Daily News Roundup - Nov 18 2010

Axis Bank has acquired Enam Securities key businesses; Investment Banking, Retail and Institutional broking and distribution of financial products worth Rs20.67bn. (ET)

The law ministry has opined that Cairn Energy cannot sell its stake to Vedanta Resources without government nod. (ET)



Four of the government’s major listed companies ONGC, IOC, SAIL and NTPC were formally conferred the Maharatna status. (BS)

The proposed Rs110bn JV between SAIL and Posco seems to have hit some major roadblocks with disagreements on equity stakes, technology sharing. (BS)

US-based Connectiva is believed to ink a multi-year revenue management software deal with Bharti Airtel for its African operations. (ET)

M&M plans to expand its automobile business in the US after it seals the acquisition of a majority stake in the South Korean automobile major Ssangyong. (ET)

HUL admitted that it had committed a grievous breach of protocol at its mercury thermometer factory in Kodaikanal, nine years ago. (BL)

Canara Bank to open 105 branches and ATM’s across the country. (BS)

HCL Tech signs US$100mn deal for smart grid solutions in power sector. (BS)

Zydus Cadila ties up with US-based Amarillo Bioscience for marketing its dietary supplement domestically and also in Nepal. (BL)

Tamilnad Mercantile Bank has entered into MoU with Tata Motors for commercial vehicles financing. (BL)

NTPC has argued for removal of its Dulanga coal block in Orissa from the list of areas barred for mining by the Union environment and forests ministry under its recent ‘No Go’ classification. (BS)

Wipro to open a new data centre in Cleveland County, North Carolina, to support its growing IT infrastructure business. (FE)

M&M and Andhra Pradesh Government are close to finalizing a deal that will pave the way for setting up of a tractor manufacturing base at Zaheerabad. (BL)

Bharti Airtel expects to cross the 100mn mobile subscriber mark in Africa in the next two years, from the 40mn at present. (BS)

The Rajasthan government plans to take a 26% stake in a refinery proposed to be set up in the state by ONGC. (FE)

Gati will be finalizing a deal to either acquire or team up with a domestic freight forwarding company by the first quarter of the next fiscal to add capacity. (BL)

Religare has announced the launch of a Rs400mn advertising campaign to spruce up brand image. (ET)

Novelis to raise US$4bn to refinance the loans borrowed by Hindalco to fund the acquisition of the Novelis in 2007. (ET)

Gurgaon developer sues Indiabulls Real Estate over the use of trademark ‘Central Park’ for a set of residential realty projects in the country. (ET)

Tata Communications launched its next generation ethernet network in 24 locations around the world. (ET)

Eicher Motors to set up a facility for its two-wheeler arm Royal Enfield to double production at 10,000 bikes a month over the next few years. (FE)

Oil India is actively pursuing buying oil and gas producing assets overseas for up to US$1bn. (FE)

Government intends to raise Rs400bn through disinvestment in public sector units this fiscal. (ET)

Government will roll out a three-year plan to double the country’s exports to US$400bn to address growing concerns over the burgeoning trade deficit. (ET)

Indirect tax collection of the government for the first seven months of FY11 (April-October) was up 42% to Rs1.80tn, an indication that the industrial growth in the country might gather steam in the coming months. (FE)

State-owned oil firms hiked jet fuel prices by 5.5% in sync with rise in global rates. (FE)