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UB Group hikes loan limit for Kingfisher

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February 18, 2013


19:09  To accommodate further lending to debt-laden Kingfisher Airlines, its group holding firm United Breweries today said it is hiking its loan limit for the ailing carrier from Rs 300 crore to Rs 750 crore.
UB Holdings has sought approval from its shareholders to revise the lending limit for Kingfisher and to authorise its board of directors to take necessary actions in this regard, the company said in a regulatory filing.
18:40  India plans 3rd round of airwave auction

India plans to hold a third round of auction of unsold mobile phone airwaves in 18 telecommunication zones immediately after it completes a sale in other zones in March, to comply with a court order, a senior government official said on Monday.
The telecommunications ministry is also considering increasing the quantum of airwaves it has put on block in the Karnataka and Rajasthan zones in the auction due in March, R. Chandrashekhar, secretary at the ministry said.
The Supreme Court last week directed the government to auction all airwaves that would be vacated after cancellation of 122 zonal permits, which it had earlier ordered to be revoked after a massive scandal over a 2008 sale.
18:39  Samsung gets Rs 220 cr deal from L&T Metro

Korean technology firm Samsung SDS Company secured Rs 220 crore order from L&T Metro Rail (Hyderabad), an arm of infrastructure firm L&T, for setting up automatic fare collection (AFC) system for the Hyderabad metro rail project coming up at Rs 14,132 crore.
Samsung has implemented similar AFC projects across several countries including three in India at Delhi metro, Bangalore metro and Jaipur metro.
18:33  Out to woo Indian businesses and students, British Prime Minister David Cameron today announced his country would introduce same-day visa services for investors and said there would be no limit on the number of students from here studying there.
"We have the biggest visa operations anywhere else in the world right here in India. I announce that we are going to introduce for businesses a same-day visa service to those who want to come to our country and invest...," Cameron told India Inc at Hotel Taj.
On the issue of Indian students in Britain, he said there is "no limit" on the number of Indian students who can come and study in universities there and also no cap on the length of time they can stay and work in graduate-level jobs after they qualified.
Cameron, who is accompanied by the largest-ever trade delegation, also said India should continue to reduce trade barriers to create better opportunities for British companies.
18:13  After touching one-month low level, the rupee today recovered to end four paise higher at 54.18 on late dollar-selling and capital inflows.
The rupee resumed lower at 54.43 per dollar as against the last weekend's level of 54.22 at the Interbank Foreign Exchange (Forex) market. It moved down further to one-month low of 54.44 on dollar demand from banks and importers on the back of higher dollar in overseas market.
However, it recovered afterwards to 54.15 before ending at 54.18, up 4 paise, on late dollar sales from banks and exporters, amid persistent capital inflows into stock market.
17:52  British Prime Minister David Cameron called on India to further open up to foreign investment and loosen regulations that hamper businesses, saying Monday that the countries' "special relationship" could blossom into a powerful economic partnership.
On his second visit, Cameron led a delegation of more than 100 British CEOS and investors and stopped first in Mumbai, India's financial capital. He is to continue to New Delhi and meet with Prime Minister Manmohan Singh on Tuesday.
17:40  Various private universities have come under the scanner of the central revenue department for alleged service tax evasion worth several crores.
The Directorate General of Central Excise Intelligence and Central Economic Intelligence Bureau have started a discreet probe in the matter, official sources said.
The officials suspect that various private educational institutions are flouting norms set by University Grants Commission and other government agencies for running their campuses in various states across the country and some abroad.
17:35  Britain's Royal Mint has started to manufacture gold sovereign coins in India for the first time in almost 100 years, it said on Monday.
Indian residents have been unable to buy commemorative sovereigns since 1918, when the Royal Mint operated a branch in the country, producing 1.3 million coins in a single year.
The first production run will be for 50,000 pieces and will be available in the market immediately, the Royal Mint said in a statement that coincided with British Prime Minister David Cameron's visit to India.
The commemorative sovereigns will be produced by Indian gold producer MMTC-PAMP using tools and techniques developed by the Royal Mint in its South Wales facility.
17:33  Britain's Royal Mint has started to manufacture gold sovereign coins in India for the first time in almost 100 years, it said on Monday.
Indian residents have been unable to buy commemorative sovereigns since 1918, when the Royal Mint operated a branch in the country, producing 1.3 million coins in a single year.
The first production run will be for 50,000 pieces and will be available in the market immediately, the Royal Mint said in a statement that coincided with British Prime Minister David Cameron's visit to India.
The commemorative sovereigns will be produced by Indian gold producer MMTC-PAMP using tools and techniques developed by the Royal Mint in its South Wales facility.
17:28  Oil Minister M Veerappa Moily today ruled out a roll back in the Rs 1.50 a litre hike in petrol and 45 paisa per litre increase in diesel rates saying only a small raise has been passed on to consumers.
The first hike in petrol price in over three-and-a-half months and the second rise in diesel rates in one month exclude local sales tax or VAT, making the cost for consumers even higher.
17:26  Mumbai International Airport (MIAL), the operator of the Chhatrapati Shivaji International Airport (CSIA) in Mumbai has entered into a 10 year contract with Wipro Infotech, the India and Middle East IT business unit of Wipro for providing IT services for the new integrated terminal T2.
Wipro will be responsible for complete IT management for T2 for a period of 10 years.
This partnership will enhance customer experience and satisfaction through the use of IT. Wipro will be responsible for providing managed services across the entire IT landscape at MIAL and delivering high availability and operational efficiency across all the critical airport processes.
17:24  
The central trade unions today remained firm on their call for a two-day strike despite an appeal from the Prime Minister even as they were set to meet senior Union Ministers tonight on his assurance of looking
into their demands.
Prime Minister Manmohan Singh had made an appeal yesterday to all the 11 trade unions to withdraw their call for a nation-wide strike from February 20, saying that it would cause loss to the economy and inconvenience to general public.

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