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Sensex rises on RBI-speak, telecom stocks
Fear of rising inflation dragged the Sensex into the red at the beginning of the trading day. However, Reserve Bank of India governor D Subbarao"s positive comments perked investor sentiments in noon trades.

Haryana Finance Corporation told to refund money
The Supreme Court (SC) last week asked the Haryana Financial Corporation to refund the amount received from a buyer of a defaulting unit as it had not disclosed certain vital facts to the buyer. The corporation had forfeited the amount when the buyer withdrew from the contract of sale. The SC stated in the case, Haryana Financial Corporation vs Rajesh Gupta, that a “mere perusal of the provisions of the Transfer of Property Act will show that it was incumbent upon the corporation to disclose to the buyer about the non-existence of an independent passage to the unit. It was also the duty of the corporation to inform the buyer that the passage mentioned in the revenue record was not fit for movement of vehicles. The corporation also failed to show the buyer the entire documentation as required by law.”

News of the day

Vedic row: Alleged land shark among 6 arrested
A man allegedly involved in illegal land acquisition for the controversial Vedic village resort near New Kolkata township was arrested along with five others from Bankura by a North 24 Parganas police team today.
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India Cements to raise stakein Indo Zinc

The southern cement major India Cements is going to considerably increase its recently acquired holding in Indo Zinc in Rajasthan. Indo Zinc holds a limestone mining lease in Rajasthan — an indispensable input for manufacturing cement. Sensex ends up 35pts N Srinivasan, managing director, India Cements, said: “We have implemented our Rajasthan project under Indo Zinc and the company is going to infuse a lot of money in terms of equity to take our holding in Indo Zinc significantly higher.” The company also has kept its option to acquire the entire stake in the future. The recent acquisition has put the total valuation of Indo Zinc at Rs 10 crore. India Cements has announced a capex plan of Rs 600 crore for the Rajasthan project, which also includes a 20-Mw captive power plant. Half of it will come in terms of equity and the rest will be from debt. The orders for equipment have already been placed and construction has begun. The company expects to operationalise the plant by the middle of next year. India Cements has a capacity of 13.5 million tonnes per annum, which will rise to 15 million tonnes once the Rajasthan project becomes operational.


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