WEEKLY NEWS -ECONOMIC TIMES Submitted by : Sambhavjain MBA – 2A
IntasPharmamulls Rs.800-cr public issue
Ahmedabad based Pharma Company , Intas Pharma plans to raise Rs 750-800 crore by selling its 15% stake.
The firm has appointed Morgan Stanley and Kotak Mahindra as the bank-ers for the proposed issue.
Intas wants to scale up its overseas operations. It is in talks with two US drug companies.
Ex-PM Kevin Rudd named Australia's foreign minister Former Prime Minister Kevin Rudd was named on Saturday as Australia's new foreign minister Rudd, 53, is well qualified for the foreign minister post He replaces Stephen Smith who was foreign minister for three years while Rudd was prime minister. Smith becomes defense minister in Saturday's shuffling of posts.
Cairn told to take fresh approvals
Petroleum Ministry has asked Cairn Energy Plc to seek fresh approval for Vedanta Industries bid to acquire 60% stake in Cairn India.
Petroleum Secretary, S Sunderashan said we can only intervene once Cairn India provides the appropriate letter that contains details of the Product-sharing contract (PSC)
These PSC norms require government approvals if there is involvement of change of ownership and management of the company.
India drops to 51st position in global competitiveness ranking India has slipped by two places to 51st in the World Economic Forum's global competitiveness rankings, while rival China has managed to improve its standing to 29th. As per the WEF's Global Competitiveness Report 2010-11 Switzerland is No. 1 in the world Sweden, another technology powerhouse in Europe, ranks second, followed by Singapore and the United States, which both fell by two positions from their ranking last year. The African nation of Chad figures at the bottom of the list of 139 countries.
Suzuki plans third auto plant in India
Suzuki is planning to set up the 3rd manufacturing plant by 2013 at the same site in Manesar.
Suzuki has a 54% stake in the Indo-Japanese joint venture.
The market share of Maruti Suzuki plummeted from 53.3% to 47.7% in April-July period,2010.
The 3rd plant is expected to boost up the production capacity to 8 lakh vehicles from the present 3.6 lakh.
3 IAF personnel killed in 'Chetak' helicopter crash Three IAF personnel were killed on Saturday when a Chetak helicopter crashed near the Bihar-West Bengal border, Eastern Command spokesperson said. The crash happened at Pakur near Ranchi.