ICICI, HDFC to pick up 50% in Hindustan Petroleum upstream plan
Hindustan Petroleum Corporation Ltd's (HPCL) upstream diversification plan has picked up steam with the inclusion of financial institutions (FIs) in the equity structure. The FIs, including the likes of ICICI and HDFC, have signed memoranda of understanding (MoUs) with HPCL for picking up a 50% stake in HPCL's exploration and production venture.
GE Caps, GM Financial plan major buyout of car-loan assets
Two international finance powerhouses, GE Caps and General Motors' financial services subsidiary, are scouring the country to buy up retail assets. They are targeting the car loan portfolios of erstwhile bluechip non-banking finance companies in a bid to gain size and market spread.
CII suggests 10 per cent duty on capital-goods imports by refiners
The Confederation of Indian Industry (CII) has recommended a 10% duty on equipment imports by refineries which presently enjoy zero import duty status. The CII also added that this levy can go hand in hand with the existing 10% countervailing duty on these items.
Paperless trading deadline nears
The boom in demat trading expected to be triggered off from January 15 might well be a dream. Institutions have more or less shown the thumb to the Securities & Exchange Board of India (SEBI) diktat and appear to be prepared to go into the January 15 deadline with only a small part of their portfolio dematerialised.
Hyundai discards Aura, Novo, Euro tags; "Accent" on Santro for its small car
Korean car maker, Hyundai is poised to launch its small car in India. The model, christened Santro, and priced at around Rs 3 lakh will hit the Indian roads in October this year. The name was chosen after a section of consumers chose it from amongst other options such as the Lectra, Aura, Euro and Nuvo.
Finance ministry quibbles over rolling settlement
The Union finance ministry is said to have some reservations on the issue of introducing a rolling settlement for trading in dematerialised shares. The ministry will air its views at the board meeting of the Securites and Exchange Board of India to be held in Calcutta today.
