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Headlines
• RBI has reduced the SLR by 100bps to 24% for regional rural banks with effect from
Dec 18. (ET)
• ONGC plans to raise its stake in Pawan Hans Helicopters Ltd from 21% to 49%
at an investment of about Rs0.9bn. (ET)
• NTPC has signed power purchase agreement with Grid Corp. of Orissa for sale of
power from central sector’s proposed projects in Orissa, West Bengal and Bihar.
(Mint)
• Tata Steel UK has borrowed US$2.9bn of five year loan to refinance loans taken to
buy Corus Group Plc. (FE)
• IGate is reportedly set to acquire Patni Computer Systems for US$1bn at a price
of around Rs525 per share. (ET)
• Union Bank of India has raised its base rate by 50bps to 9% with immediate
effect, the bank expects funds worth Rs11.5bn from the government by March 11 to
boost its Tier-I capital. (BL/ET)
• KEC International has won orders worth Rs10.2bn including three transmission
projects worth Rs5.4bn from Rajasthan Rajya Vidyut Prasaran Nigam, Power Grid
Corp. of India and South Africa’s Escom. (ET)
• Aventis Pharma has completed the sale of its 49% stake in Chiron Behring
Vaccines to its JV partner Novarits Vaccines & Diagnostics for Rs1bn. (ET)
• Lanco Infratech is hiving off its power business into a separate company with the
aim to enter the capital market with an IPO in 2012 to finance its growth plans. (ET)
• Hyundai Motors India plans to spend about Rs4bn to build 0.15m greenfield diesel
engine plant in the country. (ET)
• Sistema Shyam plans to invest Rs1.5bn in networks, marketing and retail set up in
UP east and west circles. (ET)
• Dishman Pharma has won a US$50m deal from a European multinational for
supply of cardiac drug ingredients. (ET)
• Nandi Economic Corridor Enterprises plans to raise Rs20bn through an IPO to
part finance the construction of 99 km expressway between Bangalore and Mysore.
(ET)
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