Daily News Roundup - Feb 25 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)

Wipro wins 10-year outsourcing deal from Punjab and Sind Bank. (BS)

SBI to buy significant stake in Tata Motor Finance says SBI chairman. (ET)

Bharti Airtel eyes US$7bn offshore loans to back its offer to buy Zain’s African cellular assets. (BS)

Government puts on hold the IPO of Satluj Jal Vidyut Nigam following poor response to the FPO of NTPC and REC. (ET)

Rahul Bajaj sells stake in Bajaj Electrical to Shekhar Bajaj. (BS)

ITC plans to foray the food market of UAE and Gulf Co-operation Council. (BS)

Mindtree to raise debt upto US$100mn. (BS)

Thermax has reached an out of court settlement with US based Purolite to end the legal dispute regarding polymer business in US. (BS)

Fidelity International sells 2% stake in Financial Technology owned MCX exchange to Passport India. (ET)

US media giant turner has acquired 85.68% stake in NDTV imagine. (BS)

Pantaloon to merge two units of its arm with itself. (BS)

Kotak Mahindra Bank to replace Grasim in Nifty50 from April 8th 2010. (ET)

Bayer drags Cipla to Supreme Court over anti-cancer drug patent. (FE)

Ashok Leyland has signed a multi-million dollar deal with Paramount Group

Texmaco to de-merge its Heavy Engineering and Steel foundry division; to transfer it to 100% subsidiary Texmaco Machines. (ET)

ATC acquires Essar’s tower business for Rs20bn. (FE)

DoT sets new deadline for 3G auctions; to start on April 9th 2010. (BS)

Decrease of 100rs per

Railways not to hike freight and passenger rates. (FE)

Railways push for PPP and seek private investment for world class station, auto hubs and high speed passenger train corridor. (FE)

Outstanding bank loans grew by Rs226bn in the fortnight ended February 12th 2010 reflecting a 9.9% yoy growth. (ET)

India Inc has announced a capacity expansion to the tune of Rs500bn over the next two-five years. (ET)

Tea export from India stood at 181.5mn kg in 2009 down 11.63mn kg over the previous year. (ET)

Indian power utility to import 48mn tons of coal in the next financial year. (ET)

Global trade dropped by 12% yoy last fiscal the biggest decline since the World War II. (ET)