Daily News Roundup - Feb 4 2010

L&T has bagged orders worth Rs11bn. (ET)

Ultratech-Grasim combined will invest around Rs70bn on three greenfield facilities in the next three-four years. (ET)

Hemendra Kothari has bought 12% stake in ING Vyasa Life Insurance Company from Gujarat Ambuja. (ET)

Australia’s Rocklands Richfield has ended its takeover talks with Jindal Steel and Power. (ET)

SAIL has hiked flat product prices by Rs500/ton effective from February 1st 2010. (ET)

Mahindra and Mahindra has launched a new version of its mini truck Maxximo. (ET)

Maruti Suzuki will not pass on the benefits of lower taxes for the new petrol variant of Swift. (ET)

National Power Exchange promoted by NTPC, NHPC and TCS to be operational by the end of December. (BS)

IOC wins legal battle against international oil trading company Trafigura. (BS)

SCI to raise the borrowing limit to Rs120bn from current Rs50bn. (BS)

IOC will commission projects worth Rs37bn at its Haldia refinery next week. (BL)

Bharat Electronics is likely to receive an order worth Rs48bn from the Akash anti-aircraft missile. (BL)

GE-Hitachi Nuclear plans to source special steel and forgings from L&T’s Hazira facility. (BL)

GMR group is considering exiting the sugar business to focus on the infrastructure sector. (BL)

Inox Leisure has acquired promoter’s 43% stake in Fame India for Rs665mn in cash. (ET)

Ashok Leyland has reported over three fold jump in commercial vehicle sales in January 2010. (ET)

Educomp Solution has acquired US based Zaptive Internet Services for US$1.3mn. (ET)

Dishman Pharma has begun restructuring its Swiss subsidiary Carbogen Amcis. (BS)

GMR Infra is planning to re-finance US$750mn of debt which it had taken for acquiring 50% Intergen NV. (BS)

Whirlpool India aims to grab 15% market share in the AC segment by 2012. (ET)

Indoco Remedies has formed an alliance with Watson Pharma of US to develop and manufacture generic sterile products for the US market. (BL)

Atlas Copco to step up global sourcing from India. (ET)

IPO of Satluj Jal Vidyut Nigam is unlikely in the current fiscal years says the Power Ministry. (ET)

Volkswagen AG plans to make its low cost car manufacturing hub. (ET)

Kirit Parikh committee has suggested market linked rates for auto fuels and a sharp increase in LPG and Kersosine prices. (ET)

Pranob Sen, the country’s chief statistician has asked the government not to reverse fiscal stimulus till May. (ET)

Government will table the finance commission report on revenue sharing with states on February 25th 2010. (ET)

Business activity in the service sector accelerated for the second consecutive month in January according to HSBC Markit survey. (BS)

Government may cut bulk sugar users norms to 10-day requirement from 15-day as of now. (BS)

Top banks of the country will review the future of teaser home loans scheme in March says SBI chairman. (BS)

RBI has withdrawn the short-term foreign currency borrowing facility for non-banking and housing finance companies. (BL)