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  • MARKET NEWS HIGHLIGHTS MAR 10th, 2010

    Minister of state for Petroleum and Natural Gas Jitin Prasada told Rajya Sabha that ONGC plans to invest Rs265bn in the next fiscal for exploration, production and related ventures. (FE)

    Minister of State for Petroleum and Natural Gas, Mr Jitin Prasada, said that IOC has “regretted its participation” as equity partner in the proposed Barmer refinery due to financial constraints. (BL)

  • MARKET NEWS HIGHLIGHTS MAR 9th, 2010

    Ahluwalia Contracts India is in acquisition talks for specialised construction firms, with a war-chest of up to Rs.100 crore, and hopes to sew up the deal by June. The firm sees a 25-30 per cent organic growth for next five years and acquisitions of up to Rs.100 crore could be funded from its internal resources. The company could also look for opportunities if a bigger firm suits its criteria….

  • MARKET NEWS HIGHLIGHTS MAR 8th, 2010

    Suzlon Wind Energy subsidiary of India’s Suzlon Energy Ltd, plans to generate 728 MW of clean power in the US in 2010 through nine wind farms. The company will install 351 new turbines for the nine wind energy projects to be implemented this year, which will produce clean power for 220,000 homes in seven states. These projects will also create over 50 long-term wind turbine maintenance-related jobs in rural areas….

  • MARKET NEWS HIGHLIGHTS MAR 5th, 2010

    Private Banks, HDFC Bank, ICICI Bank and Kotak Mahindra Bank raise rates on home and auto Loans. (ET)

    Government likely to set NMDC floor price for the FPO at 30-35% discount to the current stock price. (ET)

    IOC’s Paradip refinery in Orissa to commence operations by November 2012 which may dent the available income tax breaks. (ET)

  • MARKET NEWS HIGHLIGHTS MAR 4th, 2010

    Aurobindo Pharma has has received an approval from Canada for its antibiotic drug. The drug is called Cefuroxime Axetil Tablets, and is the generic version of GlaxoSmithKline’s Ceftin Tablets. Aurobindo has received approval to market 250 mg and 500 mg versions of the drug. Ceftin Tablets is used to treat patients with mild to moderate infections. This is Aurobiondo’s eighth approval from Health Canada….

  • MARKET NEWS HIGHLIGHTS MAR 3rd, 2010

    NBFCs rush to seek banking licence- Nearly 11 years after the Reserve Bank of India (RBI) issued the last of the two banking licences to private sector entities, the government has again started the process of allowing non-banking finance companies (NBFCs) to graduate to fullfledged banks. Finance minister Pranab Mukherjee’s budget proposal on Friday was the first step in that direction….

  • MARKET NEWS HIGHLIGHTS MAR 2nd, 2010

    SAIL says hike in excise duty will be passed on to customers resulting in a Rs500-600 per ton price hike on long products. (BL)

    Bhushan Steel plans to invest about Rs280bn to set up a value-added steel plant in Karnataka. (DNA)

  • MARKET NEWS HIGHLIGHTS FEB 25th, 2010

    Wipro set up internal panel to investigate financial probe. (ET)

    SBI to raise Rs200bn via right issue; needs over Rs500bn capital in the next five years. (ET)

    ONGC is looking to enhance its presence in Africa and Latin America. (ET)

  • MARKET NEWS HIGHLIGHTS FEB 23rd, 2010

    RIL has raised its offer for Lyondell Basell (LB) to US$14.5bn, US$1bn higher than its previous offer made in November. (BS)

    Power Grid Corp of India plans to raise Rs35bn by selling shares to fund an expansion of its grid to end blackouts. (BS)

  • MARKET NEWS HIGHLIGHTS FEB 22th, 2010

    Star Aviation, the country’s first regional airline to get a licence in 2007 but which is yet to launch service, has initiated sale talks with the GMR group. (TOI)

    United Spirits enters the non-alcoholic drinks category with Romanov Red Energy Drink. (BS)

  • MARKET NEWS HIGHLIGHTS FEB 16th, 2010

    Rural Electrification Corporation plans to raise US$700mn through External Commercial Borrowing (ECB) and Export Credit Assistance (ECA). (BS)

    BP Plc has joined the race with RIL to acquire a majority stake in Canadian oil-sand major, Value Creation, with an offer of US$1.2bn. (BS)

  • MARKET NEWS HIGHLIGHTS FEB 15th, 2010

    The board of Kuwait’s Zain Telecom accepts a US$10.7bn offer from Bharti Airtel for the bulk of its African assets. The Comptroller and Auditor General of India has decided to audit the accounts of Bharti Airtel, Reliance, Tata, Vodafone and BSNL for 2009-10….

  • MARKET NEWS HIGHLIGHTS FEB 11th, 2010

    TCS to hire 21% more in FY11. (BS)

    SAIL divestment plan to be presented to cabinet in 10 days. (ET)

    Hindalco to raise Rs49bn via debt. (BS)

  • MARKET NEWS HIGHLIGHTS FEB 10th, 2010

    GMR Infrastructure has bagged a highway development project in Karnataka, entailing an investment of Rs.1700 crore. The project, involving four-laning of 99 km stretch on ational Highway-13, has been bagged on a build-operate- transfer (BOT) basis by the consortium. While GMR Infrastructure holds 51 per cent stake in the consortium, Oriental Structural Engineers has 49 per cent share….

  • MARKET NEWS HIGHLIGHTS FEB 9th, 2010

    BHEL has secured Rs10bn contract from Punatsangchhu Hydroelectric Project Authority. (FE)

    GMR Infrastructure plans to raise over Rs15bn via private equity route. (ET)

    Mahindra & Mahindra and the UK’s BAE Systems to inject US$21.25mn over a three-year period into their joint venture company, Defence Land Systems India. (BS)

  • MARKET NEWS HIGHLIGHTS FEB 8th, 2010

    Tata Motors may reopen Nano bookings before December. (BS)

    Larsen & Toubro is gearing up to enter the general insurance business with no plans of a foray into the life insurance space. (BL)