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India’s biggest iron ore manufacturer, NMDC, shall fix on its projected joint venture with ArcelorMittal, initially next month.

The joint venture shall be crafted out for the growth of iron ore mines based at Senegal entailing reserves of approximately 750 million tones. Primarily the fabrication from the mines might be in tune of two million tones, on a yearly basis.

According to Rana Som, chairman and managing director of NMDC, during an interactive meeting planned by the Merchants’ Chamber of Commerce said that they are functioning with a co-operative approach.

Sturdy credit augmentation and steady margins aided HDFC Bank in reaching a 34 per cent plunge in net profit which is at Rs 812 crore for the quarter closing June 30. In the similar period last year, the bank earlier recorded a net profit of Rs 606 crore.

Gross proceeds for the quarter increased by 42 per cent out of which, approximately 10 per cent incline in advances was owing to short-term comprehensive loans to the telecom domain. The augmented loan built-up during the quarter of March was 16 per cent.

The State Bank of Travancore has declared its first quarter financial results for the fiscal year 2010-11. The company has posted a net profit of Rs 149.80 crore for this quarter.

The net profit of the firm was reported to be Rs 179.59 crore for the same quarter last year. Hence there has been a decline of 17% in the net profit figure this time against last year’s record.

The SBT officials have informed that higher provision is one of the major causes of this decrease in the net profit figure. to market movements, and higher staff expenses due to the wage division has been another cause of this declined profit.

To gather rival party support on the Goods and Services Tax, today the Finance Minister Pranab Mukherjee invited three top Bharatiya Janata Party leaders — LK Advani, Sushma Swaraj and Arun Jaitley on lunch.

One of the leaders attended the lunch meeting expressed that approximately 95 per cent of the dialogue was on how to craft the level of GST more pleasant. While just 5 per cent of the time was exhausted on the matter of shortening the tax holiday presented to Himachal Pradesh and Uttarakhand.

Broad modifications to India's conquest regulations, projected to fetch domestic markets on parity with worldwide best performances are nearing the corner. A committee allotted by the Securities and Exchange Board of India projected to augment the porch for conquest to 25% from the recent 15%, apart from increasing the size of the ensuing obligatory open offer to permit every investor to join.

According to the report rolled out by the Takeover Regulations Advisory Committee it recommends the most momentous modifications to the SEBI.

According to the Union Finance Minister Pranab Mukherjee on Monday expressed that an 8.5 per cent GDP development for the recent fiscal would portend good for the nation in the current financial year.

However he also cautioned that the condition might modify radically if the financial disaster in Europe were to escalate.