Corporate news

Corporate Announcements:·

1. Bajaj Auto reported Q3’09 results, total revenue went down16% yoy to Rs. 21.03 bn, and net profit declined 23% yoy toRs. 1.64 bn. (ET)·
2. Jindal Steel & Power’s subsidiary Jindal Petroleum hassigned four production sharing contracts with the governmentof the Democratic Republic of Georgia for exploration andproduction of four blocks of oil and gas and will investUSD 150 mn in phases in these blocks. (ET)·
3. Gail India may get exclusive marketing rights for thedistribution of the natural gas produced by RelianceIndustries from its D-6 block in the Krishna-Godavari basin.(ET)·
4. L&T is in an advanced stage of talks with Nuclear PowerCorporation of India for setting up a joint venture company forproducing forging materials. (ET)·
5. HPCL has signed an agreement with the Bihar government tobuy two sick sugar mills, in a move that will revive andexpand the agro-based industries in the state. (ET)·
6. MMTC will not be investing in a special purpose vehiclecreated by Maytas group for setting up a SEZ. (ET)

Economic and Political Headlines:·

1. Prime Minister Manmohan Singh said that India's woes due tothe global meltdown will continue during the next fiscal, andpredicted a lower growth of 6.5-7% for the country's economythis year. (ET)·
2. The government will stick to its borrowing schedule to raiseRs. 500 bn instead of Rs. 350 bn. (ET)

International News Headlines:·

1. The US President-elect Barack Obama is likely to back afinancial-rescue effort to provide capital to banks and dealwith troubled assets clogging balance sheets. (Bloomberg)·
2. According to Federal Reserve, the consumer prices andindustrial production tumbled in the US with the cost of livingfalling 0.7%, Industrial output shrinking 2%, and the capacityutilizationrate sliding to 73.6% in December 2008.(Bloomberg)

****