28th august

Returns for shareholders from top companies plunge The average return on shareholder funds for an overwhelming majority of the top 100 companies listed on the Bombay Stock Exchange (80 companies for which latest balance-sheets are available) has declined from 25 per cent in 2006-07 fiscal to 19 per cent in 2010-11. Carlyle Group invests $26 m in Value & Budget Housing Global alternative asset manager The Carlyle Group has invested $26 million into Value & Budget Housing Corporation (VBHC), a pioneer in the construction and development of affordable entry level housing in India. The capital, which will be used to fund the building of these new homes, comes from FCG IX, a part of Carlyle Asia Growth Partners IV (CAGP IV), a $1.04 billion sector-agnostic growth capital fund. Birla Corp suspends limestone mining in Rajasthan Birla Corporation, the flagship of M.P. Birla Group, has suspended limestone mining at Chittorgarh following the Rajasthan High Court's order to stop mining within 10 km of the Chittorgarh Fort. SpiceJet to connect smaller cities with Bombardier aircraft SpiceJet's expansion of services to smaller towns and cities with its new Bombardier Q400 turboprop aircraft is not a change of direction in its business, according to Mr Neil Mills, COO. The airline was only reacting to the lack of suitable infrastructure in the smaller towns in the form of runways suitable for handling narrow bodied aircraft Govt to eject non-serious players from special economic zones Board of Approval (BoA) for SEZs has started rejecting demands of SEZ developers seeking time to execute their projects on finding that they had not done any work on the ground. On July 22, it turned down the application of South Coast Infrastructure Development Company of Andhra Pradesh Ltd for a third extension of the in-principle approval for its 118hectare Building Materials SEZ in Andhra Pradesh

MRPL-Shell joint venture eyes Mumbai, Delhi airports to market aviation fuel The joint venture company of MRPL with the Netherland-based Shell B.V. Shell MRPL Aviation Fuels and Services Pvt Ltd is planning to supply ATF (aviation turbine fuel) to the Mumbai and Delhi airports, according to Mr U.K. Basu, Managing Director of MRPL. , Mr Basu said MRPL's joint venture company with the Netherlands-based Shell B.V. was supplying fuel to the Bangalore, Hyderabad, Mangalore, Kozhikode, and Ahmedabad airports. Syndicate Bank gets new Executive Director Mr M. Anjaneya Prasad has assumed charge as Executive Director of Syndicate Bank , according to a press release from the bank. United Bank launches mobile banking United Bank of India has launched its mobile banking services as a part of its financial inclusion plans. Mobile banking services would allow customers to avail themselves of facilities such as balance enquiry, mini statement, cheque status, stop cheque facilities, intra bank fund transfers and ATM and branch locator by using their mobile handsets.

29th august

Tata Steel plans new tube units to tap oil and gas, construction adding capacity in the hollow sections for construction applications through a new unit in Kalinganagar and another unit for oil and gas applications, said Mr Rajiv Mangal, Executive In-Charge, Tubes Division at Tata Steel. The company may invest about Rs 400 crore to set up a 3 lakh tonnes a year unit in Kalinganagar. It is scouting for a location in the coastal area to locate the unit that will cater to oil and gas. GSPC's plans for KG hit by uncertain market conditions

Uncertain market conditions have hit Gujarat State Petroleum Corporation's (GSPC) plan to raise finances through private placement of its equity shares and, unlocking value in city gas subsidiary GSPC Gas to part-finance its $1.7-billion (over Rs 7,500 crore) KG asset development plan.

ITC Infotech keen to move some divisions to West Bengal

ITC Infotech, a fully owned IT subsidiary of ITC, has reportedly expressed interest in shifting its engineering design and technical division to West Bengal.
Corporate India's confidence low: FICCI survey

Corporate India's business confidence hit a 12-month low in the quarter ending June 2011 and is expected to get worse in the next six months (July-December 2011), says a FICCI survey.
SBBJ to focus on customer-friendly initiatives, widening branch network

We want to now focus on making it a national bank by undertaking a number of initiatives such as increasing our branch network in other regions, launching customer-friendly initiatives and introducing tailormade products for specific segments of customers among others. MD Mr shiva kumar opined State Bank of Bikaner and Jaipur (SBBJ) now plans to turn its focus on other states by increasing its presence and launching customer-friendly initiatives to tap the younger population.

30th august

Indian private corporates and non-banking finance companies wanting to set up banks
must have an initial minimum paid up capital of Rs 500 crore.

An RBI working group has recommended higher capital norms for Non-Banking Financial Companies: The group has recommended retaining the minimum net owned fund requirement for all new NBFCs wanting to register with the RBI at Rs 2 crore till the RBI Act is amended. But the Group wants a minimum asset size of Rs 50 crore for any new NBFC.

Dixon Technologies India Pvt Ltd, an electronic manufacturing services provider, is setting up a Rs 50 crore facility in Noida to manufacture Lighting Science Group's (LSG) LED lighting solutions for the India market.

Bangalore-based Nova Medical Centers has announced its expansion into West Asia. For the expansion, Nova and the Omzest Group have created a 51:49 venture.

Ratings agency CRISIL has launched a Gold Index to track the performance of gold prices in the domestic market. This is the first index launched by CRISIL in the commodities space.

Religare Finvest plans Rs 400-cr non-convertible debentures issue

Mirah Hospitality and Food Solutions Pvt Ltd and Beacon India Private Equity have made an investment of Rs 48 crore in Impresario Entertainment and Hospitality Pvt Ltd, a Mumbaiheadquartered company, which runs a chain of fine-dining restaurants.

US private equity major Kohlberg Kravis Roberts & Co said on Monday it has hired Mr D.S. Brar, a former Director of the RBI, as a Senior Advisor in India.

Hyderabad has the highest number of prosecution cases against chronic provident fund (PF) default by companies.

Tata Teleservices has joined hands with wireless infrastructure solutions provider Vanu for deploying the latter's radio access network in the Tata DoCoMo network

Mr Ashok Soota, Executive Chairman, Happiest Minds Technologies Pvt Ltd, has announced a 10-member leadership team, some of whom are his former colleagues from MindTree.

Nestle's probiotic dahi brand Nesvita will soon be phased out of Indian shelves as it makes way for a newly-launched brand Nestle Actiplus Dahi.

SAB Miller is targeting the urban 25 to 35-year-olds with its premium Miller High Life brand of beer, launched in India recently.

The Indian fast food sector acquired a new US flavour with Denver-based global quick service restaurant (QSR) chain Quiznos entering the country by opening its first flagship store in Hyderabad, as part of its global strategy to sharpen focus on non-US market.

Mindshare retained its Agency of the Year' title at the eleventh edition of the Advertising Club Bombay's Emvies, the awards for excellence in use of media for marketing communication. In all, 31 media agencies participated this year in 19 categories accounting for a record 717 entries up from 397 last year.

Dish TV has launched Dish Freedom, a conditional access module (CAM) device, which enables DTH portability. The concept is similar to that of number portability in the telecom sector.

31st august

The country's real gross domestic product (GDP) grew by 7.7 per cent during April-June against a year-on-year increase of 8.8 per cent in the same quarter of 2010-11due to slowdown in construction

British oil major BP has completed the acquisition of 30 per cent stake in 21 oil and gas production sharing contracts operated by Reliance Industries Ltd

The Central Bureau of Investigation (CBI) on Tuesday arrested Mr P. Kishore, Managing Director of the Chennai-based Everonn Education Ltd, for tax evasion of Rs 116 crore.

