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The Mint Report for 03 November 2010

The Mint Report for 03 November 2010
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First Published: Thu, Nov 04 2010. 12 37 AM IST
Updated: Thu, Nov 04 2010. 12 37 AM IST
New Delhi: We start with FedEx, which is all set to acquire a delivery service here in India. It will buy local firm AFL for an unknown sum of money. FedEx Express will get the distribution, logistics and small parcel businesses of AFL. The deal is expected to give FedEx both extra warehouses and more distribution points. FedEx’s latest buy is not its first in India. Back in 2006 it bought up Prakash Air Freight Service for $30 million.
Also on Wednesday, government-owned gas company GAIL is looking for acquisitions of its own abroad. The company’s chairman says it’s in talks to buy a stake in Australia-based Advent Energy. But some of the co-owners of Advent have denied any talks have taken place.
And reports of the negotiations came even as GAIL reported its quarterly earnings. The company’s net profit rose 30% to Rs924 crore.
Growth in India’s services industry has accelerated in October. The HSBC Markit Business Activity Index for the month stood at 56.2. In September it was at 55.6. This is the eighteenth straight month of expansion for the index. Any number above 50 on it indicates growth.
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First Published: Thu, Nov 04 2010. 12 37 AM IST