2. DDA to seize bank guarantee of
EMAAR MGF
– DDA to seize the developer’s bank guarantee of Rs
183 Crore and initial legal action against the
EMAAR MGF for deficiencies in the development
of the project of developing game village
– Besides the deficiencies in the project developer
also were not able to meet the deadline given for
the project.
– According to norms of the project if there is any
delay in the project then developer will pay 15lakh
per day for 15 days and 20lakh per day after that
till the date of achievement.
3. Direct Tax rises 19% in H1
– Direct tax collections rose 19% in the six months
ending on September increasing the chances of
government to raise the budgeted figure
– With IOC expected to hit the market late this year
the government looks comfortably placed to raise
the budgeted Rs 40,000 crore from stake sales in
public sector firms
– Government managed to raise Rs 1,81,758 cr
during current year as compared to Rs 1,52,625 cr
in the last year
4. China Grows slowest in a year
– China Government said its economy expanded
9.6% in the three months to September
– World bank had pared China’s growth forecast for
2011 to 8.5% just a shade below its projection of
8.6% for India. If it goes true then India will for the
first time become the fastest growing economy
among large economies
– However it is expected that India could overtake
China’s growth rate by 2013 and expected to be
ahead from 2015 onwards.
5. Private Equity Stars may team up
– Three leading US based private equity firms-
Carlyle, Kohlberg Kravis & Roberts and Warburg
Pincus are likely to acquire an effective stake of
15-18% in “ HERO HONDA Motors”
– Discussions with three PE firms to sell 60-70%
stake in a special purpose vehicle to fund the
acquisition of Honda’s 26% shareholding and it is
likely to be completed in two phases.
6. IOC may hit Street in Jan
– Indian Oil Corporation is going to issue largest-
ever equity offer in the country of around Rs
19,000 crore in month of Jan, 2011
– For raising the money company will start short
listing merchant bankers in the next week for this
issue offer
– Oil ministry has already circulated a notice to sell
10% stake by the government i.e. disinvestment of
around Rs 40,000 crore
7. CIL gets 34% subscription
– COAL India’s initial public offering received bids for
34% of the offer on the first day with three to go
– According to National Stock Exchange data,
Investors (Mostly Institutional) bid for 21.3 crore
shares and Indian IPOs seeking for highest bid on
the last day of the IPO
– Retail Investors bid for 0.023 times the shares
reserved for them while Institutional Investors bid
for 0.046 times the shares reserved for them on
the first day