Govt approves 5% stake sell in BHEL

Dr Reddys unveils 2 new products in the US market

ONGC has appointed a third party to do the valuation of Cairn India's oil and gas assets. Mr A.K. Hazarika ,- Chairman and Managing Director, ONGC

Wind-power company Suzlon has launched a campaign titled Pure Air Lovers' Society (P.a.l.s), a movement to focus on the importance of clean air.

The Tata Group is mulling entry into the nourishing foods and nourishments segment,

Lanco Infratech Ltd today announced that Griffin Coal, a subsidiary of Lanco Resources Australia, has formally terminated its Coal Supply Agreement (CSA) with Perdaman Chemicals and Fertilisers (Perdaman) Pty Ltd.

Nissan Motor India has started the production of its second India-built car (after Micra) and its fifth model in the country the Sunny mid-size sedan at its plant near Chennai. Mr Kou Kimura,-CEO and MD of Renault-Nissan Alliance India

Mr Sanjay Sinha of L&T Mutual Fund stepped down from his position of Chief Executive Officer Industrial corridor may draw Rs 54,000 crore investment 3i Infotech has joined hands with cloud automation and management software provider Cloupia to offer and deliver cloud and data centre automation services worldwide.

After getting a boost in gross rating points courtesy the fifth season of Kaun Banega Crorepati, Multi Screen Media, the owner of channels like Sony and MAX , is now

actively looking at venturing into new genres, including music and sports, along with an entry into the regional space with more channels.

Bangalore-based Royal Orchid Hotels, has launched another hospitality chain Spree Hotels in the mid-market segment targeting the 35-year-old, fun-seeking, Indian business traveller. The first property, the 42-room Spree Lotus Valley was soft-launched in Pune in July.

1st sept

Finance Ministry not for BSNL setting up broadband network Vodafone to market Sistema Shyam's CDMA-based data services Jaitapur n-plant: Farmers' compensation may be hiked to Rs 30 lakh/acre Essar Steel move to hike prices to hit automakers' margins Lupin looks at big-ticket alliances, acquisition in India Lupin will see big-ticket deals, like the recent tie-up with Eli Lilly for insulin

Based on the recommendation of the Designated Authority in the Commerce Ministry in its final findings, the Revenue Department has imposed definitive anti-dumping duty of $0.034 per kg on PVC flex film produced and exported by Heytex Technical Textiles (Zhangjiagang Co Ltd), China. RBI must frame pricing norms for factoring services, says House panel A Parliamentary panel wants the Reserve Bank of India (RBI) to frame guidelines on pricing of factoring services to prevent any exploitative practices by factors'. Also, the rates charged by factors' should not be higher than those charged by banks for receivable financing. These suggestions form part of the Standing Committee on Finance's report on the Factoring Regulation Bill, 2011. This report was tabled in the Lok Sabha on Tuesday.

SIDBI to provide small enterprises flexible assistance for capex Higher provisioning norm may hit NBFC profits in short term The average return on assets could drop by 25-30 basis points, driven by increased provisioning.

2nd sept No issue

3rd sept

The Government proposes to disinvest 10 per cent stake in Rashtriya Ispat Nigam Ltd (RINL) through an initial public offering. The Indian Railway Finance Corporation (IRFC) plans to raise $300 million through external commercial borrowings (ECBs). It is already in talks with investors for the fixed cost bond issue.This is over and above the $200-million it is raising through ECBs, for which IRFC signed an agreement a few days ago. GDP growth at 7.7 per cent in Q1 was the lowest since Q3 in 2009, and has declined successively in the last three quarters. Nippon Life Insurance and Reliance Capital have agreed to collaborate beyond the life insurance space. Both the companies have signed a memorandum of understanding (MoU) that would pave the way for Nippon Life to evaluate collaboration opportunities, including strategic partnership, across all Reliance Capital promoted financial services businesses. The country's largest private sector bank, ICICI Bank, opened its second retail branch in Singapore. Union Bank of India has a new Executive Director in Mr Suresh Kumar Jain. He assumed charge of his new assignment on Thursday. Mr Jain has come in the place of Mr S. C. Kalia, who has now superannuated. The Asian Development Bank (ADB) has approved loans of up to $500 million to the Indian Railways to improve services along some of the busiest freight and passenger routes.

4th Sept Kamal Nath is the richest Cabinet minister with assets worth around 274 crore In the first quarter of this fiscal, the construction sector grew just 1.2 per cent against 7.7 per cent in the same period last year. Cement demand is closely linked to GDP performance. Synopsys Inc. has completed the acquisition of India-based nSys Design Systems Private Ltd , an independent provider of verification IP (VIP). Allahabad Bank has hiked interest rates on domestic term deposits for a period of one year to less than two years by 50 basis points to 9.50 per cent. The Centre has appointed Ms Nupur Mitra as Chairman and Managing Director of Dena Bank.She will assume charge on November 1. Ms Mitra will replace Mr D.L. Rawal, who is due to superannuate on October 31. Currently, Ms Mitra is the Executive Director at Indian Overseas Bank (IOB). GAIL Gas, a wholly owned subsidiary of GAIL (India), and Kerala State Industrial Development Corporation (KSIDC) have agreed to pursue city gas distribution opportunities in the State. The two entities signed an agreement to set up joint venture Kerala GAIL Gas Ltd in the presence of the Chief Minister, Mr Oommen Chandy, and the GAIL Chairman and Managing Director, Mr B.C. Tripathi, here on Friday.

5th sept
Approvals for GM (genetically-modified) crop field trials run into delays GM IMBROGLIO AP, Gujaratand Haryana have given approvals Karnataka and Biharhave indicated that they will not give approvals Cos in TN, Maharashtra, Punjab, Madhya Pradesh, UP and Rajasthan are awaiting approvals Agri-biotechindustry seeks meeting with Environment Minister to sort out issues

Mid-cap funds outperform large caps in choppy market

Home Ministry to seek CAG audit before award of Rs 30,000-cr deal The housing project is a part of the Budget announcement. The houses will be built in five phases spread over 15 years. The project is estimated to have investment over Rs 30,000 crore. CORPORATE IOC Petronas to enrich TN govt coffers by Rs 938 cr over 15 years The Tamil Nadu government will collect Rs 938 crore, over the next 15 year in various taxes, a senior official of the joint venture (of Indian Oil Corporation and the Malaysian oil major, Petronas) Frequency norm changes to boost South Asian power grid The Central Electricity Regulatory Commission has proposed a tightening of the lower frequency band to 49.7 Hertz (Hz), from the 49.5 Hz lower limit applicable currently. Under this, any deviations below 49.7 Hz will be effectively discouraged under the UI' mechanism, or the grid-frequency linked pricebalancing scheme.

