Reliance Industries on Sunday, 11 October 2009, responded positively to Anil Dhirubhai Ambani's call to settle all outstanding disputes between them through dialogue and discussion, but added that the contentious gas dispute is a larger national issue and can only be resolved through the Supreme Court. Earlier that day, Anil Dhirubhai Ambani had issued a statement saying that all disputes between him and his brother can be resolved in a constructive and cordial manner.
Their latest dispute is over a deal for Mukesh Ambani's Reliance Industries to sell gas to Anil Ambani's Reliance Natural Resources (RNRL) at below-market rates as agreed in a 2005 family settlement to divide the business following their father's death in 2002.
Anil Ambani move came just days before the Supreme Court is taking up the hearing on the gas dispute between RNRL and Reliance Industries on 20 October 2009.
Housing Development Finance Corporation (HDFC) and Axis Bank will anounce Q2 September 2009 results today, 12 October 2009.
Exide Industries, Sintex Industries, Development Credit Bank, Geojit BNP Paribas, Praj Industries, Sanwaria Agro Oils, TTK Prestige, Astra Microwave Products, are other companies which will announce results today, 12 October 2009.
The Foreign Investment Promotion Board has reportedly approved debt-ridden Jet Airways' plans to raise $400 million through sale of fresh shares to qualified institutions.
India's largest copper maker by sales Sterlite Industries may see action after Shanghai copper rose on Monday, extending Friday's rally. Shanghai's benchmark third-month copper futures contract edged up 0.6% to 49,120 yuan a tonne, building on the 1.3% gain last Friday, the first trading day after the market closed for an 8-day public holiday. Three-month copper on the London Metal Exchange gained $25 to $6,255 a tonne, addding to last week's 6% gain, its strongest in 9 weeks.
The board of Rural Electrification Corporation (REC) will meet on 16 October 2009 to consider a follow on public offer (FPO).
Teva Women's Health of Israel and Warner Chilcott of Puerto Rico have reportedly sued Lupin in separate patent infringement cases in the US. This is being seen as an attempt to block the Indian company's plans to tap the $3.3 billion (Rs 13,860 crore) oral contraceptive market in the US.
Crompton Greaves, a leading manufacturer of electrical products, is reportedly eyeing acquisition in Latin American for about US$ 300 million to 600 million (approximately Rs. 1,400 crore to Rs. 2,800) depending upon the size of the company.
EID Parry (India) has acquired a 76% stake in Sadashiva Sugars, a company promoted by the Ugar Group of Karnataka, for a consideration of about Rs 50 crore. Sadashiva Sugars operates a sugar mill with a capacity to crush 2,500 tonnes of sugarcane a day (TCD) and has 15.5-megawatts (MW) cogeneration capacity. The unit is located at Bagalkot, northern Karnataka.
LG Balakrishnan & Bros has called off the proposed acquisition of Coimbatore-based M M Gears, engaged in the manufacture of Gears & Gear boxes since consensus could not be reached by both parties in the value of the Shares, based on Due Diligence. In July 2009, LG Balakrishnan had announced that it had entered into a share purchase agreement for acquisition of 100% shares of M. M. Gears.
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