Daily News Roundup - Apr 21 2010

Tata Power has made a direct offer to the state government to transfer it some parts of the distribution network owned by RInfra to save Mumbai from the tariff hike proposed by RInfra. (ET)

M&M said that its foray into the mini-truck segment through Maxximo, which was launched in the northern and western regions only about a month back, has garnered about 25% of the market share in these regions. (BS)

Real estate major Unitech announced a demerger swap ratio of 1:1, following its decision to hive off non-core operations such as telecom, SEZs, logistics, hotels, transmission towers and others into a separate entity called Unitech Infra Ltd. (BL)

The strong rebound in demand for software services has prompted TCS to earmark an ‘all-time high' capital expenditure of over Rs22bn for this fiscal. (BL)

TCS plans to hire about 3,000 people in FY11 across its global delivery centers to bring onsite support to its clients. (FE)

Suzlon Energy’s subsidiary, REpower Systems AG, bagged a contract for supply of 44 wind turbines for a project in Turkey. (FE)

Japanese drug major Daiichi Sankyo, which owns 63.9% in Ranbaxy, failed to convert the warrants issued by the latter into shares during the stipulated 18-month period. (BS)

Maruti Suzuki crossed the milestone of rolling out 0.3mn K-Series engines, its latest generation engine which powers new models, including A Star, Swift, Swift Dzire and Ritz. (ET)

International Finance Corporation plans to invest US$75mn (Rs3.3bn) in IDFC to make investments in renewable energy as well as cleaner production and energy-efficiency projects across the country. (BS)

Procter & Gamble’s biggest bet on a new diaper in 25 years has run afoul of some parents who say their babies suffered rashes and burns after using them. (BS)

Uttar Pradesh government gave its nod to Bajaj Hindustan to set up its 1,980MW coal-fired power plant in Lalitpur district of Bundelkhand region. (BS)

SpiceJet has received its board’s approval to raise US$50-75mn to fund its international expansion. (BS)

Strides Arcolab bought back FCCBs worth US$34mn that were due this year. (BL)

Bharati Shipyard plans to appoint two of its members as executive directors on the board of Great Offshore in an attempt to correct an incongruous situation that arose after it bought GOL in a hotly-contested takeover battle last year. (ET)

Binani Cement said its board will meet on April 23 to consider a share buy-back proposal. (FE)

Everonn Kompass, a division of Chennai-based Everonn Education Ltd, opened its centre in Kurnool, Andhra Pradesh. (BL)

Education solutions provider CORE Projects & Technologies bagged Rs1.2bn order from the Government of Maharashtra to implement technology infrastructure at 947 schools in the State for five years. (BL)

GSS America, specializing in providing managed IT services, has been awarded a US$5mn contract to provide an end-to-end e-governance and e-procurement solution to the Bangladesh Government. (BL)

Hanung Toys & Textiles bagged an export order worth US$90mn from a leading US buyer. (ET)

The government plans to raise Rs130bn by selling shares in Coal India Ltd in July, the country’s biggest initial public offering. (BS)

Jai Prakash Power Ventures Ltd has signed a lease agreement with Kerala Industrial Infrastructure Development Corporation for setting up a 240MW coal-based thermal power plant, 1.5mtpa cement grinding unit and a jetty in 164.2 acres of land at its industrial park at Kalliassery and Pappinissery villages in Kannur district. (BL)

Essar Shipping Ports and Logistics signed a licence agreement with Paradip Port Trust to invest Rs5bn in a dry bulk cargo berth. (ET)

The RBI raised the repo and reverse repo rates by 25bps each, effective today and CRR by 25bps, but effective from Friday. (BS)

The RBI will now allot bank licenses to private sector players and NBFCs. (BS)

In an effort to promote the corporate bond market, the RBI has permitted banks to treat their exposure to unlisted non-statutory liquidity ratio debt securities as an investment in listed securities at the time of making investments. (BS)

The RBI has made registration of core investment companies with assets of over Rs1bn mandatory. (BL)

The RBI announced that it will allow banks to treat annuity payments and toll collection rights for highways built on BOT model as secured loans. (BL)

MCX Stock Exchange is likely to start trading in equities in the next two-to-three months, a top company official said. (BS)

Low-grade iron ore miners in Goa reduced their production by 30% to avoid stockpiling ahead of the monsoon. (BS)

The government would rake in at least Rs255bn from the auction of 3G spectrum as the pan-India licence on the ninth day reached a bid of Rs63.5bn, up 81.5% from the base price of Rs35bn. (BS)

The Department of Pharmaceuticals has declined the commerce ministry’s proposal to incorporate intellectual property protection clauses, which go beyond the existing rules, as part of the free trade agreements being negotiated with the European Union and Japan. (BS)

Gujarat government plans to set up a dedicated SEZ for offsets in the defense sector. (BS)

Rising demand from China and India, coupled with global recovery, is driving thermal coal prices that have appreciated by about a fourth in the past few months. (BL)