6th sept
FRONT PAGE

CBI arrests Janardhana Reddy in Karnataka illegal mining case The investigating agency found Rs 3 crore in cash and 30 kg of gold and incriminating documents in the searches at the Parijatha' residence of Mr. Reddy in the posh Race Course Road in Bangalore. They seized documents and Rs 1.5 crore in cash from the OMC chief's residence. Cabinet approves draft Land Acquisition Bill - The Rural Development Minister, Mr Jairam Ramesh,

Draft includes the following: The Government will not acquire land for private companies for private purposes once the law comes into force Once a public purpose is stated by a private company for buying land, it cannot be changed The Bill also includes a comprehensive compensation for the land losers Moody's unlikely to alter India's credit outlook India's GDP growth is likely to be in the 7.5-8.0 per cent range in 2011-12 and inflation could abate slowly over the year to about 7 per cent, according to Moody's Investors Service. However, the 2011-12 GDP growth rate in the 7 per cent range would not change Moody's assessment of the country's sovereign credit outlook. Honda recalls 72,115 City sedans in India Honda Siel Cars India (HSCI) will recall 72,115 units of its City sedan in India, manufactured between 2005 and 2007. The cars are being recalled to replace defective power window switches, the company announced on Monday.
CORPORATE

Ashok Leyland's sales dip in August Ashok Leyland's sales dipped further in August. The company sold 6,132 vehicles in the domestic market, compared with 6,723 vehicles in the previous month and 6,652 in August last year. Logistical hurdles may scuttle Coal India import plans The company has received 18 proposals to import a total of 360 million tonnes of coal for a period of 10 years. JSW Steel close to clearing land hurdle for Salboni project JSW Steel may clear the land-hurdle for its proposed three-million-tonne integrated steel plant at Salboni in West Bengal. The project will also include a 300-MW captive plant. Numeric plans Rs 25-cr capex for Amex Alloys The Chennai-based power electronic company Numeric Power Systems Ltd has chalked out Rs 25-crore capex for recently-acquired Amex Alloys to expand production capacity. Our target is to take the turnover of the company to Rs 35 crore during the current financial year, Mr Chellappan said. Tata Indigo e-CS VX sedan launched Tata Motors on Monday launched the Tata Indigo e-CS VX sedan, which it claims to be the most fuel-efficient sedan in the country. While the diesel variant is priced at Rs 5,80,339 (exshowroom Delhi), for the CR4 diesel engine, the petrol variant is priced at Rs 497,727 (exshowroom Delhi). Etios gives India pride of place in Toyota global map The Etios has catapulted India to a prominent position in the Toyota global map. India is one of Toyota's key operations in the Asia-Pacific belt.

Suven Life bags four patents Suven Life Sciences Ltd has secured four product patents, three from Australia and one from New Zealand, for its New Chemical Entities. NCC bags orders worth Rs 629 cr The Hyderabad-based infrastructure company NCC has said that one order valued at Rs 399 crore is from the Water Resources Division Raigarh, Chhattisgarh, for construction of Saradih Barrage with vertical lift gates to be completed over a period of 24 months. Another order valued at Rs 159 crore is secured from the Maharashtra State Electricity Distribution Co Ltd (MSEDCL), Mumbai, for turnkey contracts for single phasing scheme to be completed over a period of 12 months. The last one relates to a Rs 71-crore deal from Bharat Coking Coal Ltd, Dhanbad, for removal of over burden, extraction and transportation of coal to be completed over a period of 20 months. BHEL bags Rs 1,385-cr NMDC order Bharat Heavy Electricals Ltd (BHEL) said on Monday that it bagged Rs 1,395-crore contract from NMDC for the setting up a raw material handling system for an integrated steel plant at Nagarnar in Chhattisgarh. Mahindra hikes vehicle prices by up to 2% Auto major Mahindra & Mahindra hiked the prices of its entire range of products, such as the Scorpio, the Xylo and the Bolero, by up to 2 per cent last month because of rising raw material costs and certain planned increases. Maruti Suzuki rolls out 200 cars, deploys more engineers The Manesar facilities of Maruti Suzuki produced 200 cars on Monday. The company had commenced part production of cars in Plant B, the second plant at Manesar on September 2. ONGC's new rig allows all-weather drilling at Bombay High ONGC has mounted its maiden modular rig on its Mumbai High oilfield platform RS-12. Export drive: Ford may pitch for Gujarat port terminal Ford India Pvt Ltd invest Rs 4,000 crore at the Sanand manufacturing plant its second in India.
MARKETS

PG Electroplast fixes IPO price band at Rs 190-210 The price band of PG Electroplast's IPO of Rs 120 crore (at the upper end of the price band) has been fixed at Rs 190-210 a share. The company is issuing 57.45 lakh equity shares.

7th sept

NTPC's first overseas venture will be a $700-million coal-based power project in Sri Lanka.It entered into a joint-venture with Ceylon Electricity Board (CEB) to establish the 500 MW plant (2x250 MW) near Trincomalee in East Sri Lanka. Welch Allyn, manufacturer of diagnostic products and medical devices, plans to ramp up its presence in India.The US-based company has a range of products

such as stethoscope, ophthalmoscope, BP monitors, cardio-pulmonary and thermometry devices. Pipavav Shipyard Ltd on Tuesday said its board of directors has approved a proposal to issue a total of 20.5 million convertible warrants at a price of Rs 78 each. Mr Ajay Sambrani has been appointed as the new Country Head, India, at Sandvik Asia, the Indian subsidiary of the $13-billion Sandvik Group. Mr Arvind Kapur, Managing Director, Rico Auto Industries, has taken over as the President of the Auto Components Manufacturing Association (ACMA). Hyundai Motor Company has signed a memorandum of understanding with Intel Korea and C&S Technology to jointly develop solutions that provide enhanced' in-vehicle experiences such as location-based and social network services. The announcement by OnMobile Global Ltd on Monday to buyback its shares at a price nearly 25 per cent higher than the prevailing market price failed to lift the stock price in the exchanges. India Index Services & Products, a joint venture between NSE and CRISIL announced the launch of two new indices - the CNX Consumption Index and the CNX Finance Index. The indices will be launched with effect from September 7, said a release from IISL. ONGC today filed red herring prospectus with Registrar of Companies for further public offer (FPO). The PSU major intends to dilute 5 per cent stake through the share sale. The price of the issue is yet to be decided. Over the past six years, PE/VC investment has touched nearly $50 billion, In comparison, capital raised through Initial Public Offerings (IPOs) during this period was $31 billion. Total foreign direct investment (FDI) inflow into India over the past six years was about $116 billion and a good proportion of this was PE SBI Life Insurance has launched its latest health insurance plan Hospital Cash'. The plan provides fixed daily allowance to the insured for every day of hospitalisation. Syndicate Bank has announced a tie-up with private insurer Tata AIG Life Insurance for a group insurance cover for its home loan customers. The Insurance Regulatory and Development Authority (IRDA) has withdrawn permission given to TPAs in 2005 to offer their services to bodies other than insurance companies, such as Central and State governments. The Third Party Administrators (TPAs) in health insurance will now have to confine their services only to an insurance company.

8th sept

Drug-maker Wockhardt has been asked by the Bombay High Court to bring in the over Rs 350 crore it owes its creditors. This is irrespective of its asset sale. MTE Industries and Escofier of France will set up a 50:50 joint venture company to manufacture a range of rolling dies near Hyderabad, to cater to both domestic and global markets. Everonn Education shares witnessed sharp spurt in trading volumes on Wednesday, as some big institutions made part exit from the company. The stock crashed 45 per cent in the last five trading sessions.Everonn has been under

pressure since September 2, when the company had said its Managing Director, Mr P. Kishore, has been taken into judicial custody. Mr Kishore was arrested for allegedly giving a bribe to conceal taxable income. Peerless launched its first pure equity offering, Peerless Equity Fund, on Wednesday. The fund would be a multi-cap diversified fund with an open-ended equity scheme. Announcement of duty-free access to 46 textile items from Bangladesh in the form of a unilateral trade concession is likely to result in loss of employment and affect investments across the complete textile value chain.

