Banking Awareness 25th December 2016 | Financial Affairs 25th December 2016


Tata Steel to buy Brahmani River Pellets for Rs. 900 crore

To reduce costs at its Kalinganagar steel unit in Odisha.

Tata Steel will acquire 100 per cent equity in Odisha-based Brahmani River Pellets (BRPL) for an enterprise value of Rs.900 crore in a bid to secure raw material and reduce costs at its Kalinganagar steel unit in Odisha.

May 2016.

The Kalinganagar plant started commercial production.

NSE to introduce new interest rate futures

(IRF) contracts from December 30 on six-year government bonds.

The exchange said in a circular that the National Stock Exchange (NSE) will introduce new interest rate futures (IRF) contracts from December 30 on six-year government bonds maturing in 2022.

6.84

Percentage of IRF new interest rate.

Japan drags India to WTO on steel imports issue

Disputes between India and Japan.

  • Japan has dragged India to the World Trade Organisation (WTO) against certain measures taken by New Delhi on imports of iron and steel products.
  • the WTO has said that Japan notified the WTO Secretariat that it had requested dispute consultations with India in the dispute ‘India—Certain Measures on Imports of Iron and Steel Products

Minimum import price (MIP)

India imposed MIP of 173 products for six months.

Centre rules out wheat imports

Tight supply of wheat in the domestic market

Amid tight supply of wheat in the domestic market, Food Minister Ram Vilas Paswan ruled out the possibility of import of the grain on government account saying there is adequate buffer stock to meet the requirement under the Public Distribution System (PDS).

27.55 million

Tonnes of foodgrains owned by Food Corporation of India.

Cipla’s inhaler Sereflo gets U.K. regulatory nod

Inhaler used to treat asthma

  • Pharmaceutical firm Cipla’s inhaler ‘Sereflo’, used for treatment of asthma, has received final approval from the U.K. Medicines and Healthcare products regulatory agency (UKMHRA)
  • The company’s metered dose inhaler product, Sereflo (Fluticasone and Salmeterol) has been given final approval by the U.K

Sereflo

Generic equivalent to GlaxoSmithKline’s Seretide inhaler.

ONGC to buy 80% in GSPC’s KG block for $995 mn

nk

80% stake in debt-laden Gujarat State Petrochemicals Corporation’s KG

  • State-owned Oil and Natural Gas Corporation (ONGC) said it would acquire 80 per cent stake in debt-laden Gujarat State Petrochemicals Corporation’s KG basin gas block for $995.26 million.
  • Under the deal, ONGC will also acquire operatorship of the block KG-OSN-2001/3 in Krishna Godavari (KG) Basin offshore.

95% equity stake.

Government of Gujarat holdinds.

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Banking Awareness 25th December 2016 | Financial Affairs 25th December 2016

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