The government has notified the procedures for the recently allowed export of five lakh tonne of sugar. Bajaj Hindustan and Balrampur Chini have together got a quota of more than 33,000 tonne. The export quota of five lakh tonne has been pro-rated among sugar factories by taking into account their three years average production. The government had allowed export of five lakh tonne of sugar after it became reasonably certain that domestic sugar production for the current sugar year (October-September) will be in excess of 24.5 million tonne against domestic demand of 23 million tonne.
Patni- iGate deal hit by procedural delays
A stake sale deal between Patni Computers Systems and iGate is on course, but has been delayed due to procedural issues such as tax related developments and offshore transaction fees. There is no disagreement between the three Patni brothers and iGate on a non-compete fee. Patni board met for the first time to discuss the stake sale issue and the discussion was very general.
Arvind to boost its fashion quotient with US Mossimo
Arvind is launching American youth brand Mossimo owned by Iconix Brand Group in May through its discount apparel chain Megamart. Megamart is the Rs.300 crore retail subsidiary of textile firm Arvind. Arvind has been tying up with international brands, adding Gant, US polo, Izod and Energie for its lifestyle brands division that included only Arrow and Flying Machine until 2006. The group operates 160 Megamart stores that sell 200 brands at discounts, including American Family brand Cherokee.
Manufacturing growth slows to 3-month low
India’s manufacturing sector expanded at a slower pace in December than in the previous month, indicating that growth may have peaked in Oct 2010, a survey showed. Purchasing managers index (PMI) for Nov 2010, compiled by HSBC Holdings and Markit Economics, dropped to 56.7 in Dec 2010 from 58.4 in Nov 2010.
An index, level above 50 indicates expansion, and higher the index above that threshold greater the growth. A reading of less than 50
indicates a contraction in manufacturing. Manufacturing industrial growth rose to 10.4 percent in Oct 2010 from 4.4 percent in Sep 2010.
But advance indicators seem to give a mixed signal for Nov 2010. The output of six key infrastructure sectors grew 2.3 percent in Nov 2010 from a year ago, the slowest pace in the last 21 months. The six core industries, crude oil, petroleum refining, coal, electricity, cement and finished steel have a combined weight of 26.7 percent in the index of Industrial production.
Patni- iGate deal hit by procedural delays
A stake sale deal between Patni Computers Systems and iGate is on course, but has been delayed due to procedural issues such as tax related developments and offshore transaction fees. There is no disagreement between the three Patni brothers and iGate on a non-compete fee. Patni board met for the first time to discuss the stake sale issue and the discussion was very general.
Arvind to boost its fashion quotient with US Mossimo
Arvind is launching American youth brand Mossimo owned by Iconix Brand Group in May through its discount apparel chain Megamart. Megamart is the Rs.300 crore retail subsidiary of textile firm Arvind. Arvind has been tying up with international brands, adding Gant, US polo, Izod and Energie for its lifestyle brands division that included only Arrow and Flying Machine until 2006. The group operates 160 Megamart stores that sell 200 brands at discounts, including American Family brand Cherokee.
Manufacturing growth slows to 3-month low
India’s manufacturing sector expanded at a slower pace in December than in the previous month, indicating that growth may have peaked in Oct 2010, a survey showed. Purchasing managers index (PMI) for Nov 2010, compiled by HSBC Holdings and Markit Economics, dropped to 56.7 in Dec 2010 from 58.4 in Nov 2010.
An index, level above 50 indicates expansion, and higher the index above that threshold greater the growth. A reading of less than 50
indicates a contraction in manufacturing. Manufacturing industrial growth rose to 10.4 percent in Oct 2010 from 4.4 percent in Sep 2010.
But advance indicators seem to give a mixed signal for Nov 2010. The output of six key infrastructure sectors grew 2.3 percent in Nov 2010 from a year ago, the slowest pace in the last 21 months. The six core industries, crude oil, petroleum refining, coal, electricity, cement and finished steel have a combined weight of 26.7 percent in the index of Industrial production.
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