Sept 9th Non-food inflation surges: Inflation in non-food items surged sharply to clock a 20 per cent annual rise in the week ended August 27, up from the 17 per cent increase reported in the previous week. Non-food inflation trending higher could mean more bad news for the manufacturing sector, as it signifies an upward pressure on input prices. The sector is already reeling under the effects of continuous monetary tightening. Karvy imposes handling' charges on small clients: a step towards recovering fixed costs and making up for their small trading volumes. The brokerage wrote to its clients saying it is unable to recover its direct costs where the value of order is less than Rs 10,000.These handling charges are for clients generating brokerage less than Rs 25/ contract, for an exchange segment, such that the sum of brokerage plus handling charges becomes equal to Rs 25 RCom bags Rs 1,400-crore HDFC Bank data centre order: deal is the largest in the AsiaPacific region till date. A study by Cybermedia Research suggests that the India data centre services market is expected to grow at a compound annual growth rate of 23 per cent to touch Rs 11,800 crore by 2012. Third party data centre services are slated to grow at 34 per cent to touch Rs 2,800 crore during the same period, it added. Education loan to be based on repayment potential of student: Meritorious students intending to pursue higher studies will be sanctioned loans by banks based solely on their assessment of employability and earning potential to repay the loan, and not parental income/family wealth, as per the revised bank-wide model education loan scheme'. Formulate separate schemes for those who get in through mgt quota. assessing the employability of students through campus placements. The model scheme says that collateral-free loan of up to Rs 4 lakh per student is student-specific and not family-specific. So, there is no restriction on giving a second or a third collateral-free loan to other siblings when one of the siblings has already taken a collateral-free loan. Micro-lenders to roll out special package to recover dues in AP: Microfinance institutions (MFIs) have begun negotiations with their clients in Andhra Pradesh to recover outstanding loans of Rs 7,000 crore. The negotiations for repayment are broadly based on the plank of the need for repayment to ensure a proper credit record and a formulation of a package offering some incentives for repayment.

Mr Ashwini Mehra assumed charge as Chief General Manager of State Bank of India, Bangalore Circle, on Thursday. The Bangalore Circle covers the State of Karnataka. Sept 10th Aug exports up 44%, touch $24.3 b: Imports, too, grew 41.8 per cent at $38.4 billion, resulting in a trade deficit of $14.1 billion for the month. The trade deficit in August 2010 was $13 billion. The export growth for the latest recorded month is below the whopping 81.79 per cent figure for July. In absolute terms, too, the August exports of $24.3 billion are lower than the $29.34billion worth of merchandise shipped out in July. Dr Khullar announced that cotton exports would be freely allowed from the new crop harvesting season starting October 1. separate notifications for putting exports of non-Basmati rice and wheat under OGL without any mention about export ceilings or minimum export prices. Besides, a notification for ban on export of all varieties of onions was also issued. New duty drawback rate may be lower; panel for 5.5% cap: The Finance Ministry can fix a rate of up to 3 per cent lower for the new duty drawback scheme that will replace the Duty Entitlement Pass book (DEPB) scheme from October 1. Rio Tinto, OMC to invest $2 b in Odisha mines: Anglo-Australian mining giant Rio Tinto proposes to jointly invest up to $2 billion with local partners in developing iron ore mines in Odisha over the next few years. Rio Tinto has, over the past two years, renegotiated an agreement with OMC to develop and mine three iron ore deposits in Keonjhar district of Odisha. Rio Tinto owns 51 per cent stake in the joint venture in which Orissa Mining Corporation (OMC) and NMDC have 44 per cent and 5 per cent stake each. Total investments could go up to $2 billion with each joint venture partner investing in proportion to their holdings. Brigade set to raise Rs 600 cr for hospitality, residential projects: The listed entity plans to raise Rs 300 crore each for hospitality and affordable homes (residential) projects. As for the integrated residential project in Devanahalli, the company has gone in for joint venture with the Bangalore-based Classic Wallmark Group . The integrated project will have 2,500 units with a mix of villas, high income, affordable homes, school and a recreational club. Brigade Enterprises has prepared a plan to execute two projects having 7 million sq ft of development under affordable homes category in the next three years. Moldtek to invest Rs 40 cr in 3 plants; eyes Dubai for 1: Rigid plastic packaging company Moldtek Packaging Ltd (MPL) has firmed up plans to set up new manufacturing facilities near Pune in Maharashtra and another in the north by 2012.In the subsequent year, the company, which exports its plastic containers to neighbouring countries, intends to set up a facility in Dubai to cater to the West Asian market.For the Indian plants the company will not go in for fresh borrowings, but for the Dubai unit it may tap the debt or equity route to raise funds. The rigid packaging market in India is about 40 per cent of the total packaging industry that is pegged at Rs 75,000 crore. Sept 11th Banking major SBI and non-banking finance companies such as India Infoline Investment Services (IIIS), Muthoot Finance, Mannapuram Finance and Shriram City

Union have mopped up about Rs 13,000 crore through the retail NCD offers over the last two years. Trading volume of all these have reduced since then. SAIL reaffirms move to invest Rs 20,000 cr in West Bengal Mr C S Verma, Chairman, Steel Authority of India Ltd (SAIL), reiterated his commitment to invest over Rs 20,000 crore in West Bengal. Corporation Bank plans to grow its total business to Rs 5 lakh crore by 2014-15, against Rs 2 lakh crore now, according to Chairman and Managing Director Mr Ramnath Pradeep. To reach the business target, the public sector bank plans to open 200 branches every year, with each branch growing its business (deposits plus advances) to at least Rs 10 crore within the first couple of years of beginning operations, he said after inaugurating the bank's Thane Zonal Office. The Union Finance Minister, Mr Pranab Mukherjee, visitede US from September 21 to attend the 2011 Annual IMF-World Bank meetings, which were scheduled during September 23-25 at Washington.he was accompanied by Mr.D.Subbarao along with other delegates.

Sept 12th TCS bags Telstra's $50-m back-office deal:Australia's largest telecommunications company Telstra is said to have engaged Tata Consultancy Services for outsourcing parts of its finance, accounting and voice-related back-office processes. Anti dumping duty on chineese tyres have been removed. Mr Carl-Peter Forster, chief executive officer of Tata Motors, owner of the Jaguar and Land Rover brands, has resigned. IOB to increase repayment period for borrowers in retail, MSME sectors. Expand rural ATM network to enable subsidy, entitlement transfers: Govt tells public sector banks The insurance regulator IRDA has made a proposal requiring beneficiaries of pension plans to compulsorily buy annuity from the same insurer from whom the pension plan was bought .

Sept 13 The Finance Ministry has liberalised FII (foreign institutional investors) investment in long-term infrastructure sector bonds issued by corporate. FIIs will now be able to invest up to $5 billion in bonds with a lock-in period. Suzuki wants to end alliance with VW

The Ministry of Defence has approved disinvestment of 10 per cent government holding in Hindustan Aeronautics Ltd, it is learnt. Ashok Leyland launches Dost; priced Rs 3.79-4.39 lakh. Multi Commodity Exchange of India (MCX) has received the SEBI approval for its proposed initial public offer of 64.27 lakh shares. Sahara case: With 66 lakh investors, it's a public issue - An issue constitutes a public issue if more than 50 people subscribe to it and since Sahara had raised Rs 5,000 crore from 66 lakh investors, it constituted a public issue. UK, India business ties up in the skills and education sector. UK India Business Council (UKIBC) also plans to explore the possibility of entering into a tie-up with companies such as Hero Honda and Mahindra and Mahindra for skill development

Panel to examine Bihar's request for special status - here are 11 States that have been granted special status. One-third of the gross budgetary support goes to special States and the remaining to other States. New Oceansat-2 ground station can study Bay of Bengal, Arabian Sea Rs 50 lakh capital floor set for new urban coop banksby RBI To get bank funding, MFIs are now required to be fully compliant with the RBI regulations and also Malegam Committee recommendations.

