonds :
Indian Railway Finance Corp. plans to raise a total 10 billion rupees ($216 million) selling bonds maturing in 2015, 2017 and 2020. The sale is arranged by banks including Axis Bank Ltd., HSBC Holdings Plc, ICICI Bank Ltd. and Standard Chartered Plc. The bonds are rated LAAA
Bank consortium provides Air India Rs 1,000 cr for working capital :
A consortium of banks led by Canara Bank is believed to have provided Rs 1,000 crore as working capital to Air India.The airline is likely to report a loss of Rs 5,600 crore this year
American Tower to buy Essar Telecom for $450m :
U.S.-based American Tower Corp. has agreed to buy the entire issued share capital of India's Essar Telecom Infrastructure Pvt. Ltd. for $450 million. The acquisition of Essar Telecom would not only add 4,500 towers to American Tower's portfolio of 2,500 towers, but also elevate it to the second-largest independent tower company in India, after GTL Infrastructure Ltd.
RAILWAY BUDGET HIGHLIGHTS
PROJECTIONS
Plan outlay set at 414.26 billion rupees ($9 billion)
Gross traffic receipts in year to March 2011 seen at 947.6 billion rupees ($20.5 billion)
FUNDING
No increase in freight tariff
Indian Railways Finance Corp (IRFC) to borrow 91.2 billion rupees ($1.97 billion) from the market in 2010/11
Freight cut on food-grains and kerosene by Rs.100/wagon
EXPANSION
5 wagon industries to be set up in JV-PPP mode
Railways to be lead partner for Commonwealth Games
Railways plans for 6 water bottling plants
NEW MEASURES
To introduce pilot project for fire detection
To construct more underpasses for safety
National High Speed Rail Authority to be set up
News Feeds
Rupee hits one-week low of 46.32
Sensex can pull back in March end'
Sensex supports at 16245, 16203, 16110 & 16000: Geojit
Sensex may test 16000-16100 with weakness ahead: Moses
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