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Petronet LNG to buy 1.5 MT a year from Exxon's Aus arm
Petronet LNG, the nation"s largest liquefied natural gas importer, today signed an agreement to import 1.5 million tons of LNG Australia.

ITC results bode well for FMCG firms
Fast moving consumer goods (FMCG) companies are likely to register a modest growth for the July-September 2009 quarter on the back of rising consumer demand which is expected to considerably reduce the impact of a disappointing monsoon on sales. Traditionally, summer and winter months make up 30-40 per cent of any FMCG company’s overall sales.

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Army warms up to Akash missile
India’s long-criticised Akash anti-aircraft missile is now blazing towards success. Its counterparts in the DRDO’s Integrated Guided Missile Development Programme, the Prithvi and Agni ballistic missiles, were on target from the start; the anti-tank Nag missile will also enter service shortly; the Trishul short-range anti-aircraft missile was abandoned unceremoniously. Now, after years of rejection from the military, the Akash is being accepted as a world-class missile.
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BSNL, MTNL directed to continue propping up loss-making ITI

The Union government has directed state-run telecom majors, BSNL and MTNL, to continue placing 30 per cent of their product orders with ITI, the loss-making government undertaking. - Govt in pre-Xmas reforms drive - ITI surges 11% - MNP to be delayed; DoT calls meeting tomorrow - Diversion of cane to gur units led to shortfall this year - Govt urges angel investors to mentor start-ups - Govt denies ombudsman for telecom sector A decision to this effect was approved by the Cabinet Committee on Economic Affairs (CCEA) today. BSNL and MTNL will also continue to give 70 per cent advance payment against orders placed on ITI, so that the latter does not face a working capital problem in executing these orders, subject to some safeguards for properly utilising these advances. CCEA says ITI is to accept orders under the reservation quota only after the price is known and is commercially viable. The earlier reservation benefit of 30 per cent, along with 70 per cent advance to ITI, had expired on September 20. Both telecom PSUs have been requested to extend these benefits to ITI for another year, due to the latter’s poor financial health. It will be reviewed again after a year.


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