BackThe Mint report for 9 December 2009
The Mint report for 9 December 2009
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Cutting carbon emissions could be harder than expected for India. A yet to be released report from the World Bank analyses three scenarios of fuel use in India between 2002 and 2032. It concludes that unless the carbon-neutral technologies required for reducing emissions intensity are cheap, the overall costs will be huge. Last week India announced it would strive to reduce its emissions intensity by 20-25% by 2020. The announcement came just days before the current climate talks in Copenhagen got underway.
Suzlon Energy says it has received an order for 15 wind turbines from a state-run company. It says the 15 units will be installed near Jaisalmer for Rajasthan State Nines and Minerals Limited.
Iron-ore company NMDC is planning to sell some its stake to cut down the government’s holding in the company to 90%. NMDC will sell 8.38% of its stake for about Rs14,000 crore to comply with government policy of reducing its stake in profit making PSUs.
Punjab National Bank has reduced its stake in a fully owned unit. It has sold a 26% stake in PNB Housing Finance to financial services company Destimoney. The deal is worth Rs79 crores.
Volkswagen’s acquisition of a 20% stake in Suzuki Motor could be a game changer for the Indian car market. Volkswagen’s Indian subsidiary is a late entrant in the local car market but Maruti Suzuki holds about half the Indian car market. It also accounts for 20% of Suziki’s global sales. Analysts say the deal will have immediate implications. For one, instead of sourcing diesel engine technology from Fiat Powertrain, Maruti could source it from Volkswagen. Also, the two companies are expected to jointly pursue activities like buying parts.
The department of telecommunications expects less revenue this year. It has lowered its expectations for both the quarter and the entire fiscal year because of the continuing tariff war between telecom firms. Another reason for the lower revenue expectations is the ban on phones without IMEI numbers that came into effect on the first of this month. India’s telecom firms pay the government a percentage of their adjusted gross revenues as part of their license and spectrum fees.
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