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Popular Articles

Posco signs pact with OPTCL to draw power
After receiving Stage –II clearance from the Ministry of Environment and Forest (MoEF) for its 12 million tonne steel plant in Orissa, Posco-India has initiated various activities including infrastructure development to expedite the project work.

July-like pullback cannot be ruled out
Continuing the post-Diwali trend, markets extended losses for the second straight week. In fact, bears had the upper hand throughout the week, with the Nifty declining 5.7 per cent (285 points) to 4,712. In the last two weeks, the index has shed 8.4 per cent.

News of the day

LIC Housing Finance net up 14%
LIC Housing Finance (LICHF) reported a 14 per cent rise in net profit to Rs 153.58 crore for the quarter ended December 2009 compared with Rs 134.33 crore in the year-ago quarter.
Public Relations

Hindalco gets shareholders nod for raising Rs 2,900 cr

Hindalco Industries, the metals flagship company of the Aditya Birla Group, today said it has received approval from its shareholders for raising funds up to Rs 2,900 crore through issuing securities. - Alstom bags Rs 365 cr orders from Hindalco - Hindalco starts roadshow for Rs 2,900-cr QIP - Novelis reports profit of Rs 916 cr - Sensex regains strength - Markets plunge on weakness in metals, realty - Hindalco loses shine on net slump The shareholders, at the extra ordinary general meeting (EGM) of the company held today, resolved "to issue further securities of the company for the amount not exceeding Rs 2,900 crore," Hindalco said in a filing to the Bombay Stock Exchange (BSE). Shareholders of the company also approved to increase the limit of investment by foreign institutional investors (FIIs) to 40 per cent from 24 per cent in the company"s equity share capital, it said. Last month, the company"s board has approved raising of long term finance by way of Qualified Institutional Placement (QIP) or Global Depository Receipts or other securities with or without green shoe option up to Rs 2,900 crore. Shares of Hindalco Industries today closed at Rs 135, up 0.60 per cent from its previous close on the BSE.


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