Daily News Roundup - Mar 17 2011

Tata Steel aims to raise as much as Rs15bn in the nation’s first sale of rupee perpetual bonds by a non-finance company. (BS)

LIC is in talks with the government to diversify risk by limiting its exposure to a single company to one-two per cent of the investment corpus. (BS)

IRDA is said to be examining the Reliance Life-Nippon deal. (BL)



The I-T Department has raided offices of JSW Group companies for a possible tax evasion suspicion. (BS)

Hero Honda to splash out Rs1bn on Rebranding.(ET)

Hero Investments Private Ltd (HIPL), the promoters of Hero Honda has pledged further shares of the company to IL&FS Trust Company, raising an estimated Rs2bn. (BS)

Mahindra Satyam has initiated talks with IT companies in China and Japan that would give it access to their local clients. (BL)

Canara Bank has raised ~Rs20bn through a QIP issue. (BL)

Siemens has applied for NBFC licence with RBI.(ET)

Indian Oil, HPCL and BPCL have seen losses on diesel sale touch a record Rs15.79 per litre as government continues to bar them from raising rates. (BS)

The government said Idea Cellular, Etisalat and BSNL did not meet the Trai benchmark regarding call drops and subscribers continued facing the problem. (BS)

More than 40 developers, including Parsvnath SEZ and Ranbaxy, have sought more time from the government to implement their SEZ projects. (BS)

TVS Motors is mulling a low-priced motorcycle to shore up volumes in the Indian market. (BS)

IVRCL has announced that it has bagged several orders valued at ~Rs5.6bn, which includes two orders from Power Grid Corporation, worth Rs3.6bn. (BL)

Mukesh Ambani has join Bank of America Board.(ET)

Jyothy Laboratories has picked up 14.9 % stake in Henkel India. (ET)

3i Infotech is in talks to sell its US subsidiary, Regulus. (BS)

Shoppers Stop may increase prices of its products by 6-7 % from April to offset the 10 % excise duty imposed on branded apparel in the Budget 2011-12. (BS)

SKS Microfinance said it would not participate in the corporate debt restructuring programme, as suggested by its lenders, as it had sufficient funds to repay loans (BS)

MindTree bagged its first SAP support deal from the UK based 2e2. (BS)

PVR is planning to open around 60 to 80 screens in the country in 2011-12. (BS)

Nine bidders, including JSW Energy-Leighton Contractors and GVKSamsung consortia, are in the race to develop the RS30bn Tadadi port project in Karnataka. (BS)

GEI Industrial Systems has bagged orders worth Rs0.45bn for the supply of air cooled vacuum steam condensers. (BL)
Economy Snippets

Advance tax collection by the top 100 companies has increased 24 % to ~Rs566bn this fiscal. (BL)

Government to invest Rs.100bn to revive steel plant at jagdishpur in Uttar Pradesh.(ET)

India, Nigeria trade to touch $12bn in 2010-11.(ET)