Daily News Roundup - Aug 9 2010

TCS is eyeing two contracts for defence strategic communication systems worth Rs28bn. (BS)

ICICI Bank and HDFC Bank has repeatedly violated the guidelines of the RBI on engagement of recovery agents, says government. (ET)

The government plans to sell its stake in SCI to raise funds through a record asset SALE. (ET)



The government has initiated a proposal to sell 5 % of its stake in ONGC and 10% in IOC to raise about Rs200bn during this financial year.(BS)

The 3,000MW NTPC-Kaniha Power plant will be expanded with the addition of another 500MW unit. (BS)

M&M has decided to go ahead and bid for a majority stake in SsangYong Motor of South Korea. (BL)

M&M is believed to have shown interest in buying a controlling stake in the sick PSU Scooters India. (BL)

Unitech sold properties worth Rs12.99bn during the first quarter of this financial year, predominantly for housing. (BS)

Indiabulls Real Estate gets 8.39-acre Bharat Textiles Mills' Worli land for Rs15.05bn at the rate of Rs1.8bn an acre. (BL)

Alstom Transport S.A and Alstom Projects have bagged a Rs14.71bn contract for the supply of coaches for the Chennai Metro Rail project. (BL)

BGR Energy and Hitachi of Japan announced the setting up of two JVs to make boilers and turbines for thermal power generation with a total investment of Rs44bn in setting up facilities in Tamil Nadu. (BL)

Renuka Sugars is looking for more acquisitions in Brazil. (BS)

The Government of Karnataka awarded contract for the development and operation of the greenfield airport at Bellary to MARG Ltd. (BL)

GVK Energy, a sub-holding company of GVK Power is in talks to raise about Rs15bn through a placement to a private equity. (BL)

Share of ULIPs in LIC's business has increased in the first four months of current fiscal now constituting 75% of its business. (BL)

KEC International receives Rs2.5bn worth of orders. (FE)

GSPC plans to invest US$1.8bn in KG basin. (Mint)

REC plans to issue up to Rs30bn worth of infrastructure bonds in October as part of its fund-raising efforts. (BS)

Atul Auto is planning for an acquisition target as a part of its expansion plans. (BS)

Amara Raja Group plans to make a foray into the health drink and frozen foods category as part of its vision of becoming a pan- India FMCG player. (BS)

The Environment Ministry has asked the Orissa Government to stop all work on the Posco steel project in Jagatsinghpur district due to violation of Forest Rights Act. (BL)

Foreign exchange reserves increased by US$1.25bn to US$284.18bn for the week ended July 30, on account of currency revaluation. (ET)

Total investment in West Bengal in 2009-10 amounted to Rs Rs840.39bn, the highest since 1981, according to Dr Debesh Das, West Bengal IT Minister. (BL)

Indian IT companies set to pick tab for US border security. (DNA)

Shipping Ministry would award 25 port projects of about Rs8bn under the 'Public Private Partnership' (PPP) scheme during the current financial year. (BS)

Union government plans to exempt the state-owned firms from the 25% public shareholding norm. (Mint)

A Proposed US bill, which is to be funded out of a hike in H-1B or L-1 visa fee, is expected to saddle the Indian outsourcing industry with an additional cost of US$200-250 mn towards visa fees.(BL)