Daily News Roundup - Feb 16 2011

The government will take at least another two-three weeks to take a decision on the US$9.6bn Cairn-Vedanta deal. (ET)

Environment ministry has approved Jindal Steel’s six-million tonne p.a steel plant and 1,000 MW captive power plant at Kerjang, Orissa. (ET)

IOC share sale delayed to next fiscal, a delay of at least a few months from an earlier slated January launch on unfavourable market conditions. (BS)



Tata Motors is redrawing distribution plans of its joint venture with Fiat as sales number of the Italian carmaker has not been up to expectations. (ET)

TCS expects to generate US$1bn revenue over five years by providing technology solutions to small-and-medium business units. (ET)

HCL Technologies unveiled its global enterprise mobility laboratory in Singapore. (FE)

SBI is expected to launch the first tranche of its Rs100bn retail bond issue on Monday. (FE)

The Central Bureau of Investigation questioned a top executive of Unitech as part of a probe into a telecom corruption scandal. (BS)

Power Finance Corporation has filed the draft prospectus with Sebi for its Rs 5.3bn infrastructure bond issue (BS)

GMR Infrastructure has raised around Rs 5.2bn of debt from India Infrastructure Finance Co Ltd for modernising Delhi International Airport (BS)

Reliance Communications to roll-out a next generation mobile portal, R World, for delivering mobile Internet and data services to its over 125mn customers. (BS)

Aptech entered into a tie-up with the world's top IT firm Microsoft to launch embedded courses and certification to its students.(BS)

Indian Bank signed an MoU with TVS Motor for financing three wheelers and commercial vehicles manufactured by the latter. (FE)
Economy Snippets

India will sign a Comprehensive Economic Partnership Agreement with Japan, setting the stage for free bilateral trade of goods and services. (BS)

The Employees’ Provident Fund Organisation has said it will convince the finance ministry to approve the 1% rate interest hike on provident fund savings for 2010-11. (ET)

Government will bear up to 50% of the subsidy burden of oil PSUs, oil minister S Jaipal Reddy said on Tuesday. (FE)

The aggregate deposits in banks grew by 13.9% in the July-September period, much below the government's target of 20% for the whole financial year. (BS)

Sebi has proposed a new reporting system for mutual funds based on XBRL technology -- a globally accepted standardised business reporting tool that enables easy dissection of bulk documents without delay (BS)

State-run oil firms raised jet fuel price by 4 per cent. (BL)