Weekly newsWeekly news
from 22from 22ndnd
Nov. to 28Nov. to 28thth
Nov. 2010Nov. 2010
By: Mandeep Singh Jaggi
Mexico’s Cemex set to buyMexico’s Cemex set to buy
Murli Cement for $550 mMurli Cement for $550 m
• First Major Deal In Domestic Cement Sector
• MEXICO’S Cemex is close to buying the
cement business of Nagpur-based Murli
Industries for about $550 million.
• The investment-banking unit of equity
brokerage Motilal Oswal, which helped Shree
Renuka Sugars in its Brazilian acquisition
earlier this year, is advising Murli Industries.
• Bank of America Merrill Lynch is advising
• This will be the first major deal in India’s
cement sector after 2005 when Swiss
major Holcim took control of two of India’s
largest cement companies, ACC and
Ambuja Cement India.
Hero, Honda finalisingHero, Honda finalising
divorce terms.divorce terms.
• Honda Motor Company of Japan and the
Hero group are set to meet shortly to give
shape to the break-up of their more than
25-year-old partnership at Hero Honda.
• Under the agreement between the two
partners, if either of them wants to exit, the
other has the right to buy these shares at
a 30-40% discount.
• The offer from the Munjals to buy out
Honda at around 40% discount has not
found favour with the Japanese company.
Yamaha FZ1 coming in Dec.Yamaha FZ1 coming in Dec.
• AFTER launching the iconic Yamaha R1
and MT-01, India Yamaha Motors is now
planning to introduce Yamaha FZ1 in India.
• The super bike will be launched in
December and will be priced between Rs 8-
• Yamaha FZ1, with its 1000cc and four
cylinders, would compete with the
recentlylaunched Honda CB1000R.
Rupee recovers from 2-Rupee recovers from 2-
month low on exports.month low on exports.
• THE rupee slipped to a fresh two month
low on Wednesday.
• The partially convertible rupee closed at
45.6950/7050 per dollar, 0.3% below its
45.57/58 close on Tuesday.
• The rupee, however, recovered from the
day’s low of 45.8350, which was its lowest
since September 21. The euro hit a two-
month low against the dollar.
Fiscal policy mustFiscal policy must
discourage SUVsdiscourage SUVs
• ENVIRONMENT minister Jairam Ramesh
reiterated that increasing popularity of
sports utility vehicles (SUVs) in India was a
• Real issue was that subsidy for diesel was
being used by those who did not need it.
• His main concern was whether the real
purpose of the government’s subsidy on
diesel was being served when used to run
• Stressed that a fiscal policy that discourages the
use of these heavy diesel run vehicles was
important as the transportation sector accounts
for 7% of the country’s greenhouse gas
• Projections show that transportation is set to
have a share of 14% of total GHG emissions by
2020. He warned that the American model of
mobility would spell disaster for the country
WikiLeaks release may harmWikiLeaks release may harm
ties with India, says USties with India, says US
• THE US has alerted India on an upcoming
publication of classified documents by
online whistleblower WikiLeaks, which it
says may harm American interests and
create tension with its “friends”.
• “We do not know precisely what WikiLeaks
has or what it plans to do. We have made
our position clear. These documents should
not be released,” State Department
spokesman PJ Crowley said.
• In October, WikiLeaks published nearly
400,000 classified US military documents
related to the war in Iraq.
Ranbaxy to launch low-costRanbaxy to launch low-cost
Alzheimer drug in US soonAlzheimer drug in US soon
• RANBAXY Laboratories will launch a low-
cost version of Alzheimer’s drug Aricept in
the US next week.
• Drug Maker May Generate $200 M From
Drug In 6 Months.
• Ranbaxy has got the final approval from
the American drug regulator on Friday.
Tata says Radia tapesTata says Radia tapes
a smokescreena smokescreen
• RATAN Tata has described the media
frenzy over leakage of tapes featuring
conversations between Niira Radia, the
owner of a public relations agency, and
prominent politicians, industrialists and
journalists as a ‘smokescreen’.
• Radia, whose agency handles public relations
for the Tata group and for Reliance Industries,
has been questioned by government agencies
who are probing her alleged role in the award of
a number of telecom licences in 2008.
• The government’s chief auditor has said these
licences cost the exchequer 1,76,000 crore
because they were sold at prices set in 2001.