Almost since the beginning of organised stock trading, short sellers have been suspected of distorting markets, destroying good companies, and reaping unjust profits. But defenders say that when short sellers are present, buyers encounter a more liquid market because they face a larger pool of sellers than they would otherwise. The jury’s out on this one.
NMDC and Tata Steel have signed an MoU to examine the possibility of a strategic alliance for acquisition, exploration and development of mines and setting up integrated steel plants
State-owned iron ore producer National Mineral Development Corp Ltd (NMDC) and Tata Steel Ltd on Friday signed a memorandum of understanding (MoU) to examine the possibility of a strategic alliance for acquisition, exploration and development of mines and setting up integrated steel plants, reports PTI.
NMDC chairman and managing director Rana Som and Tata Steel managing director HM Nerurkar signed the MoU at a ceremony in Kolkata.
Describing the signing of the MoU between the two companies as 'historic', Mr Som said that it would be converted into a joint venture company later.
He said that the two companies would set up a working group to explore and finalise the areas of cooperation and submit its report to a steering committee. Thereafter, a decision to enter into a joint venture would be taken, he said.
On the equity structure, he said that the working group would decide on the same and it would depend on the areas in which the two companies were going to operate.
Mr Nerurkar said that in the current scenario, in which the country's steel policy envisaged doubling of steel-making capacity over the next decade, an opportunity has come for both the companies to work together towards this goal.
Tata Steel and NMDC have planned to jointly address mining and steel-making opportunities, he added.
Spencer's Retail, the RPG group's retail unit, is expecting to break even by 2011. It is also in talks with private equity players to raise funds
Spencer's Retail, a 100% subsidiary of power utility CESC Ltd, expects to break even by 2011, a top company official said on Friday.
Spencer's Retail is making losses, but they are declining over time, CESC vice-chairman Sanjiv Goenka told reporters in Kolkata.
"We intend to break even by 2011," Mr Goenka said, adding that the company is expecting a turnover of Rs95 crore per month.
He said that the RPG group company is also in talks with private equity players to raise funds, but nothing has been finalised as of now.