New Delhi: NTPC has decided to intervene in the gas dispute between the Ambani brothers. The power generation company will file a special leave petition (SLP) in the Supreme Court in the coming days. The SLP will challenge the judgment of the division bench of the Bombay High Court.
International Coal Ventures Limited, a company set up by five state owned companies, is looking for mining concessions overseas. It’s in talks to buy a stake in a major coking coal producer in the US, India currently imports about 40 million tones of coal, but that figure is likely to go up rapidly in the coming years.
Meanwhile Coal India is talking to the disinvestment department to divest up to 10 percent of government stake in the company. The move comes after an approval from the Coal Ministry. The company also plans to offer shares to people whose land it acquires for mining and to its employees.
Former RBI Governor C Rangarajan says India’s economy is likely to grow at 6 to 6.5% this fiscal year. The new head of the Prime Minister’s economic advisory panel told reporters on Friday that while industrial production is showing signs of picking up, exports are not doing well and that the drought will affect growth.
India’s political left is attempting a makeover. As part of its new strategy, the CPM is focusing on domestic issues like price rises rather than foreign policy. Part of the reason is to differentiate itself from the BJP, which has been criticizing the UPA’s foreign policy.
Indage Vintners was one of the pioneers of wine making in India, but the company is now in trouble. Its promoters, who own about a quarter of the company’s shares, have pledged almost 98% of their stake. Indage has defaulted on salaries to employees and has stopped all expansion work.
Pantaloon Retail plans to enter the travel business. It’s launching a division with the brand “Happy Journey” that will sell domestic holidays through its retail stores. The brand will focus on low cost travel products and is expected to roll out fully around Diwali.
HSBC will resume mortgage lending in India after lying low for 18 months. The bank plans to cautiously restart growth in consumer finance after the downturn in the housing market. Indians are slowly beginning buy homes again, driven by lower prices and smaller, more affordable projects.
Markets lost ground on Friday after the rally the previous day. The Sensex declined 107 points, closing at 15,412, while the Nifty fell 25 points, ending trade 4,580.
As the nation prepares to celebrate Independence Day, authorities are taking no chances. Security has been beefed up across the country. Delhi’s Red Fort from where the Prime Minister will address the nation has been turned into an impregnable fortress. Police are also regulating all entrances into the walled city.