New Delhi: Consumers could finally see some relief from soaring sugar prices. Agriculture minister Sharad Pawar retail prices of sugar will start to ease in the coming days, taking their cue from falling wholesale costs. The retail price of sugar has gone up to about Rs50 a kilo in Delhi from Rs22 a year ago. Last week, the government extended a deadline for duty-free sugar imports and allowed imported raw sugar to be processed anywhere in the country.
State-owned IDBI Bank is likely to acquire Federal Bank, one of the largest private sector lenders in south India. An acquisition would help IDBI consolidate its position among public sector banks by augmenting its deposit base and strengthening its network of branches.
India’s auto industry could get into high gear in 2010. Global rating agency Fitch says overall auto sales are likely to go up 10-12% in 2010. According to Fitch, the passenger cars segment will do particularly well, with sales growing at 12-14%, while commercial vehicles sales will grow at a more modest 5-6%.
After dense fog in country led to three train accidents in the last two weeks, the railway ministry has decided not to allow passengers in rear coaches during foggy weather days. The decision comes after stationary trains were hit from behind by moving trains, killing 15 people and injuring more than 60, all of who were sitting in rear coaches.
NTPC says leading financial companies want to join the ranks of its investors. It says US-based companies Janus Capital and The Capital Group want to subscribe to its shares through a follow-on public offer or FPO. NTPC’s FPO will open on 3 February and will see the company selling a five percent stake for an estimated Rs8,000 crore.