Indal takeover war hotting up
The takeover battle for Indian Aluminium (Indal) is hotting up. After the announcement of Canada-based Alcan Aluminium -- the major shareholder in Indal -- about revision of its offer price for Indal shares to Rs 120 per share last week, Sterlite Industries has initiated moves to jack up its offer price for Indal to around Rs 130-135 per share.
Sebi waives lock-in for City Union issue
The Securities and Exchange Board of India (SEBI) has waived the lock-in period clause for the major shareholders of City Union Bank, a private bank which is coming out with a public issue. While SEBI has been strengthening the lock-in period norms for other new private banks, the regulator has exempted the City Union Bank's leading shareholders from the lock-in period because it feels that there are "no identifiable promoters" for the 94-year old bank.
Yarn exports tumble
India's yarn exports tumbled by 20% during the first three months of the current annual year as compared to the corresponding period last year primarily on fall in shipments to South-east Asian region, the Cotton Textiles Export Promotion Council (Texprocil) said. Total yarn exports from January to March has been estimated to be 123.43 million kg valued at Rs 1,413.95 crore against 141.72 million kg worth Rs 1,619.73 crore during same period last year.
RBI probe into ATM misuse
The Reserve Bank of India is seeking an explanation from commercial banks, including the foreign ones, on complaints that the automatic teller machines (ATMs) are being used by fraudulent people for pumping counterfeit currency notes into the system.
Inflation rate crosses 5%
After a brief cessation, the inflation rate has crossed the 5% mark for the third time in the current year to touch 5.03% on April 18. It was 4.78% in the preceding week which was the lowest in 15 weeks.
GM plans small cars
General Motors India (GMI) is planning to launch a "family" of its small car Opel Corsa next year, senior company executives said. "We are looking at launching variants of the Opel Corsa and are considering a family launch here," president-and-managing director Richar C Swando said. Swando said GMI, a 50:50 joint venture of the Birlas and General Motors, was contemplating introducing Corsas with different power plants and hatchback options, all in the same platform.
