The Mint Report for 22 August 2011

The Mint Report for 22 August 2011

Aspiring MBA students could soon have one less entrance exam on their to-do lists. The Indian Institutes of Technology plan to do away with their separate entrance exams for post-graduate management programmes. IITs are all set to use the Common Admission Test or Cat exams employed by the IIMs. The decision applies to the six original IITs across India. The new move is expected to make things easier for tens of thousand of students who are compelled to take a number of different entrance exams for MBA courses.

Loading Video...

In other news, state-run Bhel has lost out on a major contract in Africa. What’s worse, this is despite a $50 million loan for the project from India. Chinese firm Sinohydro has turned down BHEL’s bid to supply an electrochemical package for a hydropower project in Zambia. The contract has instead gone to Alstom India. Zambia’s Itezhi Tezhi project is slated to have a capacity of 120MW. The Indian government had extended it the $50 million line of credit, apparently with the understanding that Bhel would bag the EPC contract.

Indian markets fought back against early losses on Monday and then surged through the rest of the session. Bargain hunting was seen as the primary for the gains. The Sensex leapt up 200 points to 16,342. And the Nifty jumped 53 to 4,899.