Wall Street plunges to 1997 levels
Financial Express
Wall Street indexes plunged to their lowest close in nearly 12 years on investor disappointment with the latest plan from Washington to prop up the ailing US banking system.
The Dow Jones Industrial Average sank 250.89 points (3.41 per cent) to 7,114.78, crashing below its November 2008 bear market low and hitting its lowest close since May 1997.
The broad-market Standard and Poor's 500 index shed 26.72 points (3.47 per cent) to 743.33, its lowest finish since April 1997.
The tech-heavy Nasdaq composite slid 53.51 points (3.71 per cent) to 1,387.72, its lowest level since November 2008.
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Hindustan Oil Exp ties up $125 mln term loan from Eni
MUMBAI (Reuters) - Hindustan Oil Exploration Company Ltd said Tuesday it has entered into a loan agreement with Eni Coordination Centre, S.A., Brussels (ECC) for a $125 million term loan.
A loan by way of external commercial borrowing (ECB) will be utilised to part-finance various development activities of the company, it said in a statement.
On Friday, the company had said a consortium of banks had refused to disburse $87 million out of an earlier-negotiated $100 million term loan due to turbulent market conditions and added it is in advanced stages of making alternative arrangements.
At 11:05 a.m., shares in the company rose 2.53 percent to 58.70 rupees in a weak Mumbai market.
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BGR Energy says wins $8.57 mln order from Iraq
MUMBAI (Reuters) - BGR Energy Systems Ltd said it won a contract worth $8.57 million to design, manufacture and supply steel storage tanks from a state-run Iraqi company.
The order for supply of floating and fixed-roof steel storage tanks will be completed in 12 months, it said in a statement on Monday.
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Authorities to crack whip on pharma cos to recover Rs 110 cr
By Soma Das, Indian Express FinanceDistrict collectors will soon start knocking on the doors of the country's top listed pharma companies including, Wyeth Ltd, GlaxoSmithKline Pharmaceuticals and Dr Reddy's Labs for recovery of Rs 110 crore dues payable to National Pharma Pricing Authority (NPPA).
Of this, Wyeth Ltd owes NPPA around Rs 4.4 crore, while GSK Pharma owes Rs 7.5 crore.
The sum has been levied by the drug price regulator for overcharging on the prices of regulated drugs. The NPPA has initiated action against 31 pharma companies through 39 cases in Maharashtra, Andhra Pradesh, Uttar Pradesh, Haryana, Himachal Pradesh, Tamil Nadu, Madhya Pradesh and Gujarat.
An NPPA official said the companies have not only defaulted by selling medicines regulated by it at more than the permitted prices but also failed to act on follow up payment obligations. (More ...)
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NTT DoCoMo twin proposals get nod
Indian Express Finance
The cabinet committee on economic affairs (CCEA) on Monday approved Japanese telecom firm NTT DoCoMo's twin proposal to acquire 27.3% stake in Tata Teleservices Ltd and an open offer for 20.25% equity in Tata Teleservices (Maharashtra) Ltd. NTT DoCoMo will acquire 27.3% stake in TTSL for Rs 12,924 crore and for an open offer in TTML the Japaense firm would shell out Rs 949.07 crore, home minister P Chidambaram said.
The CCEA approval comes after the Foreign Investment Promotion Board (FIPB) had earlier approved the proposal. Subsequently CCEA's approval was needed as is required in cases of investment by foreign companies above Rs 600 crore.
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