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Cairn India May Edge Higher As ONGC gives NOC for Sale to Vedanta

  • Cairn India may attract buyers after the state-owned Oil and Natural Gas Corporation has reportedly given a no objection certificate (NOC) to British oil firm Cairn Energy's sale of a majority stake in its Indian unit to Vedanta Resources, paving the way for conclusion of the $8.71 billion deal in the next few days.Reliance Industries has reportedly asked for a 50% rise in the price of natural gas produced from new discoveries at its KG-D6 block, but the government has ruled out an immediate price revision and asked the company to reassess the economics of the block.Hindalco Industries is reportedly making an additional investment, equal to the $5-billion capex under way, to more than double its aluminium production capacity by 2016.
  • DLF acquired the entire 26% stake of its partner Hilton International in the hospitality joint venture DLF Hotels & Hospitality for an estimated Rs. 120 crore.Bayer AG's healthcare unit reportedly said it settled trademark infringement cases with Cipla and Vanuatu-based website operator Archipelago Suppliers concerning the German drugmaker's pet products.Shares of organised retailers Koutons Retail (India), V2 Retail, Pantaloon Retail India, Shoppers Stop, Store One Retail, Provogue (India) and Trent will be in focus as Finance Minister Pranab Mukherjee will make a statement regarding foreign direct investment (FDI) in retail. However, Pranab Mukherjee had assured Mamata Banerjee that FDI in retail would be put on hold and nothing will be done on this unless a consensus was reached.IndusInd Bank is reportedly in talks with Aviva Life to acquire a minority stake in the company. The Dabur Group, which holds 74% stake in the life insurance company, would dilute 3-5% stake if the deal works out.

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