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http://www.moneycontrol.com/news/business/falling-valuations-may-hit-jfe-jsw-steel-deal-sources_458574.html Falling valuations may hit JFE-JSW Steel deal: Sources
The weakening of the euro and the pound against the dollar and the strengthening of the rupee against the US currency could shave off up to 2.4% from the growth of Indian IT exporters in the near term http://www.livemint.com/2010/05/17234256/European-crisis-may-chip-24.html
Commodities fell to a seven-month low yesterday, led by industrial metals and energy. The Reuters/Jefferies CRB Index of 19 raw materials slid 2.1 percent to its lowest level since October. Copper plunged the most in 15 months. The LME Index tumbled 6% yesterday to the lowest level since Feb. 8. Crude oil for June delivery fell 2.1% in New York, dropping for a fifth session http://www.bloomberg.com/apps/news?pid=20601087&sid=aP6Zd8t4U3co
Dependence on steel imports to double in two years http://www.business-standard.com/commodities/storypage.php?autono=395234
BHEL-ABB lowest bidder for transmission project – source http://in.reuters.com/article/businessNews/idINIndia-48546320100517 BHEL and ABB's Indian unit submitted the lowest bid for a 60 billion rupee ($1.31 billion) power transmission project to be awarded by Power Grid Corp, said a source with direct knowledge of the matter. "They have quoted about 7 billion rupees less than the estimated cost of 6,000 crores (60 billion rupees)," the highly placed source told Reuters.
The European Parliament's economics committee is set to vote on the legislation on Monday evening, then EU finance ministers will discuss it on Tuesday. The parliament and member states' governments have equal powers to shape the new regulations. http://news.bbc.co.uk/2/hi/business/10117050.stm
EU finance ministers are meeting in Brussels later to discuss hedge fund regulation. http://news.bbc.co.uk/2/hi/business/10120925.stm The meeting comes hours after a key committee of Euro MPs backed a directive that may lead to greater supervision of the hedge fund industry. Tuesday's meeting will be an important test for the new UK Chancellor, George Osborne, with 80% of European hedge funds based in London.
Lawmakers at the European Parliament Monday night approved new rules for hedge funds and private-equity firms, rejecting complaints that the legislation could unduly restrict European investors from using offshore funds. http://online.wsj.com/article/BT-CO-20100517-715607.html?mod=WSJ_latestheadlines
Baltic rises, but leaves Indian shipping stocks high and dry, The Baltic Dry Index, the benchmark for the freight rate of dry bulk carriers, has risen 30 per cent in the last three weeks to 3,929, which is also a six-month high for the global index. http://www.business-standard.com/india/storypage.php?autono=395302
Tata Motors is in talks with Mexico-based Metalsa SA de CV for a contract manufacturing arrangement, livemint.com reported Tuesday, citing two people familiar with the development. If the talks are successful, the unit will manufacture the Indica Vista, Indigo Manza and the Nano, the website said. A spokesman for Tata Motors told the website that the company "continuously explores both what could be relevant markets and within them relevant business opportunities. But the company has not arrived at any decision or timeframe for any of the markets you refer to." http://www.livemint.com/2010/05/18001413/Tata-Motors-may-take-Mexico-ro.html
NTPC Ltd plans to issue a tender for super critical equipment valued at $4.2 billion, open to manufacturers in India, livemint.com reported Tuesday, citing a senior NTPC executive who didn't want to be identified. "The specifications are ready. We will send the notice inviting tender documents to the power ministry for their approval, who in turn will take a cabinet approval for this," the website quoted the executive as saying. "The 800MW unit size tender will be on the lines of the previous tender. It will be a two-stage tender involving technical and commercial bids," a second executive said, the website reported. http://www.livemint.com/2010/05/17235622/NTPC-to-float-new-order-for-4.html
India's Mines Ministry has proposed a windfall tax on non-fuel minerals such as iron ore to claim part of what the government considers high profits earned by the mining sector. On the lines of a similar proposal in Australia, the new tax is also meant to raise additional revenue for the government. But unlike in the former, India has a predominantly captive production model where mining leases are mostly given out to producers with their own plants to make finished products such as steel. The plan will need to be approved by the Finance Ministry before it can be implemented although it doesn't need parliamentary approval, as is the case in Australia.
TCS corrects on reports the UK government will review outsourcing contracts, including agreements signed with TCS, in a bid to cut government spending. According to reports, the cuts will be made in the current financial year itself. TCS had won a 10-year contract to set up and maintain the information technology system for the UK's national pensions scheme. According to reports, the contract was worth approximately Rs 4,122 crore. The duration of the contract, awarded by Personal Accounts Delivery Authority for its UK-wide pension scheme called the National Employment Savings Trust, was for 10 years with a possible extension for another five years.
