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Corporate Front Page:
- L&T is targeting its power division to add sales of about US$3bn by 2015 compared to US$400mn currently. (FE)
- The Department of Telecom has rejected RCom's application for additional 2G spectrum. (BL)
- BHEL has bagged Rs122bn equipment supply contract from Rajasthan state utility, Rajasthan Vidyut Utpadan Nigam, beating competition from Chinese supplier Dong Fang. (FE)
- HDFC plans to sell US$1.5bn one-year bonds. (FE)
- Tata Steel plans to issue 57 million shares through FPO. (FE)
- Singtel hikes stake in Bharti Airtel to 32.2%. (ET)
- Essar Oil has started gas production from its Raniganj CBM block in West Bengal. (BS)
- Apollo Tyres has decided to increase its investments into the Chennai factory to Rs21bn / Rs23bn as against its originally committed investment of Rs4.5bn announced in August 2006. (FE)
- iGate has made an open offer to acquire another 20.6% in Patni Computer Systems. (BS)
- Allahabad Bank will be raising capital of Rs26bn under Tier-II during the current quarter. (FE)
- Biocon’s initial data from late stage clinical trials on its experimental oral insulin drug for diabetes did not meet the desired results. (FE)
- Norges Bank, on behalf of the Norwegian Government Petroleum Fund has mopped up additional shares in Lanco Infratech. (FE)
- Lanco Infratech Ltd has announced that Lanco Kondapalli Power Private Ltd, a subsidiary of the company, has achieved financial closure for the expansion project near Vijayawada in Andhra Pradesh. (BL)
- IndusInd Bank has raised interest rates for its term deposits by 25 basis points. (FE)
- SKS Microfinance reduced interest rates on loans to 24.55% across the country. (FE)
- Parsvnath Developers has raised Rs1bn by selling 49.9% stake in a housing project at Ghaziabad to private equity firm Sun Apollo. (FE)
- Tata Communications entered into a definitive agreement to acquire California-based video delivery network firm BitGravity. (FE)
- Petronet LNG is likely to buy four spot LNG cargoes in Jan-March quarter. (BS)
- IDFC is planning to raise Rs29bn by selling bonds to retail investors. (ET)
- Educomp Solutions has formed a JV with US-based Zeebo and Lakshya Digital to sell devices with educational content in India. (BS)
- Container Corporation of India may hive off its upcoming logistics park and offload up to 51% equity in each of them to a partner from among customers, landowners or logistics players. (BS)
- Hexaware Technologies announced 1:1 bonus and 50% interim dividend. (ET)
- Reliance Broadcast Network plans to buy Imagine Showbiz, a Bollywood music and entertainment channel. (ET)
- Jet Airways will restore salaries of employees slashed during the downturn of 2008. (ET)
- Jyothy Laborataries is in talks with private equity firms to raise close to Rs1-1.5bn for its laundry business in its 75% subsidiary, Jyothy Fabricare Services. (FE)
- Aurobindo Pharma has entered into a deal to divest majority stake in its Chinese subsidiary to China's largest pharmaceutical and healthcare group, Sinopharm for an undisclosed amount. (FE)
- A consortium of Ramky Infrastructure, in a 50:50 joint venture with IL&FS Transportation Networks, has closed the requisite funding for a road project in Andhra Pradesh. (BL)
Economy Front Page:
- The finance ministry is likely to impose service tax on health and education in the forthcoming Union Budget at a rate lower than the 10% currently levied on 117 services. (FE)
- Rising price of coal in the international market, reluctance of state electricity boards to buy costly power generated from imported coal have forced several power companies to cut down their over all electricity generation. (FE)
- The Gujarat government is set to ink MoUs worth over Rs200bn with the biggest names in India Inc during the ongoing Vibrant Gujarat Global Investment Summit. (FE)
- The government is proposing to bring in a new law modeled on the Forests Rights Act to establish rights of fishermen on the coastal areas and resources found therein. (FE)
- India-Colombia trade in 2011 is likely to surpass US$1bn. (FE)
- Disparity in tariff offers to developers of solar power projects may derail the government's ambitious Jawaharlal Nehru Solar Power Mission-2022, with many state nodal agencies, responsible in facilitating green energy generation, objecting to more financial outgo towards 80 mw of solar photo voltaic generation. (FE)
- Bank chiefs have asked the Reseve Bank of India to cut the statutory reserve requirements to tide over the tight liquidity. (BL)
- Ahead of the Budget, Society of Indian Automobile Manufacturers today asked the government to retain excise duty on small cars at the current level of 10% even though the industry witnessed good growth this fiscal. (ET)
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