Kotak Sec, News Round-up: Oct 22, 2010

Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄


News Round-up
􀁠 The Insurance Regulatory & Development Authority (Irda) has announced an
overnight ban on all universal life insurance plans (ULPs). The regulator has told
insurance cos. that all current Ulps will cease to exist from Oct. 22. (ECNT)
􀁠 The war of words between Cairn India (CAIR IN) and ONGC (ONGC IN) saw the
government-controlled company shooting off another letter to Cairn, seeking details
of Vedanta's financial strength, technical capability and past experience. (BSTD)
􀁠 China said its economy expanded at the slowest pace in 12 months during the Sept.
quarter as a World Bank report tipped it to slow down further in 2011, raising
possibility of India becoming the fastest growing economic power-house next year.
(ECNT)
􀁠 Sistema-Shyam Teleservices has placed a USD 22 mn order with Russian firm Sitronics
for various network related services, including the setting up of the Mobile Number
Portability system. (BSTD)
􀁠 Infosys Technologies (INFO IN) will invest USD 100 mn on establishing a 20,000 seater
campus in Shanghai, China. (BSTD)
􀁠 SAIL (SAIL IN) has issued a fresh tender for its Tasra coal block in Dhanbad,
Jharkhand. (BSTD)
􀁠 An environmental ministry panel has given in-principle approval for Tata Steel's (TATA
IN) proposed USD 4.5 bn steel plant in Chhattisgarh, which has been hanging fire for
over five years now. (FNLE)
􀁠 HCL Info. (HCLI IN) is scouting for acquisitions worth up to USD 100mn in emerging
markets like Africa to expand footprint globally & strengthen its services portfolio.
(ECNT)
􀁠 Hindustan Construction co. (HCC IN) has tied up three separate, but parallel, loans
for USD 733.33mn for its three projects in West Bengal. (ECNT)
􀁠 Essar Shipping, Port Logistics (ESRS IN) will convene a meeting of shareholders on
Nov. 30 to seek their nod for demerger of the cos. shipping, logistics & oil fields
business into a separate entity. (TTOI)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.