Sept 14 SBI, others to get Rs 650 cr from Harshad Mehta asset liquidation The bottomline of State Bank of India and Standard Chartered Bank could be buoyed by Rs 260 crore and Rs 346 crore, respectively, in the September quarter as the Custodian dealing with the 1992 securities scam has secured the Special Court's order to release the money to them. Tata Steel has announced completion of its 2 million investment at its Dudley plant in the West Midlands in the UK The Government is likely to review the annual external commercial borrowings (ECB) limit of $30 billion this month end, the Economic Affairs Secretary, Mr R Gopalan, said on Tuesday. India had last raised the ECB limit by $10 billion in May to the current annual cap of $30 billion. From Oct 1, switch your health insurer in 7 days Health insurance business size is about rs. 10000 cr Chevron, Exxon keen to be part of TAPI gas project consortium NSE set to launch SME platform in 4 weeks

There are over 26 million SMEs in India. New SMEs as well as the 4,000 companies which are listed in the small- and mid-cap sector of the BSE can be listed on the SME exchange. India Nippon Electricals Ltd has fixed September 21 as the record date for the issue of bonus shares in the ratio of 2:5. The Asian Development Bank (ADB) has approved a loan of $100 million for a solar power transmission project in Gujarat. The annual interest rate will be set in accordance with the bank's LIBOR-based lending facility. Israel keen on free trade pact with India. Bring focus into new sectors such as information and technology (IT), agriculture and biotechnology . Currently the volume of bilateral trade between the two countries stood at $5 billion (Rs 22,500 crore) and is expected to exceed $12 billion (Rs 54,000 crore) in another five years following the FTA. The Delhi-headquartered mobile handset maker Zen Mobile plans to consolidate its operations in the African nations of Kenya and Nigeria. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd Smart Sanchay Plan.

Sept 15th

The Government may offer an Offshore Voluntary Compliance Scheme for undisclosed bank accounts and assets held abroad. The tax authorities may not insist on the money being brought back into the country or invested in specific areas. The penalty rate on tax dues ranges from 100-300 per cent The Government has signed a tax information exchange agreement with five nations, including Cayman Islands and the Bahamas. Of these, four are in place and 17 more are expected to be signed. The country is headed for yet another bumper harvest this kharif season aided by widespread and timely monsoon. Agriculture and allied sector grew 6.6 per cent in 2010-11 The Wholesale Price Index-based inflation rose an annual 9.78 per cent in August Coca-Cola India and Jain Irrigation joined hands to launch project Unnati that aims to enhance mango yield. ONGC may postpone its follow-on public offering (FPO) by a fortnight following difference in views on the issue price between the company and merchant bankers, said sources.

Sources said ONGC wants to price the issue at Rs 280 a share or more, while merchant bankers believe investors would prefer the issue at Rs 240-250. The FPO size was estimated at Rs 10,000-11,000 crore. For the second time in four months, public sector oil marketing companies (OMCs) have increased the fuel price by over Rs 3 a litre from Friday. Oil retailers raise the price as the cost of importing crude oil increased with the rupee touching a two-year low against the dollar. The FOB price for petrol was $119.41 a barrel the last fortnight, which has gone up to $125.18/barrel. SEBI may be looking to use market pressure to get mutual fund houses to reduce the number of schemes run by them. The labour unrest at Maruti Suzuki India's Manesar plant took a violent turn on Thursday morning when a group of workers allegedly assaulted 11 Maruti Suzuki supervisors who were on their way to work. JSW Steel Ltd reported a 23 per cent growth in crude steel output for August 2011 over the corresponding month last year. Tata Steel's Europe arm has been awarded a major order worth 80 million in France for supplying railway lines for a new high-speed track between the cities of Bordeaux and Tours. The Ministry of Corporate Affairs has asked the Competition Commission of India to further probe charges of cartelization against cement majors ACC, Gujarat Ambuja and UltraTech Cements. The German automotive major Volkswagen AG has said the company is evaluating the introduction of more models in India in order to plug segment gaps, including the possibility of introducing its new small car UP! Tecpro Systems has secured an order worth Rs 521 crore from BHEL for the supply of ore handling and coal handling plants for a project that BHEL is doing in Chattisgarh. Mahindra & Mahindra Ltd has decided to shed nearly 8.09 per cent stake in its listed subsidiary Mahindra Holidays & Resorts India Ltd (MHRIL). M&M currently holds 83.09 per cent stake in MHRIL. The Abu Dhabi Investment Authority (ADIA), the world's largest sovereign fund with assets under management of $627 billion, has set up a new Active India portfolio in its Internal Equities department to scale up investments in the country. Softbank Corp has decided to invest $200 million in mobile ad network InMobi. The first part of the funding of $100 million will be completed this month, and the second $100 million will be invested in April 2012.

Offshore BPO major Genpact has announced the acquisition of US based EmPower Research. In April this year, Genpact had acquired Headstrong Corporation a consulting and IT services firm Samsung is investing over $70 million towards tripling the manufacturing capacity of its mobile phone manufacturing unit at Noida. Industrial and Commercial Bank of China (ICBC), the world's largest bank in terms of market capitalization, launched its Indian operations by inaugurating its Mumbai branch. The Reserve Bank of India has doubled the amount a resident in India can transfer to a person resident outside India as gift, to $50,000, a financial year.

16th sept

The Finance Ministry recently raised the direct tax collection target for the fiscal FY12 by 10 per cent to Rs 5.85 lakh crore. o The new tax target is higher by 31 per cent against Rs 4.46 lakh crore collected in FY11. The Government has permitted external commercial borrowings in China's Renminbi. o The Economic Affairs Secretary, Mr R. Gopalan, said corporates can borrow up to an equivalent of $1 billion in the Chinese currency. The index of industrial production (IIP) reading has plunged to a 21month low of 3.3 per cent in July, against 6.6 per cent in June, o The inflation reading in August at 9.78 per cent is just shy of double digits. Maruti Udyog Kamgar Union (MUKU) An August 22 circular, SEBI has asked fund houses to disclose the performance of all schemes managed by a single fund manager. This pressure tactic is one of the attempts by the regulator to bring about a consolidation of current schemes that now number over 3,000. o The multiplicity of schemes is confusing the investors, said fund analysts. Sources also added that eventually the regulator may insist on one fund manager handling no more than one unique strategy. Finance Ministry wants customers of public sector banks, financial institutions, and public sector insurance companies to get access to video-conferencing facilities at branches, regional and zonal offices to enable them to communicate seamlessly with higher authorities. o The Ministry wants PSBs, FIs (Nabard, Sidbi and Exim Bank) and PSICs (LIC, National Insurance Company, The New India Assurance Company, The Oriental Insurance Company, United

