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Tuesday, January 20, 2009

Vedanta offers to buy balance 20% in Madras Aluminium

Vedanta Resources Plc, owned by Anil Agarwal, has offered to acquire the balance 20% equity stake in Madras Aluminium Co. Ltd.

Vedanta group firm Twinstar Holdings Ltd., which owns 80% of Madras Aluminium, has made the offer as per SEBI (Delisting of Securities) Guidelines, 2003.

For the quarter ended December, Madras Aluminium posted a net loss of Rs71.3mn as against a net profit of Rs147.1mn in the same period last year. Net sales for the fiscal third quarter inched up 6.8% to Rs1.18bn from Rs1.1bn in the year-ago period.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Monday, Jun 30
06:30 ANZ Activity Outlook 1 34.8
06:30 ANZ Business Confidence 1 36.6
06:30 TD-MI Inflation Gauge (MoM) 1 -0.4%
06:30 TD-MI Inflation Gauge (YoY) 2 2.6%
07:00 Private Sector Credit (MoM) 1 0.7% 0.7%
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