Weekly 3 News updated 06-09-2010 to 12-09-2010 Compiled by : Navneet Suri Mba- 2(a)
Reliance Infratel,GTL call off merger deal <ul><ul><li>Reliance Infratel and GTL infrastructure have put on hold plans to combine their tower operations in a deal valued at $11 billion, raising question marks over the debt reduction plans of parent company Reliance Communications (RCOM). </li></ul></ul><ul><ul><li>RCOM owns 95% of Reliance Infratel. </li></ul></ul>
<ul><ul><li>The development will affect RCOM’s ability to price its high –end 3G services and added that it expected India’s second largest telecom company by customers to hasten the process to sell a 26% equity to raise money. </li></ul></ul><ul><ul><li>RCOM said it was in talks with other strategic and financial investors for similar transactions to reduce its debt. </li></ul></ul>
BSE may take reins at CAMS for Rs. 650 cr. <ul><li>BSE India’s oldest bourse plans to buy a controlling stake in investors service company Computer Age Management Services. CAMS has more than half the market share in servicing mutual fund clients. </li></ul><ul><li>BSE with a net worth of Rs. 1900 cr. is seeking to enhance returns as it finds a little room for expansion in its core business </li></ul>
Gold prices may touch Rs 22,000/ 10 gms by year end: Assocham <ul><ul><li>Gold prices are likely to touch Rs 22,000 per 10 gms by year end as the cash-rich financial institutions like mutual funds may divert investments to bullion in view of uncertainty in the stock market. </li></ul></ul><ul><ul><li>Expected increase in inflationary pressures across the world had forced sizeable investors to invest in gold, further making case for jump in its price . </li></ul></ul>
Fifth interest rate hike expected as India battles inflation <ul><ul><li>India is expected to hike interest rates this week for a fifth time in six months after a surge in industrial output strengthened the case for another dose of monetary tightening. </li></ul></ul><ul><ul><li>Although India has been the most aggressive in the Asia-Pacific region in raising rates to check prices, the country's inflation remains among the highest of the leading Group of 20 economic powers, at nearly 10 per cent. </li></ul></ul>
MP inks MOU with 28 firms, to supply 24-hr power by 2013 <ul><li>The Madhya Pradesh government has signed MOUs with as many as 28 major private power companies, with an aim to supply 24-hour electricity to rural areas in the state by 2013 </li></ul><ul><li>This is an signed agreement with them for the generation of 40,000 MW of electricity </li></ul>
Natco Pharma open to settle cancer drug patent case with US co <ul><li>Natco Pharma Ltd on Friday did not rule out a settlement over the patent issue with Celgene Corp, which has said it would file a complaint against the former for alleged infringement of its cancer drug Revlimid. </li></ul>
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