India Insurance Company, ECGC, and Agriculture Insurance Company) to take up the e-governance initiatives in a proactive manner. o The Government expects PSBs, FIs and PSICs to become transparent, objective, non-discriminatory and non-exploitative in all dealings with customers including pricing and quality of service and full disclosure of information Number of Indian companies in Singapore has grown to over 4,000, constituting the largest foreign business community in Singapore. o Standard Chartered Bank has partnered with the Economic Development Board of Singapore to help its Indian clients expand in Asia by leveraging Singapore as a hub. Industrial and Commercial Bank of China (ICBC), the world's largest bank in terms of market capitalisation, launched its Indian operations by inaugurating its Mumbai branch. o Bipartite trade between India and China has exceeded $60 billion last year. It has grown 40 per cent year-on-year, o Mr Yang Kaisheng, President, ICBC. Kerala-based Catholic Syrian Bank is seeking shareholder approval for raising foreign institutional investor limit up to 49 per cent. o The present FII holding in Catholic Syrian Bank (CSB) is 14.99 per cent. Mr J. Hari Narayan, IRDA-Chairman The Reserve Bank of India has doubled the amount a resident in India can transfer to a person resident outside India as gift, to $50,000, a financial year - gift can be any security, including shares or convertible debentures. Red Bull Racing, will fly racer Daniel Ricciardo to zip on Rajpath in the National Capital on October 1, for an event branded Red Bull Speed Street under the aegis of the Ministry of Tourism, Government of India, and Confederation of Indian Industry (CII). o Vodafone brand will fly in its race track star Lewis Hamilton to Bangalore, to woo Formula 1 fans on September 27 in a VMM race car, according to a company official. Bharti Walmart launched its operations in Andhra Pradesh on Thursday by inaugurating its first wholesale store in the State and also in South India - Best Price, at Nidamanuru on the National Highway no. 5 on the outskirts of the town. o Mr Raj Jain, CEO and Managing Director, Bharti Wal-Mart Mr Madhukar Kamath, Group CEO and MD, Mudra Group. Oil and Natural Gas Corporation (ONGC) may postpone its follow-on public offering (FPO) by a fortnight following difference in views on the issue price between the company and merchant bankers, said sources. o Sources said ONGC wants to price the issue at Rs 280 a share or more, while merchant bankers believe investors would prefer the issue at Rs 240-250.

Strides handling oncology (cancer drugs), has got European Union (EU) approval for its Oxaliplatin injection 5 mg/ml. Mr Nikhil Gandhi, Chairman, Pipavav. The Ministry of Corporate Affairs has asked the Competition Commission of India to further probe charges of cartelisation against cement majors ACC, Gujarat Ambuja and UltraTech Cements. Tata Steel's Europe arm has been awarded a major order worth 80 million in France for supplying railway lines for a new high-speed track between the cities of Bordeaux and Tours. The Serious Fraud Investigation Office (SFIO) has slapped charges of corporate fraud, forgery, cheating and conspiracy on Karnataka State BJP Minister, Mr CP Yogeshwar. D.V. SADANANDA GOWDA CHIEF MINISTER KARNATAKA

17th September

The central bank upped the interest rate at which it infuses liquidity into the banking system (the repo rate) by 0.25 percentage points (or 25 basis points or bps) from 8 per cent to 8.25 per cent. o Following the hike in the repo rate, the reverse repo rate (the interest rate at which banks park surplus liquidity with the RBI) has got adjusted upwards from 7 per cent to 7.25 per cent. Mr H.S. Upendra Kamath, Chairman and Managing Director, Vijaya Bank Mr Indranil Pan, Chief Economist, Kotak Mahindra Bank Onion is now ruling between Rs 1,100 and Rs 1,500 a quintal, based on quality Kerala-headquartered Catholic Syrian Bank has got the banking regulator's permission for floating NRI bonds. RBI has hiked the repo rate 12 times in the last 18 months cumulatively by 3.50 percentage points to 8.25 per cent Navneet Publications is taking a leap forward from publishing to running coaching classes in the country. o It has set aside Rs 300 crore to invest in the education industry by picking up minority stakes in companies running coaching classes and even in education-based software entities.

18th September The stock of Jubilant FoodWorks (Jubilant) has had a good run, up 41 per cent from January 2011. The company operates the Dominos chain of pizza outlets. It has tie-up with Dunkin' Donuts to open outlets in India.

Net4India says 38 companies have approached it over the last ten days seeking to block their trademark on the newly-opened .XXX domain, to prevent any misuse of their brand-name by others. The .XXX is a new sponsored top-level domain meant for pornographic content and, globally, it has just opened for registration to brand and IP holders inside and outside the community. Companies are racing to block their trademarks from being associated with adult content. Internet Corporation for Assigned Names and Numbers (ICANN) governs the Internet address system. As it is, India had not favored opening up of .XXX by ICANN, in the first place. According to industry estimates, in about five years, India may be forced to import almost 30 per cent of the total coal required to meet its electricity needs, compounding the worries for the distribution utilities. For 2010-11, the losses suffered by the country's distribution utilities are estimated at Rs 70,000 crore. Korean global Sports Utility Vehicle manufacturer (SUV) SsangYong Motor Corporation Ltd is partnering with Indian automotive major Mahindra & Mahindra Ltd to launch two new vehicles. These would be Rexton II and crossover Korando. Indian Overseas Bank (IOB) has sought capital support of Rs 4,016 crore from the Union Government to fund its business growth for the three-year period beginning 2011-12. Mr M. Narendra, is the Chairman and Managing Director, IOB. Following the labour unrest at Maruti Suzuki India's Manesar plant, analysts have downgraded their call on MSIL shares from buy' to accumulate'. Bharat Petroleum Corporation has Rs 400 crore dues locked with Air India but is not pressing the panic button yet. Mr R.K. Singh, Chairman and Managing Director of BPCL. GVK Energy Ltd, a subsidiary of GVK Power and Infrastructure Ltd, sees the $1.26-billion buyout of coal and infrastructure assets of the Hancock Group helping the company secure supplies for its thermal projects in India even while paving the way for entering into deals for supply of coal to third parties in Asia.

India will convene a meeting of BRICS Finance Ministers in Washington on September 22 on the sidelines of the Fund-Bank and G-20 meetings. Punjab National Bank (PNB) has opened a representative office in Sydney, marking the entry of fourth Indian bank into Australia. Mr K. R. Kamath, Chairman and Managing Director, PNB.

19th September 20th September 21st September

Rupee hits new 2-year low as euro slips vs dollar-48.25

 Dubai's Varkey group arm picks 12% in Everonn for Rs 138 crore The $2.5-billion Dubai-based Varkey group's Gems Education has acquired 12 per cent stake in Everonn Education for Rs 138.23 crore. Varkey group, claimed to be world's largest K-12 education service provider. Lupin enters oral contraceptives market in the US IVRCL-led consortium bags Hind Copper expansion order Jet Airways eyes dollar loans to cut borrowing costs Faced with higher borrowing costs in the country due to the Reserve Bank of India's aggressive rate hike cycle, Jet Airways Ltd plans to raise $210 million in fresh debt by the end of this fiscal to cut borrowing costs. The NSE has introduced derivative contracts of the Dow Jones Industrial Average and the S&P 500 index on its trading platform, giving investors an opportunity to take exposure in global indices

Former Securities Appellate Tribunal chief and Chairman of SEBI's Takeover Regulations Advisory Committee, Mr C Achuthan passed away. Known to be a severe critic of SEBI and its processes, during his time as SAT Chief he allowed more than 20 appeals to be filed against SEBI orders. He was also one of the independent directors appointed by the Centre in 2009 to help Satyam Computer Services navigate its way out of one of the biggest corporate scams to hit the country. In that capacity, he facilitated the takeover of Satyam Computers by Tech Mahindra by getting the necessary amendments in takeover regulations to prevent competitive bids ICICI Bank-promoted 3i Infotech is in talks with lenders to recast the Rs 600-crore short-term debt on its books as long-term debt. The endeavour is to increase the tenure of the debt to around five years from about two years at present To broaden the investment options of insurance companies, the IRDA (Insurance Regulatory
and Development Authority) is considering raising their investment limit in bonds to 20 per cent provided they are exchange traded.

