Daily News Roundup - Feb 9 2012

Tata Consultancy Services and Japans Mitsubishi will invest US$5mn in a joint venture to set up a delivery centre in Japan. (ET)

Four directors and the head of finance have quit offshore explorer Great Offshore in the past three months, triggering concerns about the Bharati Shipyard promoted company’s future. (ET)

United Bank of India has entered into an agreement with Nepal’s Global Bank to launch remittance facility to a large segment of Nepalese population working in India. (ET)



Rural Electrification Corp will enter the capital market to raise Rs15bn in five-year non-convertible debentures. REC has finalized a 9.28% coupon and plans to strike swap deals of equivalent amount to reduce the effective cost. (ET)

CEAT announced plan to set up a Rs2.5bn manufacturing plant in Bangladesh. The initial capacity would be 65 tonnes per day and production is to commence in FY13. (BL)

Tata Communications Ltd plans to buy 5.76% stake in Tamil Nadu-based Green Infra Wind Generation Ltd as part of its plans to use power from alternative energy sources. (BL)

Reliance Power said that the Samalkot project will be executed in a record time of 15 months. The open cycle (1,450 MW) which is the first phase of the project, will be commissioned by March 2012. (BL)

A three-member, inter-ministerial committee has been formed to investigate Lanco Infrastructure for the company's alleged irregularities in bidding for solar projects under the National Solar Mission. (BL)

Central Bank of India is on a massive recruitment exercise as it plans to recruit 2,700 people this year to add to the 3,200 recruited last year. (BL)

Tube Investments of India Limited is planning to set up two facilities in Chennai with an investment of around Rs2bn to manufacture tubes, and automotive and industrial chains. The company is also planning to set up a bicycle manufacturing unit in Orissa with an investment of around Rs650mn. (BS)

Apollo Hospitals Enterprise Limited is planning to raise around Rs1bn to fund its operations. (BS)

Distribution licensees will now have to procure short-term power (less than or equal to one year) through competitive bidding say the draft guidelines of the Power Finance Corporation. (BS)

Economy Snippets
Exports from India’s IT sector are set to grow more slowly for FY13, industry body Nasscom has forecast, blaming reduced spending on technology by US corporations, the debt crisis in Europe and political unrest in the Middle East for the slide in the pace of increase. (ET)

India’s direct tax collection grew 16% in 10 months, sharply lower than the 35% pace needed to meet the government’s full-year projection. (ET)

Banks are seeing a reversal of credit flows as loans dipped for the second consecutive fortnight. Bank’s loans dipped by Rs31.5bn in the latest fortnight ending January 27 to Rs43,510bn. (ET)

The external affairs ministry is mooting a proposal to pay part of the bill for crude oil imported from Iran with wheat exports. (ET)

The Finance Ministry has turned down the Communication and Information Technology Ministry's plea to bring the cost of Optical Fibre Network for Broadband Connectivity to Panchayats under non-Plan expenditure. (BL)