Business Line - 29th September

group members:-(section f ,group no.27)
Sweta bhaumik
Tanu srivastava,Teena tanwar

LEADING NEWS:-
MADRAS HIGH COURT ORDERS CLOSURE OF STERLITE'S COPPER SMELTING UNIT IN TAMIL NADU
The company was given permission to produce 391 tonnes of blister copper and 1,060 tonnes of sulphuric acid.
The petitioners had pointed out that though the company originally wanted to set up its plant in Ratnagiri, the Maharashtra Government had cancelled the license owing to stiff opposition from the people.Groundwater samples taken from the vicinity of the deposit site show elevated levels of copper, chrome, lead, cadmium and arsenic.

Ordinance coming to relax merger procedures
Merger procedures may soon become easier for India Inc. The Government is planning to come up with an ordinance to do away with the process of sanction by the Competition Commission of India (CCI) for small-ticket mergers and acquisitions.
under this ordinance, the merging entities will not need to take the CCI's permission if the turnover of the smaller company is less than Rs 750 crore or its net worth is under Rs 250 crore.
Combined turnover:-
-(At present, if the combined turnover of the merged entity exceeds Rs 3,000 crore or the net worth is more than Rs 1,000 crore, then the CCI'S permission is mandatory)




Corporate news:-
Maruti Suzuki presents electric Eeco , hybrid SX4 for common wealth games
SX4 concept has been taken up by Maruti Suzuki as a part of government initiated
a team of 25 company engineers worked on this project with global hybrid technology and component suppliers


PLASTIC WASTE ,TYRE CHIPS TO FUEL CEMENT KILNS
The center proposes to make it mandatory for cement makers to use hazardous waste that can burn such as plastic waste and Tyre chips as alternative fuel in cement kilns.
Such a move would not only help reduce greenhouse gas emission,but also avoid creation of landfills .Besides reducing the fuel costs for cement firms .it would also help avoid investments in expensive incinerators.
Companies such as ACC, Grasim Industries Ltd, Gujarat Ambuja Cement Ltd and Lafarge India Ltd have conducted various trials for co-processing or using hazardous waste as alternative fuel in kilns.
Wastes co-processed by these firms include plastic waste, sludge from petrochemical or oil refinery, waste oil, paint sludge, effluent treatment plant (ETP) sludge, and spent carbon.
Major waste generating states include Maharashtra, Gujarat, Andhra Pradesh, West Bengal, Madhya Pradesh, Rajasthan and Tamil Nadu.

Banking sector:-
IRDA may cap LIC's infra bond issue size
The insurance regulator, IRDA, has indicated that it may restrict the size of the proposed retail infrastructure bond issue by Life Insurance Corporation of India.
The regulator is concerned about investments by insurance companies in the infrastructure space.
The Government, in the Union Budget, had allowed financial institutions such as IFCI, IDFC, PFC and LIC to issue tax-free infrastructure bonds. Investment in these bonds is exempt from tax up to a limit of Rs 20,000.
LIC has the mandate to raise up to Rs 5,000 crore through infrastructure bonds, which is 25 per cent of its Rs 20,000 crore incremental investment in infrastructure in the previous financial year.

Information technology:-
software firms pitch for price hike with clients
software companies are now seeking a price increase with clients even though discretionary spend is rising.
An Infosys official said the company was observing a ‘quiet period' before the third quarter financial results and also told that price has clearly stabilized
Disciplined pricing:-
-(Speaking recently to analysts at the Deutsche Bank Technology Conference, Mr Cobourn said the industry overall has been quite disciplined on pricing even during the economic downturn.)

Nokia joins issue with IDC over ‘falling' India sales

Market leader Nokia's market share has declined from 54.1 per cent in 2009 to 36 per cent as per the latest IDC India's Quarterly Mobile Handsets Tracker 2Q 2010
IDC said that the Indian mobile market saw a unique trend of multi-SIM phones capturing 38.5 per cent of the market.
According to IDC the dual sim category accounted for 38.5 percent of the overall market .It also says that there are 35 brands in Indian market currently
The Finnish company added:-
-(reality is that today there are anywhere between 80 and 100 players operating the Indian market at any given point of time. Most of these are Chinese handset players, operational in the market sporadically)