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The Mint Report for 03 August 2010

The Mint Report for 03 August 2010

New Delhi: Piramal Healthcare could be looking to invest in a new line of business. The company’s managing director Ajay Piramal has told Mint he’s considering getting into insurance. Piramal says he’s looking for a business that requires a large investment and that’s outside the domain of what the company currently does. Piramal Healthcare is going to get Rs17,600 crore from the sale of two of its operations- its local formulation business to America’s Abbott laboratories, and its diagnostics business to Super Religare.

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Adani Enterprises has clinched a deal to buy a large coal operation in Australia. It will pick up Linc Energy’s Galilee tenement in a deal worth $2.7 billion. Linc will receive A$500 million as an initial payment and then get A$2 in royalty for every tonne of coal. That arrangement will last for the first 20 years that the mine is in operation. Adani says it expects the mine to start production in four years. Indian companies have been scouting around the world for coal supplies to make up for shortages at home.

Stocks of companies from Anil Ambani’s Adag group fell on Tuesday after news that Sebi had issued notices to two of the firms. RNRL, which got one of the notices, fell 3.3% on the BSE to just 39.55. And the other firm, Reliance Infra lost 1.4% during the day only to recover and close 0.31% higher. The exact details of the Sebi notice are unknown.

Markets made modest gains on Tuesday after the previous day’s rally. The Sensex went up 34 points to end at 18,115. And the Nifty nudged up 8 to finish at 5,440.

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