Daily News Roundup - Oct 25 2011

Infosys has signed a memorandum of understanding with the Dalian High-tech Zone in China, to establish a branch company of Infosys Technologies. (BS)

A special purpose vehicle with equity participation from state-owned telcos BSNL and MTNL and other public sector units such as Rail-Tel, Gail and PowerGrid will be entrusted with the Rs200bn project to build a national broadband network to take high-speed internet to the hinterlands. (ET)

Areva T&D, which is a part of Alstom Grid has bagged Rs4bn contract for 765 kv extra high voltage substation from Rajasthan Rajya Vidyut Prasaran Nigam Ltd. (BS)



JSW Steel considering a bid for New Hope, the Australian coal producer valued at AUD5bn. (ET)

Power Grid Corporation has proposed to form a joint venture in Bangladesh and Sri Lanka for the setting up of an associated transmission lines to transmit power within the respective countries from the proposed power project planned by NTPC. (BS)

Essar Energy will boost the capacity of its Vadinar refinery by 25% by December and increase its ability to process cheaper grades of crude to deliver higher refining margins. (ET)

Truck and bus making companies like Tata Motors and Ashok Leyland are looking at outsourcing the body-building processes to trim costs, boost supply channel network and reduce dependence component suppliers. (BS)

Reliance Telecom and its three executives against whom the trial court has framed charges for facing trial in the 2G spectrum scam will move the Delhi High Court for quashing of the charges. (FE)

Tata Consultancy Services announced Scotwest and Capital Credit Unions had chosen TCS BANCS core banking as its IT platform. (BS)

Jindal Steel and Power plans to spend up to Rs150bn in the next three years to add another 3.5mt capacity at its Raigarh plant in Chhattisgarh, taking its annual production capacity to 6.5mt. (FE)
Economy Snippets

The Reserve Bank of India reiterated that inflation remained "sticky", but shifted focus to the rising "downside risks" to growth and a weakening investment climate. (BS)

Aviation regulator the Directorate General of Civil Aviation does not see anything wrong in the high fares charged by domestic airlines during the current festive season. (BL)

The government has asked all public and private sector banks to provide bank accounts to all households and a Kisan Credit Card to every farmer family as part of financial inclusion initiatives. (BS)

Supreme Court order has in effect allowed Department of Telecom to collect licence fee from the operators on revenues earned from non-telecom activities. (BL)

India's steel output in the first nine months of this year grew by 5.3%, compared to the world's average growth of 8.2%. (ET)

According to the latest data, power stations with less than a week's coal stock have risen to a record 51, up from 36 at the beginning of the month. Also, out of the 86 major thermal stations monitored for their coal stock position, 32 were operating with stocks of less than four days. (BL)