Essar Steel to raise $2 bn to prepay rupee debt

Essar-SteelMumbai, August 1 : Essar Steel is planning to raise $2 billion through "pre-export finance" and the money will be used for early repayment of rupee debt.

Pre-export finance is the money that is lent against confirmed orders from overseas foreign buyers.

"The move to raise $2 billion will help de-risk the company's balance sheet as the revenues of Essar Steel are dollar denominated or dollar linked and hence provides as a natural hedge for dollar debt," Essar Steel said in a statement.

The company said it had already received necessary approvals for the plan.

Reliance Communications operating income up by 3.6 percent in Q1

Reliance-CommunicationsMumbai, August 1 : Reliance Communications operating income went up by 3.6 percent during the first quarter (April-June) of 2013-14, the company said here Thursday.

It posted Rs. 5,315 crore operating income for the first quarter against Rs. 5,130 crore posted during the fourth (January-March) quarter of the last fiscal.

The company posted Rs. 1,701 crore earning before interest, taxes, depreciation and amortisation (EBITDA) in April-June quarter, which is two percent higher than the previous quarter's Rs. 1,668 crore.

TVS Motor's July sales down

TVS-MotorChennai, August 1 : Two- and three-wheeler maker TVS Motor Company Ltd sold a total of 15

Telangana creation will take six months: Shinde

Sushilkumar-ShindeNew Delhi, August 1 : The process to create the new state of Telangana would be completed in around six months, union Home Minister Sushilkumar Shinde said Thursday.

"The new state (Telangana) will be formed as per constitution. The process should take between five-and-half to six months," Shinde told reporters here.

"There will be no all-party meet. People can come and give their suggestions to the government on the issue," he said.

Finally, 'Chennai Express' gets MNS green signal

Chennai-ExpressMumbai, August 1 : Maharashtra Navnirman Sena (MNS) chief Raj Thackeray Thursday waved the green flag for the hassle-free release of Shah Rukh Khan-Deepika Padukone starrer "Chennai Express" in Maharashtra.

The development came a day after the MNS Chitrapat Sena (Film Wing) threatened to disrupt and stop its release Aug 8 as it reportedly attempted to dislodge ongoing popular Marathi movies from single-sreen cinemas in the state.

Toyota Kirloskar sales down in July

Toyota-KirloskarChennai, August 1 : Japanese-Indian car joint venture Toyota Kirlosk

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