Daily News Roundup - Nov 13 2009

Infosys BPO buys US-based back office company McCamish Systems for US$58mn. (ET)

Mortgage major HDFC targets 20% loan disbursal growth in the current fiscal. (BS)

Tata Steel has approved an exchange offer for an existing US$875mn of securities into FCCB in a move to reduce costs and ease repayment. (BS)

L&T to sell a third of its 6.9% stake in Mahindra Satyam. (ET)

ONGC has decided to merge its energy trading JV with Lakshmi Mittal with their exploration tie-up. (BS)

Tata Group has formed a JV with US based Sirkosky Aircraft to make aerospace components in India. (BS)

SBI is likely to conclude the merger of its associate bank, State Bank of Indore, with itself by March 2010. (BL)

BHEL visited Singur for a possible project with West Bengal Power Development Corporation. (BS)

Ranbaxy receives pre-qualification from WHO for its anti-retroviral capsule Indinavir. (BL)

L&T to set-up India’s largest power transmission line research and tower testing centre in Kancheepuram district. (BS)

GAIL has proposed to incur a capital expenditure of over Rs490bn during FY2010-14. (FE)

Promoters of Patni demand a 25% premium to market price for their stake to General Atlantic. (ET)

CCEA approved additional investment by OVL, a wholly owned subsidiary of ONGC, for its offshore oilfield in Brazil. (ET)

Exide Industries targets a 25% market share in the tractor battery segment in the next two years. (BL)

Golden Tobacco is facing a hostile takeover attempt by investor Pramod Jain after Mr. Dalmia defaulted on loans to a host of lenders. (ET)

TC India is likely to have a minority stake in its proposed joint venture with UK based Ashmore Group for funding power projects in the country. (FE)

Mahindra Lifespace has entered into a JV with Arch Capital to promote a 55-acre premium residential community at Mahindra World City SEZ. (BL)

Aurobindo Pharma’s board approves the merger of wholly owned subsidiary, Trident Life Sciences, with itself. (BS)

Fortis Healthcare and Apollo Hospitals have ventured out to Mauritius by tying-up with strong local partners. (FE)

Great Eastern Energy Corporation has raised Rs2.3bn through a issue of 6.7% fresh equity of shares. (ET)

IDBI bank has revised the interest rates on retail term deposits by 25 to 50 basis points in different maturity buckets. (FE)

Bank of Rajasthan has announced reduction in interest rates in mortgage loan with immediate effect. (FE)

Simbhaoli Sugar to commercialize hybrid cane with 20% higher output. (BS)

Kirloskar Oil Engines to exit from six JVs by selling its entire holdings to Kirloskar Systems for Rs2.5bn (BS)

Steel Strips Wheels Ltd received Euro28mn Renault order (BS)


IIP grew by 9.12% in the month of September 2009. (BS)

Food Inflation climbs to 13.68% for the week ended October 31st. (BL)

Oil Ministry to ensure 5% ethanol blending by OMC. (BS)

Government approves policy for digitized cable content. (BS)

Kharif Crop output is likely to witness 12-13% fall in the current fiscal, says planning commission. (BS)

Domestic air traffic grew at 25% in October. (BS)

RBI has allowed banks to offer plain vanilla cross currency options to people in India. (FE)

Government has approved eight road projects, entailing an estimated cost of Rs109bn. (ET)

Textile industry demands a ban on cotton exports. (BS)

Cheaper finance and reservation in industrial plots for MSME will be considered by a panel headed by the Prime Minister’s top aide, on November 19. (ET)

The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the CBEC. (ET)

Australia has announced investment of US$50mn to develop green technologies in India. (FE)