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Reliance Industries Ltd inheritor and current Chairman has rejigged his holding by transferring the ownership shares from complex web of investment company holdings to LLP – Limited Liablity Partnerships ahead of the implementation of Direct Tax Code which gives relief if the partners distribute earnings as Dividend exempts from Paying them Dividend Distributin Tax.

Mukeh Ambani and Family Controlled LLPs are as follows,

Vedanta Group [One of the Largest Global Natural Resources Mining Companies] to acquire 51% to 60% of Cairn India Limited (“Cairn India”) for an aggregate consideration of approximately US$8.5-9.6 billion in cash. This is A unique investment to create the Indian natural resources champion to meet the needs of a growing economy. Acquisition of a world-class asset and management team.

Vedanta’s decision to execute the deal using cash reflects the company’s confidence in its ability to generate enough cash flows and

According to the latest update on the progress of South West monsoon 2010, all India rainfall during the monsoon season so far (between 1 June and 21 July) and during July (from 1-21 July) were ~14% and ~12% deficient, respectively, compared to their long period average (LPA).

During the monsoon season so far (June 1- July 21), actual rainfall in South peninsula has been 9% above LPA. In fact, South peninsula is the only region where the actual rainfall so far has exceeded the LPA. The actual rainfall in North West India and Central India was 12% and 19% below the LPA, respectively. Progress of rainfall

Deregulating petrol (gasoline) prices on 25 June is an important, bold and encouraging step for India’s fuel price reforms. We expect India to deregulate diesel prices in 2HFY11, which is critical to the sustainable growth of State-owned oil companies’ profitability. Both the Chinese and Indian governments have increased gas prices substantially in May. While the hike is mainly to offset the loss from imports of expensive gas by PetroChina, Indian gas companies, such as OIL and ONGC, can get true economic benefits from the gas hike.

The India Meteorological Department (IMD) has released its second stage forecasts for the South-West (SW) monsoon season (June-September 2010). IMD has said that the rainfall in the current monsoon season is likely to be normal. Given below is the brief summary:

Forecasts revised up for rainfall to 102% of the Long Period Average (LPA) from 98% of the LPA projected in April. Immediate outlook