Daily News Roundup - Mar 9 2011

Hero Investments Private Ltd has agreed to buy Honda Motors 26 per cent stake in Hero Honda for around US$851mn. (BS)

SEBI has sent a show-cause notice to RIL in a matter related to conversion of non-convertible debentures into equity shares by various promoter-entities. (BS)



Reliance Brands, a group company of RIL, will set up 37 exclusive mono stores for its foreign apparel and footwear brands by 2011. (BL)

TCS will adopt a differential pricing strategy in different regions and for different sectors for its recently launched iON, a cloud-based business solution for the small and medium business. (BL)

JSW Steel will be raising Rs10bn from an export credit agency and US$280mn ECB to fund its 2.3-million tonne cold-rolling mill to be set up at its flagship Vijayanagar (Bellary) steel factory. (FE)

Adani Group is exploring the possibility of acquiring coal assets in Russia and South Africa and plans to buy two more capsize cargo vessels to boost its coal imports. (BL)

BHEL has chalked out a major capacity expansion programme in the next two years at an investment of Rs6bn. (BL)

Bharti Airtel said it has acquired up to six-lakh 3G subscribers, which offer higher average revenues. (ET)

M&M has entered into a global strategic collaboration with US networking equipment major Cisco. (BS)

The office-bearers of M&M Employees' Union at Nashik plant called off their eight-day long hunger strike after M&M chairman assured the Union to personally hold talks on their demands today in Mumbai. (BS)

Dabur India said it planned a turnover of Rs50bn for FY12, with more acquisitions in the personal and healthcare segments. (BS)

The promoters of Aegon Religare Life Insurance, group company of Religare Enterprise will infuse about Rs4bn in the company in the next financial year to support business growth. (BL)

As part of overall explansion plans, Jyothy Fabricare Services, a subsidiary of Jyothy Labaratories, is eying two acquisitions, one each in Mumbai and Delhi. (BS)

CSM Global Pharma, a JV between Cadila Pharma and US-based Holtzman Group will invest US$65mn to set up a pharmaceutical manufacturing facility in Kigali, Rwanda. (BS)

Jubilant Lifesciences is setting up a manufacturing plant for Symtet with a capacity of 24,000 tonnes p.a. and another one for chlorinated pyridine derivatives at its Bharuch SEZ. (BS)

Kirloskar Brothers has manufactured the largest horizontal split-case pump for the Indian market. (BS)
Economy Snippets

Indian Infrastructure Finance Corporation has extended its infrastructure bond issue by another week. (ET)

The government on Tuesday proposed to formulate a national consumer policy to ensure that goods, services and technology are made available to consumers at affordable prices. (ET)

Government has decided that the branded garment companies will be eligible for cenvat credit. (ET)

Litigation in the revenue department is set to fall by about 25 per cent, as the finance ministry has raised the monetary limits for tax officials to approach courts for dispute resolution. (BS)

The government slashed the minimum export price for onion to US$350 per tonne. (ET)

India's export of seafood items jumped 20% to US$261mn in December. (ET)

Federation of Indian Mineral Industries has written to the minister requesting a roll back of export duty on iron ore to the pre-Budget level. (ET)

Old GSM operators criticized the TRAI recommendations on pricing of extra spectrum in a meeting with Communications and IT Minister Kapil Sibal. (BS)

The Orissa government-owned Orissa Mining moved the Supreme Court challenging an earlier Ministry of Environment and Forests order to withdraw permission to mine at Niyamgiri hills in Kalahandi. (ET)