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Monday, November 25, 2013

Govt To Review FDI Policy In Pharma Sector Today
Government will take up on Monday the issue of tightening FDI in existing pharmaceutical companies in the wake of concerns over multinationals taking over domestic drug makers. “The Cabinet will review the FDI policy in pharmaceutical sector on Monday,” an official said. The Department of Industrial Policy and Promotion (DIPP) has proposed to reduce FDI cap from 100% to 49% in the “rare or critical pharma verticals.”

WDM Witnesses Trade Worth Rs 3,055.00 Cr On NSE
The Wholesale Debt Market segment of the National Stock Exchange witnessed a total turnover of Rs 3,055.00 crore in 73 trades on last Friday.
Top securities (non-repo) traded at the WDM were: The 7.28% Government securities maturing in CG2019 traded at Rs 367.90 crore at weighted yield of 8.92%, the 7.38% Government securities maturing in CG2015 traded at Rs 275.00 crore at weighted yield of 8.55% and the 8.83% Government securities maturing in CG2023 traded at Rs 165.00 crore at weighted yield of 8.82%.

Forex Kitty Swells By USD 1.46 Bn To Reach USD 283.6 Bn
The forex reserves jumped for the second consecutive week by adding USD 1.459 billion in the week to November 15, taking the overall reserves to a healthy USD 283.57 billion, on account higher foreign currency assets, the Reserve Bank said today. In the week-ago period, reserves rose by USD 819.5 million to USD 282.113 billion.

Vietnam Seeks Investments From India Inc
Vietnam today sought investments from Indian industry in areas such as oil & gas, technology and infrastructure, saying that trade between the two nations could go up to USD 7 billion by 2015. Vietnam’s Communist Party General Secretary Nguyen Phu Trong said here that his country offers good opportunities to investors, and the bilateral ties were growing fast with focus on economic, trade and investment cooperation.

NHPC’s Rs 2,368 cr share buyback to begin from Nov 29
State-owned NHPC, the country’s largest hydel power producer, will commence the buyback of shares worth up to Rs 2,368 crore from November 29. “The (buyback) process will commence on November 29 and will be concluded on December 12,” said a source. The company plans to buyback up to 123,00,74,277 fully paid up equity shares of Rs 10 each at a price of Rs 19.25 apiece aggregating Rs 2,368 crore from the open market.

Decision on relaxing FDI norms for housing sector likely today
The government is likely to take a decision on Monday on relaxing FDI norms for the housing sector, including easing conditions for exit before the three- year lock-in period. “The proposal was deferred in November 13 meeting of the Cabinet.  It will again be taken up by the Cabinet on Monday,” a source said. The Cabinet note has proposed easing conditions for exit of foreign players before the three-year lock-in period. It has also proposed a change in the current requirement of having a minimum built-up area of 50,000 sq mts to 20,000 sq mts of carpet area for FDI in construction development projects.

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