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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
Thursday, Jun 12
21:00 4-Week Bill Auction 1 4.08% 4.17%
21:30 USDA WASDE Report 1
22:30 30-Year Bond Auction 1 4.844% 4.819%
Friday, Jun 13
04:00 Business NZ PMI 2 47.5 53.3 Revised from 53.9
14:00 Consumer Inflation Expectations 2 3.2% 3.4%
18:00 Manufacturing Sales (MoM) 1 -2.0% -1.4%
18:00 Capacity Utilization 1 79.8% 79.8%
18:00 Wholesale Sales (MoM) 1 -0.9% 0.2%
19:30 UoM 5-year Consumer Inflation Expectation 2 4.2%
19:30 Michigan Consumer Sentiment Index 3 53.5 52.2
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