Nissanproduction<br />Nissan doubled production of its car Micra to 500 units per day in order to clear backlog of 2500 units.<br />Price of Micra in between Rs.3.98 lac. And Rs.5.29 lac.<br />
GTL Infra calls off $11 bn merger with Rcom.<br />On June 27, 2010, RCom and GTL Infra had signed a Non-Binding Term Sheet for a merger that would see a combined tower strength of over 80,000 towers, with an enterprise value of $11bn, which would have made it the largest telecom infrastructure firm in the world. <br />However, as the deed expired on August 31, 2010, with no efforts by either party to extend the agreement deadline or enter into a new contract, the deal has been officially called off, with a notice to that effect being sent by GTL to the BSE, after a meeting of the Board of Directors of GTL on September 6.<br />
<ul><li>According to an official statement by an RCom spokesperson, "Following the expiry of the non-binding Term Sheet with GTL Infrastructure Ltd.
Reliance Communications Ltd. is now engaged in discussions with certain other strategic and financial investors, to pursue a similar transaction aimed at significant reduction in the Company's debt and unlocking of value for RCOM shareholders from the passive infrastructure and related assets in its 95% owned subsidiary, Reliance Infratel Ltd.”
This statement comes after previous reports that RCom and GTL Infra would convert around Rs 6,000 cr of loans from promoters into equity, to issue fresh shares worth $1 bn to investors to aid the merger.</li></li></ul><li>HC says Vodafone must pay tax on Hutch buy<br /><ul><li>Decision by the Bombay High Court in the landmark Vodafone tax case has tipped the equation in favour of the Indian taxman, as the court has accepted its jurisdiction over Vodafone’s India acquisition.
On Wednesday, the high court ruled that Vodafone must pay capital gains tax on its $11-billion acquisition of a controlling stake in mobile phone operator Hutchison Essar that was completed in 2007. Estimates published prior to the judgement assign a $2-billion tax liability on Vodafone.</li></li></ul><li>Vodafone will appeal to the Supreme Court in the next two-to-four weeks, said senior lawyer Harish Salve, who is representing Vodafone.<br />The court has given the company eight weeks. “Vodafone remains confident that there is no tax to pay on the transaction,” said a company statement.<br />The final outcome of the case may influence valuations and structuring of M&A transactions between offshore entities with underlying assets in India. <br />
Lotto to expand retail reach in India<br />Italian sportswear brand Lotto is working on strengthening its presence in India by expanding retail reach and driving volume growth.<br />"India is a strategic market for Lotto as the country offers strong growth opportunity in the sportswear segment. Sports Lifestyle is the exclusive licensee for Lotto in India.<br />In Asia, India currently comes at number three after Japan and China in terms of turnover contribution to Lotto's global sales. <br />
Gold prices may touch Rs 22,000/ 10 gms by year end: Assocham<br />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. <br />
Cont….<br />Major players in the capital market including mutual funds are holding huge cash balances, waiting to invest in anticipation of corrections in the equity market. Until corrections resume, these funds would go on making a beeline to commodities, more specifically bullion, which has taken gold and silver to all time high. Another reason for rising prices is the Euro-zone economy and the US, which are not providing conducive investment options, making way for investment in precious metal. <br />