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The Mint Report for 20 July 2010

The Mint Report for 20 July 2010
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First Published: Tue, Jul 20 2010. 09 56 PM IST
Updated: Tue, Jul 20 2010. 09 56 PM IST
The Andhra Pradesh high court has granted bail to five of the accused in the case. They include B. Rama Raju, the company’s former managing director. Not given bail is his brother B. Ramalinga Raju, the founder of Satyam and the main accused. The reasons for granting bail to the five others are not known. Last month two other accused, got bail because of delays in starting the trial.
A new study says planting more forests could help suck up more greenhouse gases than previously thought. The report from the Indian Institute of Science says an aforestation programme could offset 10.5% of projected emissions. An earlier estimate from the environment ministry put the figure at six point four. Without the aforestation programme, India’s forests may offset just about 4.9% of greenhouse gases by 2020. The author of the report says the government estimate was lower because it did not consider soil carbon. The government’s Green India Mission plans to restore and add 10 million hectares of forests over the next ten years.
India’s auto industry is likely to see both profits and revenues pick up speed in the first quarter. A Mint poll of five brokerages shows almost all of the top auto companies will see double-digit growth in profit in the quarter to June. Maruti Suzuki’s profit could grow 12% to Rs653 crore. Mahindra and Mahindra is expected to see a 9.3%. And the projection for Hero Honda is 14%. Tata Motors may do much better, with a possible 70% increase to Rs374 crore. Driving the growth are new vehicles, a low base effect from last year and cheap loans. Earnings season for auto makers kicks off on Wednesday with TVS Motors.
Diesel prices are likely to remain under government control. On Tuesday cabinet secretary K.M. Chandrasekhar indicated was not planning to free up pricing in the near future. The government’s main concern is inflation, which could get stoked by an increase in diesel prices. Last month the government announced it was removing the controls over petrol prices and said diesel would follow.
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First Published: Tue, Jul 20 2010. 09 56 PM IST