5 Feb- news update: Kotak Securities

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Economy News  The civil aviation ministry will seek Rs 1,000 crore in the upcoming budget for creating an 'air services fund', which it intends to use to support airlines offering connectivity to underserved regions of the country, a senior ministry official said. (ET)  Batting for small savers, Reserve Bank of India Governor Raghuram Rajan said the yearly investment limit of Rs150,000 in long-term tax saving instruments should be raised. (BL)  The government is likely to increase the lock-in period for Public Provident Fund (PPF) by at least two years, reports sources. (ET) Corporate News  HDFC Bank Ltd has started the process of raising Rs100bn from domestic qualified institutional investors and foreign investors after it received a formal approval from the foreign investment promotion board (FIPB) earlier, four people familiar with the development said. (Livemint)  Mahindra & Mahindra, the Hero group and a French shipbuilder have started separate discussions with the promoters of Pipavav Defence & Offshore Engineering to purchase a 19% stake in the company that has facilities to build warships, submarines and LNG carriers, three people with direct knowledge of the matter said. (ET)  The government can pass a final order to merge crisis-hit National Spot Exchange (NSEL) with its holding company Financial Technologies (FTIL) under Section 396 of the Companies Act, 1956, in eight weeks from Wednesday. (ET)  Vedanta Group has bid for the most number of 14 coal mines out of 23 on offer in the first round of auction. Aditya Birla Group put in 15 bids for 8 blocks while Naveen Jindal-led JSPL, which was the worst hit by the cancellations of coal block allocations by the Supreme Court, put in 13 bids for 6 blocks. Adani bid for six. (ET)  Reliance Industries Ltd. (RIL) has raised $750 million through 30-year overseas bonds to meet ongoing capital expenditure programmes. (BL)  Dr Reddy's Laboratories is set to expand the capacity of three of its bulk drugs and intermediates manufacturing plants located in Telangana, with a combined investment of Rs 820mn. (ET)  The Delhi high court reserved its verdict on the pleas of former Naveen Jindal and his company Jindal Steel and Power Ltd (JSPL) challenging a coal ministry order which changes end-use of two coal blocks, earlier allocated to it, to power from steel and sponge iron. (Livemint)  Renewable energy service provider SunEdison has set up an 8 MW solar power plant at a cost of Rs660mnat the facility of Brakes India Ltd. Brakes India Executive Director (Operations and Finance), S Kesavan said the power generated would address the needs of the foundry. (ET)