Balrampur Chini to merge Indo Gulf Industries' sugar division with itself

Balrampur Chini Mills Ltd said the Board for Industrial and Financial Reconstruction (BIFR) has sanctioned the merger of Indo Gulf Industries Ltd’s sugar division with the company.

Indo Gulf Industries will demerge its sugar division located in Uttar Pradesh before merging it with Balrampur Chini. Post restructuring, Indo Gulf Industries will get one equity share of Re1 of Balrampur Chini for every 100 equity shares.

On Wednesday, Balrampur Chini shares declined 2.1% to Rs79 on the Bombay Stock Exchange, while the Sensex closed 0.6% higher at 17,977 points.

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Tata Power issues 100 debentures worth Rs350 crore

Tata Power Company Ltd said it issued 100 transferable, secured, redeemable, non-convertible debentures aggregating to Rs350 crore, carrying a coupon rate of 9.15% and with a tenor of 15 years, on private placement basis. The proceeds of this issue would be used largely to refinance the existing loan from IREDA.

The lead arranger for this issue is Citibank NA and the distribution & placement agent is Citicorp Capital Markets Ltd. The issue opened and closed on 20 July 2010.

On Wednesday, Tata Power shares gained 0.5% to Rs1,335 on the BSE, while the Sensex closed 0.6% higher at 17,977 points.

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PM to be briefed on economy on Friday

The PMEAC in its February report had projected an 8.2% economic growth for the current fiscal, while the budget had projected 8.5% GDP growth for this fiscal

Prime minister Manmohan Singh will be briefed on the state of the economy and the growth outlook by his economic advisory council on Friday, reports PTI.

Chairman of the Prime Minister's Economic Advisory Council (PMEAC) C Rangarajan is expected to brief the prime minister about the gross domestic product (GDP) projections and the challenges before the economy, notably high inflation, ahead of the monetary policy review by the Reserve Bank of India (RBI) scheduled for Tuesday next.

"We will submit the economic outlook for 2010-11 (to the prime minister) on Friday," Mr Rangarajan told newsmen here this evening.

The PMEAC in its February report had projected an 8.2% economic growth for the current fiscal, while the budget had projected 8.5% GDP growth for this fiscal. In the meantime, different agencies, like the International Monetary Fund (IMF), have projected much higher growth numbers for 2010. The fund last week had projected a full 9.5% GDP growth this calendar year.

However, the key challenge before the government and the central bank is to tame both the core inflation which was ruling at 10.55% in June and food inflation at 12.81% in the second week of July.

The RBI is expected to announce a second hike in its short term interest rates in less than a month. "They (RBI) may raise policy rates by another 25 basis points. Inflation continues to be the biggest worry," PMEAC member Govinda Rao told newsmen today.

Though inflation remains a big worry for the government, widespread rains have improved the prospects of prices coming down, particularly of the food items.

Yesterday cabinet secretary KM Chandrasekhar had said inflation was likely to drop to 5%-6% by December-end and the economic growth would accelerate to 8.5% during the current fiscal.

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