The IRDA Chairman, Mr J. Hari Narayan United Stock Exchange of India commands a market share of 22 per cent in the currency
futures segment.

 Banks have requested the Reserve Bank of India to expand the scope of the definition of
micro enterprises' as fulfilling the lending target prescribed by the regulator for this segment is proving to be a tall order

22nd September

The Government hopes to collect Rs 5.33 lakh crore through direct taxes this fiscal. Zero duty entry for Bangladeshi garments to India could indirectly end up offering Chinese fabrics duty-free access into the country. ORIX Corporation, Japan and IL&FS have entered into a share purchase agreement wherein ORIX will acquire IL&FS' shares in the jointly promoted ORIX Auto Infrastructure Services Ltd (OAISL). Gravita India Ltd, which had acquired 80 per cent stake in Metal Inc in Kathua in Jammu and Kashmir in June 2011, has acquired the balance 20 per cent stake in the unit in partnership with its subsidiary Gravita Exim Ltd and changed the acquired unit's name to Gravita Metal Inc.

HCL Technologies Ltd has signed a five-year application-support transformation deal with Deutsche Bank's capital-markets arm. Stock Market regulator SEBI has barred Pan Asia Advisors and Mr Arun Panchariya from being an intermediary in the securities market. SEBI bars 19 entities for GDR manipulation

SEBI also barred 10 entities from buying and selling stocks and banned seven companies Asahi Infrastructure & Projects, IKF Technologies, Avon Corporation, K Sera Sera, CAT Technologies, Maars Software International and Cals Refineries from issuing equity shares or instruments convertible into equity shares or alter their capital structure till further directions. The International Monetary Fund (IMF) has trimmed its economic growth forecast for India to 7.8 per cent in 2011. That's down from its June forecast of 8.2 per cent.

National Insurance Company Ltd plans to revise the prices of its health insurance products subject to IRDA approval to overcome the losses incurred in the segment

 Religare Enterprises Ltd (REL) on Wednesday announced the appointment of Mr S. K. Bhattacharyya as an addition to its banking advisory panel.

The RBI's working group has recommended that NBFCs should maintain a minimum capital adequacy ratio of 15 per cent, of which core capital (or Tier-I capital) will be 12 per cent

Royal Caribbean International, one of the cruise operators of the world, is likely to operate 13 cruise vessels to New Mangalore Port Trust (NMPT) in the next one year.

YES Bank and Malayan Banking Berhad (Maybank), a Malaysian bank, entered into an agreement on Wednesday to collaborate on cross-border investment banking advisory, corporate banking, trade finance, remittance and other allied services.

Dr Rana Kapoor, Founder, Managing Director and CEO, YES Bank,

The Finance Industry Development Council, a self-regulatory organisation for NBFC-AFCs, has a new Chairman in Mr R. Sridhar, who is currently Managing Director of Shriram Transport Finance Company Ltd.

Exports from the special economic zones in Andhra Pradesh may be doubled and are likely to exceed Rs 25,000 crore during the current financial year (2011-12)

Bank credit increased to Rs 40,74,295 crore during the fortnight ended September 9, a rise of Rs 29,433 crore from Rs 40,44,861 in the previous fortnight ended August 26, 2011.

23rd Sept

The Nifty lost 210 points to close at 4923.65, while the Sensex was down 704 points at 16361.15.

The Federal Reserve's maturity extension programme, popularly called Operation Twist', entails the sale of $400 billon worth shorter-term treasuries (of three years or lower maturities) by June 2012 and use the proceeds to buy longer-term treasuries (from six-year to 30-year maturities) and extend the average maturity of securities in its portfolio.

Planning commission had said that families spending over Rs 32/day in urban areas or Rs 26/day in the rural areas will not be entitled to benefits provided to Below Poverty Line (BPL) families.

FDI in multi-brand retail soon, Pranab tells foreign investors, In the case of single-brand outlets, foreign investment is allowed up to 51 percent.

In cash and carry or wholesale trade, up to 100 per cent is allowed. Tata Chem to form venture with US firms Church & Dwight, FMC, to form a joint venture company Natronx Technologies (6bn$ invstmnt) Mahindra World City gears up for the next decade - Mr Arun Nanda, Chairman, Mahindra Lifespace, which is the promoter for Mahindra World City, the special economic zone set up 35 km from Chennai. NMDC set to buy 50% stake in Australia's Legacy Iron Ore The GVK Group today said that several strategic investors have approached the company to take part in the development of the Hancock mines, which will require investment of $10 billion over three years. The Hyderabad-based diversified group on Friday last announced the deal to acquire Hancock mine assets for $1.26 billion. Dr Pramod Deo, Chairperson, CERC, The Central Electricity Regulatory Commission BHEL sure of raising capacity to 20,000 MW by 2012, BHEL's Chairman and Managing Director, Mr B P Rao

Sail chief N C Jha Essar Energy Mahan 1 power project 30,155 staff of Tata Steel get Rs 171-cr bonus for FY11 Mr H.M. Nerurkar, Managing Director, Tata Steel Iragavarapu Venkata Reddy Construction Limited (ivrcl) Ltd has bagged orders worth Rs 2,228.94 crore (Union Ministry of Road Transport and Highways)

Flexituff International public issue opens on Sept 29, The price band for Flexituff International's Initial Public Offering (IPO) of Rs 100 crore has been fixed at Rs 145-155 a share.

ICICI Securities has entered into a strategic alliance with US-based Oppenheimer Investments Asia

Larsen & Toubro Ltd has said that L&T Hydrocarbon has bagged an order valued around Rs 700 crore (around $150 million)

State Bank of India, which had a Medium Term Note (MTN) Programme for $5 billion, has upsized it to $10 billion.

HCL Tech opens delivery centre in Redmond DoT rejects Qualcomm's application for Net licence Prof. Bhaskar Ramamurthi, has been appointed as the new Director of IIT Madras India seeks US investment in renewable energy - Dr Farooq Abdullah, Minister for New and Renewable Energy

As part of the strategy to promote Spain as a tourist destination, a deduction of 18 per cent of the cost of the film and taxes and subsidies for Bollywood

India ranks fourth among countries to invest in by 2014 after China, the US and Germany

The Commerce Secretary, Dr Rahul Khullar, on Thursday said that free trade agreements with Europe, Canada and New Zealand are likely to be through by the end of this fiscal.

Mumbai, Sept. 22: The rupee went into a free fall on Thursday, declining 2.5 per cent (or Rs 1.23) against the US dollar to end at 49.56

Banks' gross non-performing assets (NPAs) ratio is expected to increase to nearly 3 per cent by March 31, 2012, from 2.3 per cent a year ago. crisil

India's forex reserves of $316 billion Insurers cannot reject claims for delay in intimation: IRDA SBI, Dena Bank cut home loan rates by 25 bps Essar Group-promoted Equinox Realty will start building residences for the general market with the launch of a project in Bangalore early next year.

