Daily News Roundup - March 3 2010

A week after Reliance Industries raised its offer for LyondellBasell from US$13.5bn to US$14.5bn, the board of the Netherlands-based bankrupt company opts for proposal by creditors. (BS)

Tata Consultancy Services, the country’s largest software exporter by revenue, is to administer the UK’s National Employee Savings Trust scheme’s administered services under a 10-year deal, worth around £600mn. (BS)

Tata Motors previewed its Tata Indica Vista EV at the Geneva Motor Show, which will go on sale later this year across Scandanavia and other select markets of Europe. (BS)

Tata Motors said it would bring an electric version of the Nano, the world’s cheapest car, to Europe within three years, starting with Britain and Scandinavia. (ET)

Karnataka Bank has entered into a memorandum of understanding with Tata Motors to finance purchase of passenger and goods transportation vehicles manufactured by the company. (BL)

Corus the British-Dutch subsidiary of Tata Steel has sold its 50% stake in Cindu Chemicals, a Netherlands-based tar distillation plant, to Koppers International, as part of the overall Tata Group strategy to exit non-core areas. (ET)

GAIL and Maharashtra Industrial Development Corporation plan to establish a joint venture company for distributing gas to industrial consumers in the state. (BL)

BHEL secured an order worth ~Rs57.8bn from Indiabulls Group firm Elena Power & Infrastructure Ltd, to set up projects at Nashik (5x270 MW) and Amravati (5x270 MW). (BL)

The Department of Heavy Industries indicated that with an order book exceeding Rs1.5trn BHEL is likely to double its turnover in the next 10 years and hit the Rs500bn mark. (BS)

Vedanta Resources, the London-listed holding company for India's largest copper producer, Sterlite Industries, has raised US$805mn through a convertible bond issue. (ET)

Ministry of Defence is abandoning competitive bidding and handing over the Rs100bn project to a defence public sector undertaking, Bharat Electronics Ltd, thus leaving in lurch Wipro, Mahindra Defence Systems, Tata Power, L&T, Rolta and HCL. (BS)

Hindustan Dorr-Oliver acquired Davy Markham, a Sheffield (UK)-based engineering services company, for ~Rs660mn. (BL)

US-based PE firm New Silk Route Partners (NSR) has picked up a little over 30% in Nectar Lifesciences for Rs2.5bn at Rs 35 per share. (ET)

Maytas Infra has reached a repayment settlement with one of its lenders HDFC Bank. Under the agreement, Maytas will now pay only 50% of the outstanding loan of Rs1bn as on January 2009. (ET)

EdServ said it intends to acquire SmartLearn WebTV, a start-up that offers e-learning, at a total valuation of about $1 million. (ET)

The board of Elgi Equipments has approved the acquisition of Belair, France, engaged in assembly, sales and service of industrial compressors, piping, fittings and accessories for more than 25 years. (ET)

Glenmark Pharmaceuticals has said its subsidiary has received the nod of US health regulator Food and Drug Administration for marketing Ropinirole Hydrochloride tablets, used in the treatment of Parkinson's disease. (FE)

Japanese car major Nissan is in talks with Ashok Leyland for developing a small car for the global market that could be priced around $4500-5000. (FE)

Uco Bank has received shareholders' approval for a follow on public offer to dilute 6.26% of the government's stake. The public sector lender will issue 60mn equity shares at a face value of Rs 10each. (FE)

The Orissa government has recommended the grant of mining lease for Potangi bauxite reserve in Koraput district, with estimated reserves of over 70mn tons, in favour of NALCO. (BS)

A senior executive in SAIL said that the company is expected to pass on the 2% hike in excise duty on steel to consumers. (BS)

Hyderabad-based Gulf Oil Corporation has renewed its partnership with the Indian Premier League 2010 team Kings XI Punjab. (BS)

IIFCL, a state-run entity that extends loans at preferential rates, may use US$500mn of the nation’s foreign-exchange reserves next financial year to build roads, ports and power plants. (BS)

Effective from March 1, 2010, state owned lenders like Bank of Baroda and Union Bank of India and private sector lender Federal Bank have revised downwards the interest rates on FCNR (B) and NRE (Rupee) term deposits. (FE)

Two directors of Inox Leisure joined the Fame board on Tuesday. (BL)

The country’s merchandise exports rose for the third straight month to US$14.3bn in January, up 11.5% from US$12.9bn last year, while imports surged 35.5% to US$24.7bn from US$18.2bn thus expanding trade deficit to US$10.4bn. (BS)

Karnataka will purchase 1,000MW power from the private producers at a cost of Rs3.2bn to meet the demand-supply situation in the state during the month of March. (BS)

Tamil Nadu Chief Minister said that it plans to announce an "attractive textile policy" soon to attract more investments and increase employment opportunities in textile sector there. (BS)

The high tension industrial power users in Andhra Pradesh are now faced with severe power shortage and forced to contend with one way power holiday and four-hour cut during peak hours in the week days. (BL)

Consequent to pick up in demand, cement companies across regions have hiked prices by Rs5-7/50kg bag for the third consecutive month. (BL)

CERC’s draft regulation on ‘Sharing of inter-State transmission of charges and losses' stipulates that solar-based generation would be allowed zero transmission access charge for use of inter-State transmission systems. (BL)

The government collected 70% of its total tax revenue target for 2009-10 between April 2009 and January 2010, and will have to meet a shortfall of Rs 1,400bn in the remaining two months of the fiscal. (ET)