The Mint Report for 28 December 2011

The Mint Report for 28 December 2011

First off, the Munjal group’s electric vehicles business is about to make a big acuisition overseas. The company Hero Eco is all set to buy Ultra Motor of the UK. But it’s not known how much the deal is worth. Ultra Motor also makes electric vehicles. Hero Eco claims the acquisition will make it the biggest manufacturer of two-wheeler electric vehicles in the world. Ultra Motor is a loss-making company. Hero Eco plans to invest Rs450 crore over the next five years to turn the company around.

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And finally, Indian markets fell for a second straight day, with investors increasingly worried about the economy’s fundamentals. The Sensex dropped 146 points to 15,728. And the Nifty lost 45 to 4,706. Investors are anticipating an RBI report due Friday, which could show a steep rise in India’s current account deficit. Analysts expect it to reach up to $18 billion for the quarter ending September.

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