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Business Briefs

FM budget meet

New Delhi, Dec. 28: With pre-budget consultations starting from tomorrow, finance minister P. Chidambaram would meet representatives of the farm sector and trade unions to discuss their demands. The representatives are expected to demand more investment in the farm sector and focus on irrigation to increase productivity. The unions, particularly that of the Left parties, would seek alternative pro-people policies and higher corporate and individual tax for the rich to increase the tax-GDP ratio.

Bajaj Hind

New Delhi, Dec. 28: Sugar firm Bajaj Hindustan Ltd (BHL) has reported a 36 per cent increase in net profit at Rs 190.8 crore for the year ended September 30 against Rs 140.4 crore in 2004-05. It has recommended a dividend of 60 per cent.

Cairn listing

New Delhi, Dec. 28: Cairn India Ltd, which raised $1.18 billion in an IPO earlier this month, is likely to list on the Bombay Stock Exchange and National Stock Exchange on January 9. “Share allotment will take place by December 29 and the likely date of listing is January 9,” a company official said.

Unitech issue

London, Dec. 28: Fidelity International Ltd, FMR Corporation and Fidelity Management Trust Company have picked up 5.82 per cent of the shares offered in the public issue of Unitech Corporate Parks, a subsidiary of Indian realty firm Unitech Ltd.

PFC deals

New Delhi, Dec. 28: Power Finance Corporation today awarded the 4,000-mw Sasan and Mundra ultra mega power projects to the two successful bidders, Lanco Infratech and Tata Power respectively.

HCL stake

Mumbai, Dec. 28: ABN Amro Bank has picked up a 0.56 per cent stake in HCL Technologies for Rs 113.67 crore in open market transactions. ABN Amro Bank has acquired 18.36 lakh equity shares of HCL at a price of Rs 619 each in a bulk deal on the BSE.

Hydro power

New Delhi, Dec. 28: The power ministry will shortly seek cabinet’s nod for a new hydro power policy that is likely to exempt such projects from tariff-based competitive bidding.


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