Hike in interest rates may puch realty prices upwards

In order to avoid a bubble in real estate market , RBI increased interest rates by 25 basis points. While the RBI argues that even though there is no bubble in the market, hike in interest rate is just a precautionary measure. According to industry experts, increase in interest rates may result in increase in property prices in the near term

Anti-Dumping Duty on Chinese Tyre and Steel Companies

Taking cues from the rising imports of cheap stainless steel products and radial tyres from China, Indian authorities have finally slapped anti-dumping duty on Chinese companies to protect domestic industry. Central Board of Excise and Customs has imposed an anti-dumping duty of around $2254.7 per ton of steel products that are used for manufacturing refrigerators and automobile products. While tyre manufactures seems to be happy with this move, auto players are resenting it on the back of recession threats.

TCS overtakes Infosys

TCS, country one of the largest IT service company reported a 11% rise in profit to Rs.1,824 crore, overtaking Infosys in profits for the first time a few quarters ago. Cost cutting measures and focus on new verticals has helped the company’s bottomline. According to Mr Chandrasekaran, CEO,“I am happy with the nature of growth. We saw very good growth volumes including in the troubled sectors of manufacturing, hi-tech and retail. I was expecting de-growth or flat growth... They didn’t grow significantly but they grew.”

Reliance to post its first profit in five quarters

Mukesh Ambani controlled Reliance Industries expects to post profit for the first time in five quarters. Increase in production from fields off India’s east coast and stable oil prices has helped the company’s bottom line.

Reliance also plans to purchase bankrupt LyondellBasell as a part of its inorganic growth strategy for about $13.5 billion. This acquisition will give the company greater access into Western markets and some premier customers in US and Europe.

Era Infra bags NHAI project

Era Infra Engineering, an infrastructure firm bagged a Rs.1,659 crore project from National Highway Authority of India (NHAI) for construction related works. While filing to the BSE, Era Infra said, “The company in association with OJSC-SIBMOST has bagged the orders for constructing and operating road projects worth Rs 1,659 crore."
The project entails designing, building and operating the road projects.

Punj Lloyd bags Rs.574 crore project in Thailand

Punj Lloyd, an Engineering and construction has bagged a Rs.574-crore project for an offshore oil from Thailand’s state-owned oil and gas firm PTT Public Company Limited. The project entails installing three compressor units for a platform station in the Gulf of Thailand. Punj Lloyd director PK Gupta said, “Upon completion, the project will facilitate boosting the pressure of gas being supplied downstream. This would help meeting the rising demand of gas within Thailand's domestic market for power plants and other users."

Escorts to enter into manufacturing railway wagons

Escorts, a Delhi-based tractor and farm equipment manufacturer will enter into the manufacturing of railway wagons. It will also launch a slue of tractors in the coming years. Its foray into railways is a part of its strategy to diversify across business verticals besides agricultural machinery and infrastructure.

“We would be launching new tractors to keep the market exciting and aggressively increase our market share by expanding our dealership base in western and southern markets. Besides we would foray into making wagons for the Metro and the Monorail segment from our Railway division”, said Nikhil Nanda, Escorts’ joint MD.