2. ONGC, which is the licensee and a 30% owner in the oil-
rich Rajasthan block operated by Cairn, has held back $500
million to Cairn India alleging that the expenditure had
been inflated
Cairn spent money over and above the approved budget.
ONGC is a PSU, it is public moneystate-owned firm has
raised objections on several items in recent months and its
share of the expenditure, which it has not paid so far, has
accumulated to about $500 million now.
3. Telecom minister A Raja cost nationTelecom minister A Raja cost nation
Rs 1.7L cr: CAGRs 1.7L cr: CAG
The heat on telecom minister A Raja is rising, with the Comptroller and Auditor General
holding him personally responsible for the sale of 2G spectrum at dirt cheap rates in 2008,
resulting in a loss of up to Rs 1.70 lakh crore to the national exchequer.
the alleged scam in 2G spectrum allocation, CAG has said that the minister for IT and
communications ignored advice from the PM and ministries of law and finance, and the
recommendations of the Telecom Commission to allocate 2G spectrum to a select group of
companies at throwaway prices.
as many as 85 licences to 12 companies out of the 122 new licences issued in the
controversial
Offer made by S Tel Ltd, through its communication to the PM and later to the minister in
2007. If it was to be taken, then 6.2 MHz of 2G spectrum for the 122 licences work out to
Rs 65,725 crore against the Rs 9,013 crore collected by DoT.The dual technology rate
offered by STel was Rs 24,591 crore.Thus the total valuation was at Rs 90,316 crore
4. Siemens profit up 63% for 2010Siemens profit up 63% for 2010
•The German industrial group Siemens on Thursday reported net profit of
4.368 billion euros (5.612 billion dollars) for the year to September 30, up 63
percent on the previous year.
•Siemens forecast a 25 to 35 percent operating profit in its core businesses
for 2011.
•The company said in a statement that it would pay a dividend of 2.70 euros,
up from 1.60 euros in 2009 and bettering analysts forecasts of 1.85 euro.
•Sales for the year stood at 75.978 billion euros
•The operating profit from core energy, industrial and medical equipment
sectors stood at 7.789 billion dollars for 2010, up four percent on the
previous year
5. Power Grid FPO subscribed 5.31 times tillPower Grid FPO subscribed 5.31 times till
1400 hrs on Day 31400 hrs on Day 3
•State-run Power Grid Corporation's Rs 7,600-crore follow-on public offer got a good
response from investors with a subscription of 5.31 times
•transmission firm's FPO attracted bids for Rs 447 crore shares against 84.17 crore
shares on offer
•The government is divesting 10 per cent of its 86.36 per cent stake and the company
would raise equal percentage of fresh equity through the offer priced at Rs 85-90 per
share.
•upper end of the price range, Power Grid's FPO is worth nearly Rs 7,600 crore and at
the lower end, it would fetch about Rs 7,155 crore.
•PowerGrid's FPO is part of the government's plan to raise Rs 40,000 crore in the
current financial year through divesting stake in various PSUs.
•The capital raised from the FPO will be used for part funding the PSU's Rs 55,000
crore capex plan, with Rs 30,900 crore worth of investment lined up over the next two
years.
6. GE to invest $2 bn in ChinaGE to invest $2 bn in China
over two yearsover two years
•US conglomerate General Electric said on Tuesday that it plans
to invest more than two billion dollars over two years to
improve research and development in China and to fund new
joint ventures.
•GE Chairman and Chief Executive Jeff Immelt said during a
visit to Beijing that the company would spend 500 million
dollars on its China R&D operations
•These initiatives will create jobs in both China and the US," he
said, adding it would lead to 1,000 new jobs by 2012.
•GE also pledged to invest more than 1.5 billion dollars in
funding new joint ventures with Chinese state-owned
enterprises in areas such as technology and financial services
