Daily News Roundup - Oct 21 2011

State Bank of India has increased home loan tenures by 10 more years to 30 years. (BS)

Promoters have raised their stake to 25.18% in M&M. (BS)

Tata Motors is looking to raise US$750mn via overseas borrowing to meet working capital requirements and reduce debt. (BS)

SEBI is investigating whether an associate company of DLF duped an investor by using a maze of intermediary companies while purchasing land. (BS)



Shriram group is planning to promote non-renewable power projects through joint ventures and by way of investing in upcoming projects. (BS)

GoAir will connect Bangalore to Goa and Kochi with daily direct flights from October 30. (BS)

Tata Steel is investing £4.5mn more this year at its South Yorkshire operations in the UK, over the £20mn investment that it has already put in last year. (BL)

Ambuja Realty acquired the RMZ block at Ecospace Business Park in Rajarhat satellite township on the Eastern fringe of the cityat a price in excess of Rs300bn. (BL)

Phase II of BPCL’s Kochi Refinery modernization has been completed. (BL)

SBI said it would require Rs79bn to keep its Tier I capital at 8% as per RBI guidelines. (FE)

The DGH’s move to armtwist Reliance Industries into spending about Rs30bn to drill four new wells at the KG-D6 block faces scrutiny by the CAG as the wells turned out to be dry and the government will have to foot the bill. (ET)

The Law ministry has backed out from giving its opinion on the merger of eight companies into Unitech Wireless in 2009. (ET)

Nestle said weakening consumer sentiment in developed markets would make it harder to improve margins as it raised its sales growth outlook for 2011 after beating forecasts for the first nine months. (BS)
Economy Snippets

Food inflation climbed back to double digits at 10.6%, just ahead of the Reserve Bank of India's monetary policy review. (BL)

Textile and garment exports will likely miss the US$33bn target for this fiscal set by the government, despite a weakening rupee and shipment incentives announced in the foreign trade policy. (FE)

An amazing surge in India’s exports to the Bahamas, which have shot up from US$2.2mn in 2008-09 to US$2.2bn in 2010-11, has stoked suspicion that a slice of the country’s trades is sham transactions done to bring back money stashed in secret accounts with offshore banks. (ET)

Head of the PMEAC has echoed the FM’s fear on fiscal deficit breaching budget target of 4.6% this year. (ET)

The finance ministry has taken up a revenue-neutral proposal of the stock exchanges that seeks to reduce STT by 40% and compensate 30% of revenues lost on account of an expected rise in volumes. (BS)