NTPC may file a case in the Supreme Court to strengthen its case against Mukesh Ambani’s RIL in the Bombay High Court. If it goes ahead, NTPC’s appeal will challenge the Bombay High Court order that allowed RIL to include a government affidavit in its separate gas dispute with Anil Ambani’s RNRL.
The government today released the results of a study on India’s green house gas emissions. The report is expected to bolster India’s stance on climate change ahead of the meet in Copenhagen this December.
Also on climate change on Wednesday, the UN says developed countries will have to reduce their emissions by more than 100% by 2050 to avoid catastrophic climate change. The World Economic and Social Survey 2009 says carbon emissions should not go higher than 450 parts per million if the world wants to prevent global temperatures from going up by more than two degrees centigrade. In July, 17 of the world’s largest economies signed an agreement to keep global temperatures from rising more than two degrees.
Morgan Stanley says the drought situation could make India’s budget deficit rise above government estimates. It says that as the government spends more to limit the impact of the drought, the budget shortfall could increase by 0.3 percentage points.
Yamaha’s Indian subsidiary says it’s on its way to capture a 10% share of the two- wheeler market by 2012. It currently has a market share of 2.7%. India Yamaha Motors plans to focus on 125cc vehicles, increase its exports, and launch a gearless scooter.
Airlines are slashing fares in their race for customers, and are offering low fares even for passengers who haven’t booked their tickets well in advance. Normally ticket prices increase as the date of travel approaches. Experts say airlines are worried about seats going empty on their flights and are willing to sell tickets below cost.
ICVL may have lost bids to acquire coalmines in Mozambique and Australia, but the company is already talking to the Indonesian government about buying coal blocks there. ICVL was set up by five government-run companies to import coal for domestic needs.
Markets fell for the third straight day on Wednesday. The Sensex went down 84 points closing at 15,467 and the Nifty fell 17 points ending trade at 4,608.