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NHPC replaces NEEPCO to build Manipur's Tipaimukh Dam
Obliging Manipur government"s request, the Centre has appointed the state-owned National Hydro-electric Power Corporation (NHPC) as the implementing agency for the 1500 MW multi-purpose Tipaimukh hydro-electric project in Manipur, official sources said here today.

RIL may make firm bid for LyondellBasell in Feb
Reliance Industries (RIL) may make a firm bid to acquire bankrupt chemicals and fuel maker LyondellBasell Industries AF in February 2010 after $20 billion of debt owned by the troubled firm is restructured.

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State's cotton crop likely to rise 15%
Despite recent floods in northern districts and subsequent damage to the standing crops, Karnataka, the sixth largest producer of cotton in the country, is likely to increase its cotton output this year by around 15 per cent to a little over one million bales (1 bale = 170 kgs). The state, which produced 900,000 bales of cotton from 390,000 hectares in 2008-09, had earlier set a target of 25 per cent growth in cotton output and 21 per cent increase in area under cultivation at 490,000 hectares.
International Business

Gold may touch Rs 18,000 by Diwali: Assocham

Gold is likely to touch Rs 18,000 per 10 grams during the forthcoming festival season as the demand for the yellow metal peaks around Diwali time, according to a projection by industry body Assocham. - Don't be bold on gold - Looking closer at gold funds - Gold ETF volumes take a big leap - Gold ETF outshines Sensex, posts 35% returns - Anger against huge exec payouts "appropriate": Goldman chief - Titan: Profits may lack lustre Gold prices is expected to increase by Rs 2,000 per 10 grams by Diwali, which is followed by a marriage season in the country, it said. Currently, gold prices are hovering around Rs 16,000 per 10 grams. "The bullion is likely to gradually see spurt in its prices and stay around Rs 18,000 per 10 grams by Diwali," Assocham President Sajjan Jindal said. This is due to the fact that more and more investors are flocking to take refuge to gold as an asset class as it happens to be the best bet against rising inflation, Assocham said. The high valuations of stocks and its attendant risk have by and large motivating investors to part shift to gold as an investment class, it said. The chamber has suggested that those who want to invest in gold, should not purchase jewellery but instead buy the metal from Singapore or Dubai in form of bars. It also said buying pure gold from banks is costly because one has to pay about 25 per cent more than the market price.


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