Daily News Roundup - Feb 11 2011

Tata Motors has bagged an order to supply around 250 ‘Tata Prima’ trucks to LINFOX Logistics.(ET)

IOC puts Rs200bn public issue on hold due to unfavorable market condition & rising global crude prices.(ET)

M&M to acquire 38% stake in micro irrigation company- EPC Industries Ltd through preferential issuance of equity shares for Rs0.4bn. (BS)



PE firm, HDFC buys over 30% stake in Ratnakar bank.(ET)

Ericsson has partnered Idea Cellular for the latter’s online applications stores.(ET)

CESC will invest Rs30bn in its 600MW thermal power projects at Haldia in West Bengal. (BS)

Port of Antwerp signed a MOU with Essar Shipping Ports & Logistics to enter into booming port business in India.(ET)

LVMH, world largest conglomerate is set to acquire minority stake in Gitanjali Gems, the deal is valued at US$100 – 125 mn.(ET)

Cochin Shipyard Ltd has signed contracts for two 120-tonne Bollard pull anchor-handling tug supply vessels with Shipping Corporation of India. (BS)

Bharat Electronics Ltd is looking at a possibility of collaborating with an overseas company to set up a manufacturing plant to produce seekers for missiles. (BS)

Lanco Solar, a subsidiary of Lanco Infratech is setting up India's first integrated Solar PV (photovoltaic) manufacturing Special Economic Zone in Rajnandgaon district of Chhattisgarh. (BS)

The Cabinet Committee on Economic Affairs has approved the follow-on public offer of Power Finance Corporation comprising of 15% fresh equity and 5% disinvestment of government holding. (BS)

Bank of India has raised US$750mn by issuing Reg-S international dual tranche bonds to support overseas operations. (BS)

SBI has raised ~Rs 15bn via an international bond issue to meet its forex requirements. (BL)

L&T and EADS — Europe's top aerospace and defence group — will set up a US$20mn joint venture to make and market radars, avionics, mobile systems (bridges) and electronic warfare equipment for military applications for the domestic and international markets. (BL)

Environment Ministry gave a conditional forest clearance to SAIL for mining iron ore from chiria mines in Jharkhand.(BL)
Economy Snippets

Wholesale food inflation declined to a seven-week low of 13.07% for the week ended January 29. (BS)

IRDA has allowed portability of health insurance products. (BS)

Government has set an ambitious target of US$120bn engineering exports by 2015.(ET)

Department of heavy industries has asked the finance minister to create a Rs10bn corpus to fund technology upgradation of the auto components industry.(ET)