Tata Steel to buy 20% stake in Canadian iron-ore firm. (BS)
Axon board to recommend HCL Tech buy-out offer of 441.1mn pounds to its shareholders. (ET)
Tata Sons has offered to buy or make arrangements to buy any unsold ordinary shares in Tata Motors' ongoing rights issue. (Mint)
SEC’s decision to suspend mark-to-market accounting for hard-to-sell assets of banks will have a positive rub-off on Indian banks listed abroad, including ICICI Bank, HDFC Bank and State Bank of India. (FE)
L&T has been awarded a construction contract worth Rs5.5bn by Hyderabad-based property developer PBEL Property Development (India) Pvt. Ltd. (Mint)
ONGC to invest Rs50bn in next four years to revamp its three main assets and one sub-asset. (BL)
Daimler to retain its 6.64% stake in Tata Motors. (ET)
JSW Steel to cut prices of its product’s for the second time in recent months. (FE)
The US Department of Justice may withdraw the motion against Ranbaxy next week in a local court in the US. (ET)
Tata Tea is hiking its ad budget by 15% to promote both its tea and mineral water brands this fiscal. (FE)
Ten major IT companies including Wipro, Tech M and HCL Tech among others to bid for Rs40bn BSNL project. (BL)
Footmart Retail, JV between Pantaloon Retail and Liberty Shoes, is on shaky grounds due to few operational issues. (ET)
Pantaloon Retail says malls are waiving rents and offering to pay for interior decoration as excess supply and slowing economic growth has eroded demand. (BS)
Hindalco Industries’ rights offer is likely to sail through as the issue has received commitment from merchant bankers and financial institutions and the GDR entitlement has also been fully subscribed. (FE)
HCL expects entry of third bidder for Axon. (ET)
Gremach Infrastructure is in talks to sell 5-10% of its equity stake in a Mozambique coal JV, where it owns about 75% stake. (ET)
According to data from market research firm AC Nielsen, HUL is now just 100bps behind Tata Tea in terms of market share in volumes. (Mint)
Welspun India has put on hold its overseas acquisition plans. (Mint)
NDTV's board has approved the proposal to demerge the news and entertainment businesses of the firm. (Mint)
WWIL plans to foray into broadband services. (ET)
Elder Pharma hikes stake in its Nepalese JV to 49%. (ET)
Sun Pharma to extend its tender offer for Taro Pharma which expires on October 3, 2008. (ET)
ONGC-Mittal JV’s combined oil block in Nigeria under scrutiny for alleged irregularities in its allotment. (ET)
LIC hikes stake in Siemens, PTC India, Tata Power and Cipla. (ET)
ICICI and Kotak Bank to consider a 100bps hike in car loan rates. (ET)
Provogue India to spend Rs900mn for expansion. (ET)
HCL-Infosystems sets up ticket vending machines for railways at 390 locations across the country. (BL)
Maytas Infra plans to enter the power sector, lines up four plants. (DNA)
Future group drops plans to hive-off its hyper market division Big Bazaar into a separate company. (ET)
TDSAT refuses to stay TRAI order on renewal of ADC (access deficit charge) to BSNL. (ET)
FIPB has denied approval for a stake sale by JSW Infrastructure Ltd to a Mauritius-based firm more than two years back, citing lack of information on the investor’s source of funds. (Mint)
India’s trade deficit widened to US$14bn in August this year, rising by 94% yoy. (BL)
The textiles ministry has moved a Cabinet note advocating 2% increase in duty drawback to the textiles sector. (FE)
Japan Tabacco Inc has submitted a proposal to increase its stake in Camel and Winston cigarettes brands. (BS)
RBI unlikely to cut CRR. (BL)
Major steel companies are considering a cut in their output to counter slowing demand and falling international prices. (ET)
Trai has sought data from all telcos in a bid to review the mobile termination charges. (ET)
The government is framing a new policy for test marketing by foreign retailers to prevent these companies from circumventing curbs on FDI in retail trade. (ET)
Government may consider removing the cap of 51% in single brand retail. (ET)
RBI has asked banks to disclose their exposure in AIG, Lehman Brothers, Fortis, Washington Mutual and Wachovia Bank. (ET)
Petroleum Minister may announce a dual pricing policy for fuel. (ET)
Sugar mills come under government scanner for alleged excise duty evasion. (ET)
Ministry of communication to meet telecom companies to resolve disputes pertaining to dual technology for mobile services. (BS)