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Tuesday, September 18, 2012

S&P Hails Reforms
Ratings agency Standard & Poor’s, which in June had threatened to downgrade India’s sovereign ratings, has welcomed the big-ticket reform measures by the government, saying the steps would serve as a medium-to-long term positive for the macroeconomic conditions. “If the measures proposed by the government are implemented, we would expect a medium-to-long-term positive impact on the macro-economy,” S&P Director for sovereign ratings Takahira Ogawa, said in a note. The agency, however, maintained that its recent views on the country’s economy remain.

Tata Motors Global Sales Rise 13%
Tata Motors global sales have increased 13 % in August to 97,225 units, over the same period last year.  Sales of luxury brands from Jaguar Land Rover were at 24,060 units in August, up 13 % from the same month last year, Tata Motors said in a statement.  While sales of luxury sedans of Jaguar brand stood at 2,960 units, Land Rover sales were at 18,798 units, it added.

Funding Partially Completed Realty Projects
Sending positive signs of easing the cash crunch for the realty sector, Secretary for Financial Services D K Mittal has asked commercial banks to focus on funding partially completed projects on a priority basis and development of projects in small towns. Presiding over a joint meeting of Indian Bankers Association (IBA) and developers apex body CREDAI in Mumbai, Mittal asked the realty industry to conduct a survey of unsold housing stock in cities in batches so that a decision would be taken on unlocking their value. He also asked CREDAI to come with norms for development in consultation with the NHB and standards for funding the projects.

One Stop Shop To Merge With Pay Point
One Stop Shop (OSS), a travel ticketing company that sells tickets through their 80000+ agent network across India, has announced a merger with Pay Point, a leading retail payments company that offer a wide array of services through their franchise network. The management teams of these companies have finalized the deal and are now working towards future plans to multiply their current sale of Rs 1700 crores in the next few years..

RIL Seeks Three-Fold Rise In KG D6 Gas Price
Reliance Industries has sought tripling of its KG—D6 gas price from April 1, 2014 after the current below market rate of USD 4.205 per mmBtu expires. RIL on September 6 wrote to A Giridhar, Joint Secretary (Exploration) in the Ministry of Petroleum and Natural Gas proposing to price natural gas it produces from the Krishna Godavari basin block in Bay of Bengal at a rate equivalent to price India pays for importing liquefied natural gas (LNG). The company wants to price KG—D6 gas at 12.67 % of JCC, or Japan Customs—Cleared Crude, plus USD 0.26 per million British thermal unit. At USD 100 per barrel oil price, gas will cost USD 12.93 per mmBtu, sources with direct knowledge of the development said.
     — Business Desk with inputs from PTI and IANS.


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