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The Mint Report for 05 April 2011

The Mint Report for 05 April 2011
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First Published: Tue, Apr 05 2011. 09 40 PM IST
Updated: Tue, Apr 05 2011. 09 40 PM IST
A new Supreme Court decision has provided relief for some of India’s mining companies. On Tuesday the court ordered that Karnataka’s ban on iron ore exports be removed. It has given a deadline of 20 April for the ban to come to an end. Karnataka prohibited iron ore exports in July of last year. It’s move reduced India’s exports of the material by a fifth. Not surprisingly, stocks of one major iron ore exporter, Sesa Goa, shot up 6.54% on the BSE on a day the overall index fell.
Staying with natural resources, the Vedanta-Cairn India deal is now a step closer to becoming reality. On Tuesday, market regulator Sebi gave Vedanta the go-ahead to make an open offer for 20% of Cairn India. Sebi’s approval came seven months after Vedanta struck the deal with Cairn India’s parent unit, Cairn Energy. The crucial next step is a green light from the government itself. Cairn Energy CEO Bill Gammell and Anil Agarwal of Vedanta have set a deadline of 15 April for finalizing the deal. Incidentally, Vedanta will make the open offer through its group company, which is none other than Sesa Goa. Meanwhile, stocks of Cairn India fell 0.59% on the BSE by the end of Tuesday’s trade.
Anil Ambani has appeared before the parliamentary panel looking into the 2-G scandal. On Tuesday he testified before the public accounts committee, which is headed by the BJP’s Murli Manohar Joshi. Just days earlier, the CBI had accused officials from Ambani’s group companies of setting up Swan Telecom. The agency claimed Swan was set up as a front so Ambani’s firms would get more telecom spectrum. On Monday the Public Accounts Committee had question Ratan Tata and corporate lobbyist Nira Radia.
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First Published: Tue, Apr 05 2011. 09 40 PM IST