MUMBAI: Oil prices were mixed in Asian trade Tuesday. New York’s main futures contract, light sweet crude for delivery in March was down to $36.68 per barrel. Brent North Sea crude for April delivery gained was up at $43.64.

The Indian rupee slipped lower on concerns of capital outflows following weak Asian markets. At 9:03 am, the partially convertible rupee was at 48.96 against previous close of 48.84.

The government on Monday transferred the investigation of the Satyam scam to the Central Bureau of Investigation, a move which comes five days after the Andhra Pradesh government asked the Centre to transfer the investigation from the state Crime Investigation Department to the central probe agency.

Two years after its high-profile Novelis acquisition, which catapulted Hindalco to the world’s fifth-largest aluminium maker’s slot, the Aditya Birla group company is grappling with a sharp fall in the Canadian company’s valuation, which could impact its earnings in the current fiscal year. At a meeting on February 14, Hindalco’s board of directors approved a financial restructuring exercise aimed at writing off non-operating costs incurred on foreign acquisitions by using funds from its securities premium account.

Construction major Gammon India is said to be keen on acquiring Maytas Infra, the embattled infrastructure company promoted by the erstwhile Satyam family. This follows the declaration of the Raju family to the stock exchanges that their entire shareholding in Maytas has been pledged with lenders. With the Rajus in the dog house, it is only a matter of time before these shares are sold off by the lenders.

LPG cylinders will soone be phased out of cities, once piped gas begins to flow. In Mumbai alone, over 10 lakh consumers will switch to piped natural gas, a cooking fuel, which is 25% cheaper than the subsidised liquefied petroleum gas, over the next few years after gas from Reliance Industries’ Krishna-Godavari basin project starts flowing to the city early next month. Currently, there are three major city gas distribution entities in the country — Indraprastha Gas, Mahanagar Gas and Gujarat Gas Co — covering cities such as Delhi and the northern capital region, Maharashtra and Gujarat.

HCC on Monday bagged Rs 297 crore order from Himachal Pradesh Power Corporation for Kashang Hydro Electric Power Project which is to be completed in 45 calendar months.

source: Economictimes

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