India News

Steel Authority of India Ltd (SAIL), which has chalked out a plan to produce 20 million tonne of saleable steel by 2011-12, on Wednesday, said that it was ready to fund Coal India Ltd (CIL), if required, for developing a coking coal mine to augment indigenous coal supply to the company.

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Despite the acute pressure on liquidity, gilts continued its northward movement on Wednesday. Debt investors drew comfort from softening of the oil prices and expectation that the US economic growth figures would slow down next year.

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Sibling rivalry remained the flavour of the Indian corporate story in 2005, with conflicts in at least three families spilling out in the public, but the most engaging of them all was the fight between the Ambanis -- Mukesh and Anil .

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The markets opened strong on the penultimate trading day of 2005 with the benchmark index gaining 61 points in early deals.In the broader markets, the Nifty, firmed up 0.6 per cent or 16 points. It is hovering at 2810 levels.

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The Anil Dhirubhai Ambani group on Wednesday moved to consider the merger of two companies in its fold, Reliance Energy Ventures and Reliance Capital Ventures, with their respective operating companies.

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