Good news for telecom carrier Reliance communication. The company has got an approval for an IPO on the Singapore stock exchange. With the IPO, RCom could raise more than $1 billion This move will help Anil Ambani led company to cut some of its debt burden which stands at $7bn as of march. The company had been trying to raise funds by selling its telecom assets but remained unsuccessful. RCom hasn’t specified any date for the IPO, but insiders say, it could be next month. Shares of the firm rose 2.62% to finish at 68.60.
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Rcom gets a nod for an IPO; India Inc reacts to policy paralysis; Markets end flat
But amidst all bad news, here’s a ray of hope. According to the World Bank, the Indian economy will grow by 6.9% this fiscal year. In a recent report, the world bank said India will see growth increasing to 6.9% in 2012-13 to 7.4% by 2015. India’s growth is said to be slow due to weak monetary policy, stalled reforms and electricity shortages. Adding to it were fiscal and inflation concern that cut into investment activity leading to a slower growth.
ONGC is set to invest Rs 440 crore in drilling 40 oil & gas well in KG basin next year. The proposal is currently with the environment ministry for clearances. The wells would be located in East-west Godavari& Krishna district in Andhra Pradesh. According to ONGC, these blocks are are estimated to have 1,000 million metric tons of oil. ONGC, which has 24 blocks in KG basin, produces approximately 840 tons of oil per day
Indian markets closed flat on Wednesday. The Sensex closed at 16880.51 up by barely 17.71 points and the Nifty finished the day’s trade at 5121.45 marginally up around 5.55 points
Banks had a fairly better day at trade. Largest lenderSBI closed at Rs2222.25with a gain of 0.7%. ICICI bank finished at Rs 849.10 up by 1.23%
Auto stocks, meanwhile declined post news of additional taxes on diesel cars. Maruti Suzuki declined 3.38% at Rs 1107.50 and Tata Motors slipped a little over 2.10 % closing at Rs 237.85
