Daily News Roundup - Feb 3 2011

Hindustan Unilever (HUL) has set a target to more than double its turnover in just 4 years to Rs500bn.(ET)

Mercator Lines will invest Rs2.5bn to develop coal mines in Indonesia.(ET)

Tata Steel plans to raise US$500mn by issuing bonds, preferably perpetual bonds. (BS)



Unitech promoters have repaid Rs890mn to a clutch of investors from whom they had borrowed about Rs2.5bn a year ago by pledging their shares. (BS)

Rolta has stated that it has been awarded a Rs0.4bn contract for digital topographic mapping from Oman's Supreme Committee for Town Planning. (BL)

ICICI Bank entered into agreement with Indian army for extending modern banking products like deposit & mutual fund.(ET)

National Aluminum company (NALCO) has decided to go for capital restructuring by splitting a share of Rs10 into 2 shares of Rs5.(ET)

HCC has been awarded a Rs3.45bn worth EPC contract by Sardar Sarovar Narmada Nigam Ltd. (BS)

Dhanlaxmi Bank has hiked its deposit rates by 0.5%.(ET)

The Bombay High Court ruled Suzlon Energy’s German unit could find a new partner to make its turbines after Essar Group reneged on a licensing agreement. (BS)

Maruti Suzuki has launched its luxury sedan Kizashi at an introductory price of up to Rs1.75mn.(ET)

The government has exempted state-owned companies such as MMTC and STC from mandatory supply of 15% of imported precious metals to exporters. (BS)

Patni Computer Systems has said it will complete the process of bringing on board the campus recruits of last year by March-end. (BL)

Allahabad Bank is planning to set up nine branches in Gujarat with at least four of them in rural area by September 2011. (BS)

Persistent Systems has announced that it has entered into a definitive agreement to acquire the OPD business of Infospectrum Inc and its subsidiary- Infospectrum India Private Limited. (BS)
Economy Snippets

Textiles industry is likely to triple to $220bn by 2020.(ET)

The government is likely to extend interest subvention for some export-oriented sectors for another year to sustain the current growth in exports. (BS)

Irda has announced stiff guidelines on agents servicing third-party policies by linking the norms to their past performance and the number of years of experience. (BS)

The Government will permit export of cotton yarn till the end of March to ensure that the overall quota of 720mn kg fixed for 2010-11 is achieved. (BL)