Daily News Roundup - Mar 7 2011

CBI to file separate charge sheets against Swan (Etisalat DB), Loop Telecom and Unitech Wireless by the month-end. (ET)

L&T to raise Rs114bn from SBI-led consortium of banks. (BS)

Lanco Infratech agrees to acquire Australia’s Griffin Coal for ~Rs34bn. (ET)

Fortis Global Healthcare acquired 28.6% in Lanka Hospitals for ~Rs1.6bn. (ET).



Hero Honda promoters pledge 5.32% stake with IL&FS Trust for an estimated Rs15.9bn. (ET)

Green concerns to take a toll on Coal India’s output growth. (ET)

Nalco to split equity shares of Rs10 into 2 shares worth Rs5 each; the company also approved a 1:1 bonus. (BS)

Indian Bank aims to expand its branch strength by adding 100 branches across the country by the next financial year. (BS)

NTPC in talks with German bank KfW for funds to set up power plant in Rajasthan. (BS)

Bank of India set to buy 51% in Bharti AXA MF. (BS)

Hotel Leelaventure plans to raise Rs6bn through sale of preferential shares to PE companies. (BS)

Canara Bank raises US$350mn through issue of senior unsecured bonds under its medium-term note programme via its London branch. (BS)

Titan Industries has decided to merge Tanishq, a wholly-owned subsidiary, with the company. (BL)

Indian Bank plans to tap the equity markets through IPO next fiscal to raise money to fund its expansion programme. (FE)

Shriram Capital, the holding company of all financial services businesses of the Shriram Group, will dilute 15% stake to PE investor TPG. (BS)

NTPC plans to go solo in the ninth round of auctions for hydrocarbon blocks under the NELP. (Mint)

The government to infuse Rs43.76bn as equity capital in PSU lenders Bank of Baroda and Union Bank of India as part of a recapitalisation package. (ET)

Assam Co to buy 70% in Colombian oil block. (ET)
Economy Snippets

Foreign exchange reserves went up by US$158mn to US$301bn in the week ended February 25. (ET)

In what will reduce its subsidy bill by Rs100bn, the government has decided to extend nutrient based subsidy scheme, which involves partial decontrol of retail price, to urea-based fertilizers. (FE)

Crude imports down 2.2% at 11.2mn tonnes in January. (FE)

Garments exports up 19.5% in January; highest in 2010-11. (ET)

The government plans to widen the definition of real estate in its FDI policy to include consultants, advisers, valuers and brokers. (ET)