The Mint Report for 29 June 2011

The Mint Report for 29 June 2011

India’s largest engineering company, Larsen and Toubro, is looking for partners for one of its businesses. The company is looking for an ally for its electric and automation business. The company says it’s open to a foreign partnership that would enhance its product range.

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With granaries across the country swelling with bags of cereals, the government is considering lifting the ban on their exports. Mint has learnt that an empowered group of ministers meeting next week is expected to allow some overseas sales. The likely quotas are two million tonnes of wheat and one million tonnes of rice.

And finance minister Pranab Mukherjee has said that while inflation is a major concern, India long-term growth potential remains. He added that the government is already carrying out some reforms and will unveil more FDI-friendly policies.

And finally, Indian shares are up again. Both indices climbed on Tuesday, for the fourth day in a row, marking the longest winning streak in three months. The Sensex jumped 80 points to 18,492. And the Nifty went up 19 to 5,545.