GEC Alsthom to receive Rs 75 crore from GE Electrical for divisions' sale
GEC Alsthom India Ltd, the manufacturer of industrial, power transmission and distribution equipment, has finalised a price of Rs 75 crore for the sale of two divisions to GE Electrical Distribution & Control India Ltd, the subsidiary of General Electric Co of the US. Apart from the low-voltage equipment business, the company is also selling its engineering plastics business at Pondicherry to the GE subsidiary.
YTM crash to see state-run bank bottomlines bloat
The bottomlines of the State Bank of India, Bank of India, Punjab National Bank, Bank of Baroda and the oldest private bank -- Vysya Bank -- are set for a big boost following the crash in yield-to-maturity (YTM) of dated government securities over the last few days. Banks are allowed to write back excess provisioning on account of lower YTMs.
HLL wins first round in battle over tea sale in local market
Hindustan Lever Ltd, a key player in the tea industry, has seen the partial fulfilment of its long-standing demand of being allowed to import tea for sale in the domestic market. But many of the tea majors have been caught completely off-guard by the government's recent decision to allow export-oriented units (EOUs) in tea to sell 25% of their production in the domestic tariff area.
Litigation rises as rentals, deposits crash in Mumbai
The boot is now on the other foot. With rentals in prime commercial areas of Mumbai crashing by 20%-30% and security deposit rates dwindling, landlords are unwilling to let lessees vacate their premises, leading to reverse litigation by the latter to get back their locked-up funds.
European Commission defers norms for HPS groundnut exports
The European Commission has postponed the clearance of the proposed restrictive legislation intended to make stringent the norms for import of HPS groundnuts from India and other groundnut-producing nations. Further, the proposed legislation on EC Commission's new sampling plan has also been postponed.
Southern allies dominate BJP ministry
Tamil Nadu appears to have got more than its due share of representation in the BJP-led colaition ministry, thanks largely to the crucial role that Jayalalith's AIADMK has had to play in its formation. The state has got seven ministers, four cabinet and three ministers of state (MoS).
