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The Mint report for 14 December 2009

The Mint report for 14 December 2009

New data shows inflation shot up last month. The wholesale price index rose 4.78% in November compared to a year earlier. The higher than expected numbers caused concern among investors, but finance secretary Ashok Chawla ruled out any emergency action to contain prices. Separately, finance minister Pranab Mukherjee blamed high food prices for November’s inflation. India’s food price index had risen 16.7% in November compared to a year earlier.

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The Centre for Monitoring Indian Economy has revised its GDP forecast. It now expects the economy to grow at 6.7% this fiscal year compared to its earlier forecast of 6.2%. CMIE says it has revised its numbers because the damage to smaller crops this year because of the monsoons was less than it expected.

Suzlon Energy says it plans to complete refinancing $2.8 billion worth of debt by the end of January. The company is restructuring its loans, working capital and other money it has borrowed into a single loan. Suzlon says the main banks in the deal, SBI and IDBI, have already agreed to the refinancing plan. Suzlon, which is India’s biggest wind turbine company, has made losses of Rs356 crore in the quarter ending September.

Reliance Power’s 4,000MW power project at Sasan could be delayed. The company now expects only one 660MW unit to be commissioned by 2012. Reliance Power original target was to have 1,320MW of capacity up and running by then.

Reliance Communications may be planning to sell some of its assets in order to raise some $3 billion. The company is considering a sale of its FLAG network, which is important for its overseas operations. Reliance Communications sells capacity on FLAG along with telecom services for other companies around the world.

Godrej Properties has fixed the offer price for its IPO at 490 rupees per share. Its issue will make up 13.5% of its post-issue capital. The money from the IPO will be used to set up new projects and pay off debts.

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