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Essar in talks to buy 3 Shell refineries
Essar Oil is in talks with Royal Dutch Shell to buy two of its refineries in Germany and one in the UK.

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Dissecting policy-making
Among professional Indian economists, C Rangarajan comes next only to Prime Minister Manmohan Singh in terms of the number of years spent in economic policy-making. His professional life, like that of the PM, began in academia. Both chose to be teachers and ended up in government. Both served as governors of the Reserve Bank of India (RBI). Both worked closely together during the crisis months of 1991-92. One went on to become prime minister, the other almost became union finance minister!

News of the day

Ministers join Telangana protest
The political crisis in Andhra Pradesh worsened on Saturday when 20 ministers of the state cabinet from non-Telangana regions decided to resign to protest the formation of the separate state of Telangana.
Small Business

Vijaya Bank's authorised capital doubles to Rs 3,000 cr

Bangalore-based public sector lender, Vijaya Bank has informed the Bombay Stock Exchange (BSE) that its authorised capital has been increased from Rs 1,500 crore to Rs 3,000 crore. The bank has a network of 1,132 branches in the country. - Sun TV up on restructuring plans - Nalco up on hike in prices - RIL makes third discovery in K-G block - BSE brokers express reservations on timing - Markets snap 3-day losing streak, Sensex up 91 points - Open offers for Great Offshore conclude The bank had reported a 7.3 per cent growth in its total business at Rs 95,878 crore for the quarter-ended September 30, 2009 compared to the same period last year. Deposits grew by 10.4 per cent to Rs 58,115 core, while advances were marginally up by 2.8 per cent to Rs 37,763 crore. Priority sector advances of the bank aggregated to Rs 13,344 crore. Within priority sector advances, agricultural loans were of the order of Rs 4,305 crore, while loans to MSME sector clocked a 18.87 per cent growth to reach Rs 4,895 crore. Vijaya Bank’s Casa (current account and savings account) portfolio constitutes 24 per cent of the deposits. The bank has been looking at increasing it further to 25 per cent by end of March 2010.


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