Lanco Infra unit to buy Griffin Coal Mining and Carpenter Mine Management

Lanco Infratech Ltd, through its Australian subsidiary, Lanco Resources Australia Pty Ltd, has concluded a binding agreement with Griffin Energy Group Pty Ltd and Carpenter Mine Management Holdings Pty Ltd to purchase 100% shares of Griffin Coal Mining Company Pty Ltd and Carpenter Mine Management Pty Ltd. No financial details were provided.

Griffin Coal, based out of Collie, owns the largest operational thermal coal mines in Western Australia. The mine currently produces over 4mtpa of coal and can be ramped up to over 15mpta in the near term, post development of evacuation infrastructure. The mining tenements contain over  1.1 billion tonnes of JORC compliant thermal coal resources.

The mine is located on the western  coast  of Australia, hence closer to India compared to the mines in the New South Wales and Queensland areas of Australia.  Significantly, the Griffin Coal mines are well connected to two ports through both rail and road. The nearest port being the port of Bunbury at a distance of 85km from the mine.  

On Wednesday, Lanco Infratech ended 0.49% up at Rs61.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.76% to 19,647.77 points.


Petrol price hike due to high international prices: FM

Kolkata: The hike in petrol price was because of increase in prices of crude oil in the international market, reports PTI quoting Union finance minister Pranab Mukherjee.

“The price of crude oil in the international market has touched $90 a barrel. Petrol prices have been deregulated already. So the hike in price was in parity with international prices,” Mr Mukherjee told reporters here.

State-run oil refiner Bharat Petroleum Corporation (BPCL) hiked petrol prices by Rs2.96 a litre effective midnight last night.

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


Personal finance Wednesday

OxiCash ties up with to enhance entertainment ticket sales in India; Bajaj hikes motorcycle prices by up to Rs1,000; Tata Motors’ special finance scheme for Nano; Bajaj Allianz launches mobile application for tax planning

OxiCash ties up with to enhance entertainment ticket sales in India

Oxigen Services India Pvt Ltd, an IT-enabled multi- services platform and distributor of recharges, prepaid subscriptions and bill payments, has tied-up with, India's premiere E-commerce provider, a one stop shop for entertainment ticketing. 

The association will offer easy transactional service to the customers who do not own credit, debit cards or net banking accounts and prefer using cash based payment mechanism to purchase their entertainment tickets online. This would be done by using a stored value OxiCash e-wallet or OxiCash Cards to make secure payments. Consumers will now be able to pay for tickets for movies, plays, concerts and live events using OxiCash e-wallets and OxiCash cards.

Pramod Saxena, chairman & managing director, Oxigen Services India said, “With this tie up our customers will have the unique advantage of buying confirmed tickets at any of the Oxigen’s web enabled retail touch points, or directly by using their OxiCash Wallet/Cash Cards.”

With this tie up with Bookmyshow, Oxigen will provide easier access and convenience mainly for entertainment seekers who can now buy tickets by simply logging on to or on the PC and pay for tickets for a large variety of shows. This affiliation is one of the many initiatives taken by Oxigen to expand the base of its services to its customers.

Bajaj hikes motorcycle prices by up to Rs1,000

Two-wheeler maker Bajaj Auto said it will hike the prices of its motorcycles by up to Rs1,000, with effect from 1 January 2011, due to rise in input costs.

“The continued rising cost of raw material inputs is the main cause for this increase. Despite the hike, our models continue to offer superior value compared to competition, and hence we do not expect this price rise to affect sales,” Bajaj Auto president (two wheelers) S Sridhar said in a statement.

Last week, the country’s largest two-wheeler maker Hero Honda had announced to hike the prices of its models in the range of Rs500-Rs1,500 to offset the rising input costs.

Earlier, major car makers such as Hyundai Motor India and General Motors had also announced an increase in prices to offset the pressure from raw materials, including natural rubber.

Tata Motors’ special finance scheme for Nano

Tata Motors Finance (TMF) has launched Tata Nano finance scheme, under which a customer can get a loan with select documents in 48 hours. According to the company, “The interest rate is a minimum of 11% with tenure of four years.”

TMF will provide finance up to 90% for the Tata Nano. TMF, which provides customer finance for all Tata Motors vehicles, is present in 540 passenger vehicles outlets of the company.

Tata Nano will now come with a four-year/60,000km (whichever is earlier) manufacturer’s warranty, at no extra cost. Besides being applicable on new deliveries, the warranty is also being extended to all existing owners of the car.

In addition, all new buyers have the option to avail of a comprehensive maintenance contract at only Rs99 per month. This contract will help customers take care of running maintenance of the car.

These benefits will further enhance the satisfaction of Tata Nano users.

Gradually expanding these initiatives, coupled with customer benefits, Tata Motors will cover the entire country with open sales by March 2011 to take the Tata Nano to those who dream of owning the car.

Bajaj Allianz launches mobile application for tax planning

Bajaj Allianz has launched instant tax-calculator for mobile phones that will enable users to calculate their tax liability.

“Mobile phones, being an integral part of our lives have gone beyond the use of just calling or sending SMS. This mobile application is another convenient feature on the mobile that makes your tax calculation and planning simpler, even while you are on the move,” Bajaj Allianz marketing head  Akshay Mehrotra said in a statement.

There are no charges for the service. The application is compatible to most mobile phones even without a GPRS connection. The application is compatible with almost all mobile handsets like Nokia, Samsung and Blackberry, including Android-supported handsets.


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