IBM, CII team up to launch soft skills course for students, Mr B Muthuraman President, CIi

24th sep The Income-Tax Act, 1961 provides for reopening income-tax returns only up to the previous six years. M C. Joshi has taken over as the Chairman, Central Board of Direct Taxes (CBDT) SEBI (chief U K Sinha) , in its notification on Friday, has reset the trigger for open offers at 25 per cent from 15 per cent 3M India has set up its new R & D centre in Bangalore - invest Rs 100 crore Elecon wins Rs 29-cr BHEL order BEML bags Rs 230-cr orders from coal cos Varkey to make open offer for 20% stake in Everonn Air India may get Rs 1,229 cr more equity

Hindalco Industries plans to invest Rs 10,000 crore this fiscal in its ongoing projects Mahan Aluminium in Madhya Pradesh, Aditya Alumina and Aluminium and Utkal Alumina in Orissa., Hindalco has cash reserves of Rs 29,504 crore , kumaramanglam birla chairman, hindalco

Mrs Usha Thorat, former Deputy Governor of Reserve Bank of India, has been nominated by Oil and Natural Gas Corporation, the holding company, on the board of MRPL as an independent director

Asian Paints and US-based PPG Industries will expand their 50-50 joint venture Asian PPG Industries Ltd (APPG) to establish a second joint venture.

HM Dyeing Ltd, Dimensions Investments & Security Ltd and Metlex Ceramic Ltd have been charged with siphoning off lakhs of rupees. - The Serious Fraud Investigation Office (SFIO)

Forex reserves rise by $266 m to $316.76 b GE's Techfest on Sept 27 IIFCL, ADB to develop bond market Hardware association MAIT has appointed Dr Alok Bharadwaj, Senior Vice-President at Canon India, as its new President.

European payment-services provider Ogone Payment Services has signed an agreement with Hyderabad-based online-payment solutions player EBS to acquire the latter.

he Reserve Bank of India on Friday said banks and non-banking finance companies (NBFCs) will be eligible to sponsor infrastructure debt funds (IDFs)

Planning Commission has projected a huge investment requirement of the order of Rs 49 lakh crore (about $1 trillion) in the Twelfth Plan (2012-17) for infrastructure projects.

Mr Shyam Srinivasan, MD, Federal Bank Bharti AXA Life Insurance has entered into the health insurance space with the launch of a triple-benefit critical illness plan.

An estimated Rs 54 lakh crore is needed for urban infrastructure, said the Union Minister for Urban Development, Mr Kamal Nath

Rajiv Kumar ficci chief

September 25th Garden Reach pays Rs 25-cr dividend VW, Suzuki slugfest puts divorce on backburner NMDC close to acquiring coking coal mine in Russia Norwegian telecom company Telenor has kept its option open to find a new Indian partner if Unitech did not subscribe to the Rs 8,200-crore rights issue, Mr Jon Fredrik Baksaas, CEO, Telenor Blackstone fires Asia funds' staff He said that a level of $15 billion of annual lending by the World Bank The Federal Open Market Committee decided to extend the average maturity of its holdings of securities of $2.65 trillion. The Committee intends to purchase, by the end of June 2012, $400 billion of Treasury securities with remaining maturities of six years to 30 years and to sell an equal amount of Treasury securities with remaining maturities of three years or less. Bengal Tools Ltd a part of the Rs 1,000 crore Shrachi Group has tied up with Srei Sahaj, an e-village initiative of Srei Infrastructure Finance Ltd, for leveraging their network to grow its farm equipment business Mr Rana Som, Chairman and Managing Director of NMDC Ltd All-India Rubber Industries Association, Ms Sheela Thomas, The Rubber Board is projecting a 75,000-tonne September 26th Deal with Vedanta to cost Cairn Energy $1.5 billion as tax Nilekani targets 600 million Aadhaar cards by 2014 Ms Christine Lagarde, the new Managing Director of the International Monetary Fund. India-Mauritius tax treaty (IM Treaty') Bombay High Court in the case of Aditya Birla Nuvo Ltd (ABNL) once again seeks to lift the corporate veil and tax gains in the hands of the beneficial owners' of Indian investments that are held through Mauritius investment vehicles Central Board of Excise and Customs (CBEC)

27th sept

Global investment banker Goldman Sachs has invested about Rs 1,000 crore in ReNew Wind Power. The company says it has business framework agreements with Kenersys, Regen Powertech and Suzlon Energy to establish and operate wind farms in India and will expand its portfolio by 200-300 MW annually.

SBI enters UK's home loan market. The State Bank of India is pushing forward with its plans to expand its retail division here in the UK by entering the mortgage market for the first time. Dr Reddy's Laboratories Ltd on Monday said the proposed deal to acquire prescription portfolio of JB Chemicals in Russia and other CIS countries was terminated. Electro-Motive Diesel (EMD), the US-based locomotive manufacturer, is expanding its base in India. The company recently set up a Centre of Excellence at Lucknow as part of its expansion. In partnership with APL Logistics, the company has also set up production and warehousing facility at Patli in Gurgaon, a company release said. Chennai-based Shasun Pharmaceuticals expects to start commercial production at its proposed plant in Vishakapatnam by June 2012. BHEL follow-on offer only after markets improve Persons offering investment advice can do so only after registering themselves with SEBI and must necessarily use the title investment advisor after obtaining the certificate of registration Mr Makhdoom Muhammad Amin Fahim Senior Minister for Commerce, Pakistan Mr Harish Mariwala, President, FICCI The Defence Ministry has put the Mazagon Dock-Pipavav deal on hold. Mumbai-based Internet service provider Tikona Digital Networks, which owns broadband wireless access (BWA) licence for five telecom circles, has roped in Deloitte Touche Tohmatsu to chart its strategy for the enterprise segment.According to a press statement, Deloitte Touche Tohmatsu will help Tikona define its go-to-market strategy, channel strategy and related executions for the enterprise segment. Reserve Bank of India, in consultation with the Centre, has hiked the external commercial borrowing (ECB) limit for corporates. The Ministry of Finance (Department of Financial Services) has appointed Mr K. S. Sreenivasan as part-time, non-official director on the board of Oriental Bank of Commerce. He has been appointed for a period of three years. Micro-lender Spandana inks Rs 2,300-cr debt recast deal with banks Spandana Spoorty Financial Ltd, the second largest microfinance institution in the country, has inked a corporate debt restructuring (CDR) deal with 34 banks. American Express on Monday launched a prepaid Gift Card

28th September

1.German Chancellor, Ms Angela Merkel, has expressed optimism that heavily indebted Greece will receive the next tranche of financial rescue funds from the European Union and the International Monetary Fund (IMF) to avert a debt default next month. Ms Merkel said it is a positive sign that the troika of the EU, IMF and European Central Bank is returning to Athens on Thursday to verify the progress made by Greece in implementing agreed reforms in return for a 110 billion euro bailout fund offered by the EU and IMF in May last year 2. This summer, Goldman said that it would wring out $1.2 billion in costs from its operations by mid-2012 and cut roughly 1,000 jobs, about 3 per cent of its work force. 3. Foreign funds pulled out nearly Rs 2,000 crore from the stock and debt market in September, the second consecutive month in which overseas capital outflows were greater than inflows. 4. According to data available with the Securities and Exchange Board of India (Sebi), overseas investors purchased equity and debt securities worth a gross amount of Rs 64,868 crore in September. 5. Country's leading life insurer SBI Life will invest up to Rs 9,600 crore in Indian equity market this fiscal, taking its capital market exposure to over Rs 34,000 crore, a senior company official said today.