Daily News Roundup - Mar 21 2011

Tata Motors plans to hike prices of its passenger vehicles by up to Rs36,000 from April 1. (ET)

Reliance Industries sees 13% drop in KG gas output. (BL)

Maruti Suzuki India and Hyundai mulling to hike prices of its passenger vehicles. (ET)



Reliance Power secures 5 of the 18 projects in Himachal through global bids. (BS)

TCS has bagged a ‘multi-million dollar' IT infrastructure deal from the Netherlands-based technical consultancy firm Royal Haskoning. (BL)

Tata Steel has raised Rs 15bn through issue of perpetual hybrid securities. (BL)

SEBI has asked Vedanta Resources, which has sought the regulator’s approval for an open offer to the shareholders of Cairn India, to change some of the clauses in the share purchase agreement. (TOI)

REC to raise US$1bn via corporate bond issue in the US in FY12. (BS)

Sesa Goa amongst eleven companies and the biggest of the lot to have bid for development of Kolha-Roida mine, tendered by Orissa Mineral Development Co. in January this year. (DNA)

Union Bank of India is unlikely to increase its deposit and lending rates in the next one month. (ET)

Karnataka Bank signs an agreement with Bartronics India for providing banking services in remote villages. (BS)

Government to infuse Rs12bn in Andhra Bank. (FE)

Titan to enter Indonesia, plans 250 new stores in India. (BL)

Union Bank partners Nokia for mobile payment services. (BL)

Monnet Ispat and Energy has bought a 100mn tonne coal mine in Indonesia. (BS)

Voltas has signed an agreement with the Germany-based Kion Group to establish a JV in India for developing and servicing industrial trucks and warehousing equipment. (BL)

NMDC ties up for blast furnace, sinter plant for Chhattisgarh steel project. (BL)

Ashok Leyland and Nissan JV to invest around Rs25bn for setting up a factory to manufacture light commercial vehicles. (BS)

United Spirits will invest around Rs6bn to set up glass manufacturing plants, as the world’s largest liquor firm by volume tries to rein in volatile input costs. (TOI)

Elder Health Care to build own brands, plans big launches. (ET)
Economy Snippets

Government would dole out Rs15bn over the next two years to banks and finance companies to lend money to solar energy projects at 5% interest rate. (ET)

Finance Minister gives Rs210bn subsidy support to oil companies. (ET)

Foreign exchange reserves dipped US$755mn to US$302bn during the week ended March 11. (ET)

Life Insurers’ new business income falls 39% in February. (BS)

Banks can’t lend liquidity adjustment facility funds to overnight money market, says RBI. (BS)

Government planning to bid out at least three UMPPs over the next few months, with two in Orissa and one in TN. (FE)

Tax revenue collections, both direct and indirect, have shown a significant jump till March 12, 2011, for the current fiscal, growing 26% yoy, says revenue secretary. (TOI)