Daily News Roundup - Sep 6 2010

Wipro and Leica Geosystems bags Rs1.2bn project that involves setting up operator-independent truck dispatch systems at Coal India’s 11 large mines. (ET)

SBI is considering the merger of all five of its remaining associate banks with itself, having amalgamated with two of them in the last two years. (BS)



Indian promoters of Hero Honda are reportedly in talks with PE players to raise the funds to buy 26% stake held by Honda Motors. (BS)

Cipla could take a decision on buying up to 25% stake in a unit of South Africa-based Cipla Medpro at the next board meeting in October. (ET)

Reliance Capital AMC has bought two series of convertible preference shares in Trent, the retail arm of the Tata group, for Rs210mn. (ET)

Videocon group may sell a controlling stake in its wireless unit to an overseas partner to help fund expansion of the business. (ET)

Suzlon Energy wins 30MW order from Altrade Group. (FE)

A 50:50 joint venture of ZF Lemforder and the Hero Group, has planned to set up a new facility in the National Capital Region to manufacture chassis frames, axle systems and sheet metal components for the domestic car market. (BS)

BHEL is in look out for a technology provider to manufacture heavy turbines for atomic power stations. (BL)

Britannia to invest Rs450mn in Orissa unit. (BS)

The R-ADAG has picked up a 15% stake for Rs2.25bn in a new international airport coming up at Aranmula in Pathanamthitta district of central Kerala. (BS)

Aditya Birla Group has increased its stake by 4% in the past two months in Hindalco Industries. The promoters' current stake is 36%, against 32.08% at the end of June. (BS)

NMDC may invest in Potash One Inc’s mining project in Canada and a rock phosphate venture in Zimbabwe, as part of a plan to diversify into fertilisers. (BS)

Jet Airways plans to set up a maintenance, repair and overhaul facility in India, possibly in the South. (BS)

The TVS group has infused around Rs420mn in its newly-floated subsidiary TVS Energy Pvt Ltd, marking the group's entry into the power business. (BS)

Tata Steel was in talks with banks for £3.5bn in loans for its UK unit. (BS)

BEML and MECL have signed a MoU for participating in coal & metal mining projects. (BS)

The Andhra Pradesh government signed a concession agreement with L&T Hyderabad Metro Rail Pvt Ltd, for development of the Rs121.32bn Hyderabad Metro Rail (L&T HMR) Project, under the public-private partnership initiative. (BS)

Raymond's plans to develop its 125-acre plot housing its plant in Thane, is likely to get delayed as the Maharashtra Government has refused to give it an NOC for the purpose unless the company resolves the compensation issue with its workers there. (BS)

Atul Auto, is interested in acquiring a "not-less-than 51% stake" in Scooters India, in which the Government is mulling a divestment. (BS)

Asian Development Bank has written to the promoter shareholders of Petronet LNG expressing its intent to exit the company. (BL)

Bank of Maharashtra plans to add 15 new branches in Gujarat. (BS)

Tide Water Oil is scouting for acquisitions in the lubricants space and has set aside Rs2bn for this. (ET)

Hindustan Motors is in plans to sell a part of its stake in component maker Avtec to companies within the C K Birla Group. (BL)

Jindal Poly Films aims to raise as much as Rs20bn from local and overseas investors. (ET)

Foreign exchange reserves rose by US$293mn during the week ended August 27. (ET)

Tea production in India declined nearly 3% in July to 123.1mn kg over the year-ago period as compared to 126.7mn kg. (ET)

Domestic Steelmakers have hiked flat steel prices by Rs2,000/ton making them costlier then the imported flat steel products. (BL)

Food inflation inched up marginally to 10.86% for the week ended August 31. (BS)