Daily News Roundup - March 9 2010

Daimler to sell 5.34% stake in Tata Motors, plans to raise around Rs19.5bn from the share sale. (BS)

The government introduced the State Bank of India (Amendment) Bill in Parliament to give SBI more leeway to raise capital from the market through preference shares, bonus shares and private placement of shares. (BS)

Essar Energy plans London listing to raise US$3bn. (BS)

Caraco Pharmaceuticals, the troubled US subsidiary of Sun Pharma, got a temporary reprieve after its banker, RBS Citizens, agreed to suspend the conditions on a term loan of US$18mn till October 6. (BS)

The Union government fixed the price band for NMDC’s follow-on public offer (FPO) at Rs300-350 a share. (BS)

Nissan ropes in Ashok Leyland to take on Volkwagen’s small cars. (BS)

Exide Industries plans to raise ~Rs5.4bn through sale of 50mn equity shares priced at Rs107.9per share to QIB. (ET)

India Cements to raise over Rs11bn via QIP route. The funds would be used for setting up captive power plants. (ET)

SAIL plans to setup a technology joint venture with a Japanese partner to make higher value products amid surging demand. (BS)

Axis Bank plans to spin off its private equity (PE) business as a separate entity. (BS)

Telecom operator Uninor, which offers its services in eight of the 22 circles in the country, will soon start the exercise of raising debt to the tune of Rs94bn. (BS)

L&T has begun work for setting up a 1,320MW thermal plant of the total target of 5,000MW at Rajpura, Punjab. (BL)

Nagarjuna Construction has secured new orders aggregating Rs12.2bn, including a Rs6.5bn deal from the Hyderabad Growth Corridor Ltd, for the construction of Access Controlled Expressway. (BL)

Suzuki Motor has raised its stake in Maruti Suzuki to 55%, triggering speculation about the Japanese firm’s intentions for its Indian subsidiary and whether the move is part of a larger plan to take full control of the country’s top carmaker. (ET)

Indian Oil has completed the Rs37bn capacity augmentation and product quality improvement projects at Haldia refinery. (BL)

MAN Industries has bagged a Rs9.5bn order from Kuwait for the supply of 1,70,000 tons of large diameter pipes in both LSAW as well as HSAW segments. (BL)

Jet Airways has abandoned its US$200m fund raising plan. (ET)

WIPRO Infotech, India and Middle East IT business of Wipro has won a turnkey project from the Financial Intelligence Unit - India, ministry of finance. (ET)

Zee Learn has earmarked over Rs700m investment to scale-up its chain of schools under Kidzee brand during the current calendar year.(ET)

Tata Motors has launched a customer service initiative Christened Tata Motors Service Edge. The initiative is constructed on three core services—Response in minutes, resolve in hours; Service with unmatched reliability and Assured value for money. (ET)

The Government has approved Rs44bn for setting up 1,100 MW grid-connected solar power plants under the first phase of the National Solar Mission. (ET)

States are demanding that Central Government double the compensation proposed by the Finance Commission to implement the already delayed Goods and Services Tax as the `Grand Bargain’’ is leading to stiffer demands. (ET)