Month: February 2009

The government is contemplating to frame new guidelines for repossession of vehicles by banks and financial institutions in case of delinquencies by borrowers. In recent times, the interlinking conflict between the auto industry and the banking industry has emerged as the banks have become reluctant and tightened their procedures for vehicle financing impacting impacted auto … Read more Govt to frame anti-consumer vehicle repossession guidelines

Essar Steel has decided to make an investment of Rs 17,760 crore to set up a 6 mtpa mega steel plant at Bagalkot in Karnataka. The state government has granted its approval in this regard. Essar Steel has asked the Karnataka government to lease an iron ore mine for continuous supply of the raw material. … Read more Essar Steel 6 mtpa mega steel plant in Bagalkot Karnataka

The latest listed companies’ ownership data shows that FIIs’ holding has gone down further to 17.6%, a decline of 100 bp from the previous quarter. Effectively, their holding of equities reduced by over 3 p.p. in 2008 – with net outflows amounting to US$14 bn. Domestic institutions’ ownership rose by 50 bp during the period. … Read more FII Holding in India Drops to 17.6%

Shopper’s Stop has signed a Memorandum of Understanding (MoU) with coffee major Amalgamated Bean Coffee Trading Company (ABCTCL) for setting up Cafe Coffee Day (CCD) cafes at Shoppers Stop stores. The duo intends to set up 19 such stores initially. Customers might get an opportunity to have a sip of coffee at CCD in Shoppers … Read more Shopper’s Stop signs MoU with ABCTCL to set up CCD cafes

India’s earnings have been falling and flailing (all over the place); for the first time in 6 years, Sensex earnings growth (ex-Oil) is -4.5%, wider CIR universe is -10% (includes oil down 58%), and the wider BSE500 index is down 16%. So, the wider the set, the deeper the pain. India’s nadir on earnings growth … Read more Citi forecast -1% earnings growth in FY10 for India Inc

South Korean steel major Posco is mulling to set up a $1 billion greenfield steel processing facility in Maharashtra. The steel giant is negotiating for land acquisition with the Maharashtra Industrial Development Corporation (MIDC) for a phased investment in industrial estate in Raigad district. The location is in proximity of Delhi-Mumbai industrial corridor as well … Read more Posco to infuse $1bn greenfield plant in Maharashtra