Inflation expected to be 6-7% : Pranab Mukherjee

Indian Finance Minister Pranab Mukherjee is expecting the inflation would be 6 to 7%. If it goes below that, then the growth will be adversely affected. This range will be moderated one and this can be taken into account during formulation of policy rates by Reserve Bank of India (RBI).

Earlier the inflation was so high and the food inflation was as high as 22 %. "I had to take corrective measures as these high figures were not desirable," he said. In Feb 2012, inflation as measured on the Wholesale Price Index (WPI) rose to 6.95 %, against 6.55 % in March 2012.

Mukherjee said that the 2012-13 Budget was placed with a view of fiscal consolidation, control of inflation and bringing back India to a right route of sustainable growth.

Tata Motors plans to invest Rs 600 cr for FICV Plant

Tata Motors is planning to invest around Rs 600 cr for setting up of a manufacturing plant to develop Futuristic Infantry Combat Vehicles (FICV)."The development cost of FICV could be around Rs 300 cr and a manufacturing plant for the same could be around Rs 250 cr or 300 cr," Tata Motors Commercial Vehicles Business Unit President Ravi Pisharody reporters here.

Once after getting the confirm orders from Indian government only they are planning to set up a plant to manufacture Futuristic Infantry Combat Vehicles (FICV)

Tata Motors is one among the 4 companies which have received invite to supply around 2,000 units, Pisharody said. Still the tender is yet to be completed so we can’t conclude on the final decision about setting up of the plant.

If everything goes fine then they are planning to set up a manufacturing unit in Karnataka (Dharwad), India.

Tata motors revenues from defence business is expected to be Rs 1,000 cr in this fiscal year, this is 50% increase over the last year. In the next fiscal, they are looking at 25-35% growth. Already the company got order for Rs 250-300 cr to supply landmine protected vehicles for Maharashtra and Jharkhand. Now the firm is in the examining stage to enter into the Middle East market for its defence vehicles. Currently it exports to Nepal, Sri Lanka, Africa and Afghanistan (US agencies).

Bank of Baroda preferential issue of shares to LIC

Bank of Baroda (BOB) Share holders have approved the bank to raise funds through preferential issue. BOB has informed Bombay Stock Exchange (BSE) that the Bank has allotted 1,95,77,304 equity shares at Rs. 840.10 cumulatively to Rs. 1644,68,93,090.40 to Life Insurance Corporation (LIC) of India on preferential basis.
In 2011, the government infused Rs 2,461 crore in the bank. BoB posted 20.7 % rise in net profit at Rs 1,289.85 cr in the 3rd quarter of the current fiscal on the back of better growth in its core income

Stock Name: Bank of Baroda
BSE Script code: 532134
Last Traded Price: Rs 793.65 on EOD March30th2012

ONGC in partnership with ConocoPhillips

India’s one of the leading oil company Oil & Natural Gas Corporation (ONGC) has joined hands with US based ConocoPhillips for exploration and expansion of 19 new deepwater oil & gas blocks. They are planning to explore shale-gas as well. This is going to be a one of the best deal for ONGC to make its company progress steadily.

ConocoPhillips is 3rd largest integrated energy company in US and 5th largest refiner in the world. This partnership between ONGC and ConocoPhillips could result in ONGC offering equity stakes in some of its blocks in India to them. ONGC have been looking for a partner for deep-water technology, shale-gas exploration and development for the past few months, ConocoPhillips agreed for the same.

ONGC chairman and managing director Sudhir Vasudeva, however, said there was no financial transaction between the two companies. “The memorandum of understanding is about getting into technical evaluation of 19 deepwater blocks and also shale gas,” he said. The 1st phase involves assessment of data across Damodar, Cauvery and Krishna-Godavari basins.

Stock name: Oil And Natural Gas Corporation Ltd.

BSE Script code : 500312

Last Traded Price: 267.30

ONGC share was up by 2.45 % at the end of day March30th 2012