The Mint Report for 12 January 2011

The Mint Report for 12 January 2011

Factory output growth for November grew at only 2.7% compared to 11.3% a month ago, mostly due to a base effect and Diwali holidays. The figure is the lowest in 18 months

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Budget carrier IndiGo has said it is considering all options including a possible initial public offering to finance a $15.6 billion deal with Airbus, but has made no decision yet. Five years after it surprised many by placing a sweeping 100 aircraft order in one go, IndiGo said it was placing an order for another 180 Airbus A320 aircraft. This is the largest single order by volume in commercial aviation history.

Bharti Airtel and State Bank of India (SBI) have announced that they will together initially invest Rs100 crore in a joint venture for mobile-based banking. Bharti Airtel had received a licence from the Reserve Bank of India (RBI) to launch mobile payment services in September 2010.

And in the latest development in the Citibank fraud case, the Gurgaon court extended police remand of the main accused, Shivraj Puri, by two more days till 14 January.

The decision was taken after the public prosecutor said that investigators needed more time to gather evidence and verification of data gathered by chartered accountants.

Police are keen to get hold of Puri’s iPad which could provide vital clues about the details of money transactions and contacts. He is accused of luring high networth individuals to invest in bogus schemes on the promise of unusually high returns and diverting their money to stock markets.

The Sensex rose 338 points today to close at 19,534, breaking a losing streak of six days, despite the plunge in IIP data for November which was revealed today and the Nifty rose by 109 points to close at 5,863