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The Mint Report for 07 April 2011

The Mint Report for 07 April 2011
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First Published: Thu, Apr 07 2011. 11 31 PM IST
Updated: Thu, Apr 07 2011. 11 31 PM IST
Cairn Energy and Vedanta Resources have given themselves more time to complete their proposed deal. On Thursday they extended the deadline for Vedanta’s planned acquisition of a majority stake in Cairn India. Their new last date is 20 May, in place of the earlier 15 April. Thursday’s extension came a day after the Union cabinet referred the proposed acquisition to a group of ministers. Vedanta and Cairn need government approval for their proposed deal. But there’s opposition is from state-run ONGC. That firm owns 30% of Cairn India’s most lucrative oil block and doesn’t want to pay royalties for the entire field.
Food inflation has eased in late March. India’s food price index increased 9.18% in the period to 26 March. The previous week it climbed 9.5%. The latest figures are a four-month low. They were helped along by fresh supplies coming into the market. The government expects a record harvest of cereals this year.
Indian markets have fallen for a third day in a row. The Sensex lost 21 points to 19,591. And the Nifty declined six to 5,886.
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First Published: Thu, Apr 07 2011. 11 31 PM IST