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Thursday, December 16, 2010

Axis Bank Goes Mobile with IDEA for Financial Inclusion
Axis Bank and IDEA Cellular have announced the signing of a MOU, whereby Idea will act as a ‘Business Correspondent’ of Axis Bank to provide an entire range of financial products and services offered by the Bank, through the mobile operator’s retail outlets.
The association will enable money transfer across the country using the mobile platform. Idea and Axis Bank will also explore extending the association to include other banking products and services such as savings, credit, micro insurance, micro SIP and micro pensions in a phased manner.

‘Petrol price hike due to high international prices’

The hike in petrol price was because of increase in prices of crude oil in the international market, Union Finance minister Pranab Mukherjee said on Wednesday in Calcutta. “The price of crude oil in the international market has touched USD 90 a barrel. Petrol prices have been deregulated already. So the hike in price was in parity with international prices,” Mukherjee told reporters here. State-run oil refiner Bharat Petroleum Corp (BPCL) hiked petrol prices by 2.96 a litre effective midnight last night.

The oil ministry has given three companies, BPCL, HPCL and IOC, the go-ahead to raise petrol prices after international crude oil prices touched USD 90 per barrel.

Lanco Infra buys Australian coal mines

Lanco Infratech on Wednesday said it has inked a pact with Australia’s Griffin Coal to acquire coal mines for an undisclosed amount to secure fuel for its projects to take power generation capacity to 15,000 MW by 2015 from existing 2,100 MW. The deal, as per media reports in Australia is valued at about 850 million Australian dollar.

Strides cancels agreement with KV Pharma
Drug firm Strides Arcolab on Wednesday said it has cancelled its licencing and supply agreement with US-based KV Pharmaceuticals and will pay USD 7.25 million (about Rs 33 crore) as part of settlement. In a filing to the Bombay Stock Exchange (BSE), the company said it has entered into a settlement agreement with KV Pharmaceuticals for cancellation of licensing and supply agreement and redemption of preference shares.
As per the settlement agreement the supply and licencing agreement entered into with KV Pharmaceuticals in May 2005 was cancelled. All intellectual properties for products developed under the agreement will be retained by Strides, it said.

Gold prices down on weak Asian trends
Snapping two-day of gains, gold prices on Wednesday fell by Rs 75 to Rs 20,820 per ten grams in line with weak trends in Asia. After hovering around at its all-time record level of Rs 45,500 a kg on Tuesday, silver prices too dropped by Rs 600 to Rs 44,800 per kg. Traders said gold prices declined after the sentiment turned bearish in Asia. Gold lost 0.2 per cent to 1,393.35 dollar an ounce in Singapore. They said signs of US economic recovery boosted the dollar and reduced the metal’s appeal. On the domestic front, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 75 each to Rs 20,820 and Rs 20,700 per ten grams respectively.

Business Desk with inputs from PTI 

 

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