• Asian shares fall, US raises concern over elevated jobless rate
• RBI to meet bankers today
• Cairn India strikes oil in Krishna Godavari basin
• Zee Entertainment to meet on buyback
• BSE chief Madhu Kannan to join Tata Sons
• Government roadshow in Gulf countries to attract foreign money
• Presidential directive to Coal India on fuel supply
• Unity Infraprojects wins orders worth Rs 840 crore
Asian shares fall, US raises concern over elevated jobless rate
Asian shares fell on Wednesday despite US reporting strong automobile sales. Key indices in Japan, Korea and Taiwan were down at least one per cent. Overnight in US, shares ended lower as minutes of a meeting of US Federal Reserve policymakers indicated concerns over elevated jobless rate. This was despite a slightly better growth rate. Export-oriented Asian economies rely on US consumption growth. Fewer US jobs mean lower growth prospects.
RBI to meet bankers today
The Reserve Bank of India will meet bankers today. The consultation is part of a process initiated by the central bank ahead of the annual credit policy scheduled for 17 April 2012. Analysts and economists are divided over the expectation of a rate cut in April. Industry association Assocham wants a 0.5 per cent cut in repo rates. RBI met industry representatives on Tuesday.
Cairn India strikes oil in Krishna Godavari basin
Cairn India struck oil in appraisal well in the Krishna-Godavari oil block. Cairn management indicated in the third quarter to December 2012 that the drilling was on in the KG block. Cairn India holds 49%, ONGC holds 51% in the KG block. KG block is located in Krishna-Godavari basin in Andhra Pradesh
Zee Entertainment to meet on buyback
Zee entertainment board is expected to meet today to discuss a potential buyback of shares. Zee had net cash of Rs 1,050 as of December 2011. Shareholders had earlier approved for a buyback limit at Rs 700cr. The company recently concluded a buyback worth Rs 232cr through open market purchases.
BSE chief Madhu Kannan to join Tata Sons
Madhu Kannan, chief executive officer of the Bombay Stock Exchange, is leaving Asia's oldest stock exchange to join Tata Sons as group head of business development. Tata Sons, which controls the salt-to-software Tata Group, India's biggest business house, said in a statement that Mr. Kannan, 38, will report to deputy chairman Cyrus Mistry.
Government roadshow in Gulf countries to attract foreign money
Aiming at $75-billion investment from foreign retail investors in equity and bond markets, the Finance Ministry is planning to organize roadshows in five Gulf nations, including Kuwait and the UAE this month. The ministry will organise roadshows by the end of this month in five Gulf countries -- Bahrain, Oman, Kuwait, the UAE and Saudi Arabia, to attract Qualified Foreign Investors (QFI) in the securities market
Presidential directive to Coal India on fuel supply
The United Progressive Alliance government on Tuesday issued a Presidential directive to Coal India Ltd (CIL) to sign fuel supply agreements (FSAs) with power producers assuring them of at least 80 per cent of the committed coal delivery. The move comes after the state-owned company failed to meet a March 31 deadline set by the Prime Minister's Office for it to enter into agreements with power producers that have been were facing a fuel crunch.
Unity Infraprojects wins orders worth Rs 840 crore
Engineering and construction firm Unity Infraprojects today said it has bagged two orders worth Rs 840 crore. The orders relate to development of National Highways Authority of India (NHAI) roads. The first Rs 330 crore project entails development and operation of Suratgarh- Sriganganagar section of NH-15 in Rajasthan for a concession period of 11 years. The second Rs 510 crore project involves four-laning of Punjab/ Haryana Border-Jind section of NH- 71 for a concession period of 27 years.