The Mint Report for 4 November 2009

The Mint Report for 4 November 2009

New Delhi: In a dramatic development in the Reliance gas dispute, a senior Supreme Court judge has withdrawn from the case after concerns about a conflict of interest. The withdrawing judge, justice R.V. Raveendran says his daughter is connected to a legal firm that is advising Mukesh Ambani’s RIL. The bench has now adjourned the matter and will resume its hearing on Thursday with a newly constituted bench.

Loading video...

After more than four years of delays in Jharkhand and Orisaa, ArcelorMittal could look at other locations for its proposed factories. The company is now saying it is unhappy with the progress of their proposals and has already started scouting other locations. ArcelorMittal plans to build two factories in India worth $10 billion each but has not been able to procure land for them.

Tata Steel has cut its prices for flat steel prices. The company says it has now brought its prices for these products in line with those of its competitors. Several steel makers including SAIL, Jindal Steel Works, and Essar cut price on Tuesday to cope with falling demand.

Gold prices shot through the roof on Wednesday reaching a record high of $1,093.10 per ounce. Gold prices have been going up since Tuesday after the IMF said it had sold India’s RBI 200 tonnes of gold for $6.7 billion. India is the world’s biggest consumer of gold, and accounts for about 20% of demand worldwide.

Rural Electrification Corporation could raise up to Rs3,500 crore through a sale of shares by the end of February. The government plans to divest a 5% stake in the company, which will also issue fresh shares worth up to 15% of its equity.

Another government company, Power Grid Corporation plans to raise Rs3,000 crore by January through a sale of bonds. The company will raise the money through a private placement.