Business & ECONOMY News
Institute of Microbial Technology (IMTECH), a Chandigarh based biotechnology laboratory, has signed a $150-million licensing agreement with Nostrum Pharmaceuticals, a US company, for new-generation clot busters developed by it.
According to a scheme approved by the Ministry of New and Renewable Energy (MNRE), the union government will provide financial incentive for each electric vehicle sold in India during the remaining part of the 11th Plan—2010-11 and 2011-12. The scheme envisages incentives of up to 20 per cent on ex-factory prices of the vehicles, subject to a cap of Rs 4000 for low-speed electric two-wheelers, Rs 5000 for high-speed electric two-wheelers, Rs 60,000 for seven-seater three-wheeler and Rs one lakh for an electric car.
Axis Bank has acquired investment banking arm of Enam securities for Rs 2,067 crore. Asset Management Company and insurance broking arm of Enam are not part of the deal.
State-owned Indian Oil Corporation (IOC) has surpassed Reliance Industries to regain its position as India’s biggest refiner. This was achieved after completion of expansion of its Panipat refinery.
Tatas have launched first indigenously manufactured helicopter cabin from the aero-space special economic zone near Hyderabad. The TAS project for the cabin was conceived in collaboration with US-based Sikorsky Aircraft Corporation, a subsidiary of United Technologies Corp., USA.
On November 1, 2010, the Reserve Bank of India raised the repo and reverse repo rates by 25 basis points (100 basis points equals one per cent), reflecting the continued government and RBI concerns over inflationary pressures. Repo rate is the rate at which RBI lends to banks and that now stands at 6.25%. Reverse repo is the rate at which RBI borrows from banks and that now stands at 5.25%.
Paris-based BNP Paribas has become the world’s biggest bank, with assets rising 34 per cent in last three years, reaching $3.23 trillion.
Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), SAIL and NTPC have been given the Maharatna status by the government. This status empowers these companies to form financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions without government approval for up to Rs 5,000 crore in one project or 15 per cent of their net worth.
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