Daily News Roundup - Aug 16 2010

HDFC Bank and Kotak Mahindra Bank plan to raise car loan rates by at least 0.5% in the next few days. (ET)

PE fund TPG Capital and a US-based global energy fund are in separate talks with Suzlon to acquire up to 25% stake in its German wind energy subsidiary, REpower Systems, for US$500mn. (ET)



Unitech is all set to explore possibilities for acquiring new projects in the coming months. (BS)

NTPC may offer equity stake to Qatar Petroleum in its gas-based projects. (BS)

Vedanta Resources Plc is looking for a "majority stake" in Cairn India. Vedanta Resources is negotiating with Cairn Energy Plc, the British company owning 62.4 per cent in Cairn India, for a controlling stake. (BS)

The government is unlikely to clear Vedanta Resources' acquisition of majority stake in Cairn India in a hurry. (BS)

Cairn India has made oil and gas discovery in the second well drilled in the block KG-ONN-2003/1 in KG basin. (ET)

PowerGrid is planning to lease out 80% of the towers to telecom companies. (ET)

Lupin is eyeing major expansions in emerging markets, including having on-shore presence in Brazil and Mexico. (ET)

Maruti Suzuki introduced CNG variants of five of its models, including one for its best-selling car, Alto followed by Estilo, WagonR, Eeco and SX4. (BS)

M&M plans to scale up its production capacity by over 60% in two years. (ET)

M&M is set to acquire up to 70% stake in Ssangyong Motor Company, the bankrupt South Korean SUV maker. (ET)

Marico has acquired an over-the-counter healthcare brand, Ingwe, in South Africa costing in the range of Rs100-150mn. (BL)

Rajasthan State Petroleum Corporation has received expression of interests from 13 companies including Adani Power, Tata Power and JSW Energy. (BL)

Indian Bank is planning to open 190 branches and 250 ATMs during the current year. (BS)

Alembic Ltd announced its foray into real estate with its maiden project ‘Shangirla’, a residential project on Alembic Road. (BS)

Infotech Enterprises has signed an MoU with Sreenidhi Institute of Science and Technology.

Monnet Ispat is in advanced talks to acquire coal mines in Mozambique or South Africa as it looks to secure raw material supplies for its steel and power businesses. (ET)

Amara Raja Group to hire 3,000 in 5 yrs; aims $2bn revenue. (BS)

Petronet LNG plans gas-based 750MW plant at Dahej. (BL)

BSNL will now seek permission to import gear from Chinese vendors. (BL)

FIPB has cleared a proposal of KKR Mauritius Cement Investments to acquire 70% share in Avnija Properties, a subsidiary of Dalmia Cement, for Rs7.2bn. (BL)


Lending rates unlikely to rise, says Finance Minister Pranab Mukherjee. (BS)

Foreign exchange reserves went up by US$3.17bn, the biggest increase in six weeks to reach US$287.36bn during the week-ended August 6. (BS)

The Reserve Bank of India indicated that it was not in favour of providing a special dispensation for restructuring loans extended to all airlines. (BS)

Commerce and Industry Minister is likely to provide additional incentives to sectors such as textiles, leather, handicrafts and carpets on August 23. (BS)

Listing plans of life insurance companies may take longer, with the delay in raising the foreign direct investment cap to 49% from the present 26%. (BS)

World Bank and representatives of Union and AP Govt enter into an agreement for Rs20bn loan to part fund the Rs44bn modernisation initiative of the multipurpose Nagarjunasagar project on the Krishna river. (BL)

RBI introduces regulations over the amount that can be borrowed by core investment companies, operating as holding companies which must now ensure that their outside liabilities do not exceed 2.5 times their adjusted net worth. (BL)

Finance ministry is considering imposing import duty on power equipment for UMPPs, a move that may lead to increase in tariffs of electricity generated from these projects. (TOI)