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Market Update
The board of Binani Industries in its meeting on 06 October 2010 decided to acquire / purchase the entire public equity shareholding of its subsidiary, Binani Cement by giving an exit opportunity to the public shareholders of Binani Cement.
Stocks Report
  • Movies and music distributor Eros International Media also debuts on the bourses today. It had priced its IPO at Rs 175 per share. 

  • ICICI Bank has increased its base rate by 25 basis points (bps) to 7.75%. It has also increased its deposit rates by 25-50 bps effective 6 October 2010. Andhra Bank has hiked its base rate by 25 bps to 8.5%. 

  • Federal Bank has reportedly hiked its base rate by 25 bps to 8% and Canara Bank has increased its base rate by 50 bps to 8.5% effective 1 October 2010. Also, UCO Bank has hiked base rate by 50 bps to 8.5%. 

  • The Cabinet Committee on Economic Affairs (CCEA) has reportedly given its go-ahead to divestment of Shipping Corporation of India (SCI). It approved issue of fresh equity of 10% by SCI of its existing equity and sale of 10% of the existing equity out of the government shareholding. 

  • The income tax department has reportedly raised a demand of about Rs 570 crore on Mahindra Satyam for illegally claiming tax credit on fictitious income between 2003-04 and 2008-09. 

  • Godrej Properties has signed a development agreement for a 1.35-acre plot in Chembur, Mumbai. The property, which is on the Sion-Trombay highway, has development potential of around 1,50,000 sq. ft. 

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