India Business Insight articles from April 2009, page 41

India Business Insight archives from April 2009

MIR TOWNSHIP FIRST PHASE READY (township comprises 23 villas and 450 apartments).
April 11, 2009... Mir Realtors of the Mir Group says that it has completed the first phase of its signature residential township at Kakkanad. The township is being developed on six acres of land and comprises 23 villas and 450 apartments. A 24-storey apartment...

PRODUCTIVE SECTOR GETS HIGHER LSG ALLOCATION IN KERALA (LSGs earmark 56% of allotment to productive sector in 2007- 2008).
April 11, 2009... The productive sector, including agriculture and allied segments, irrigation and industries, received higher funds allocation from local self governments (LSGs) in Kerala during 2007-2008. The latest Economic Survey brought out by the...

BIDS CALLED FOR KOCHI OCEANARIUM PROJECT (proposed Rs300 crore project is to come up at Puthu Vypeen).
April 11, 2009... Kerala State Industrial Development Corporation and IL&FS IDC Infrastructure Ltd have floated global tenders inviting consultancy services consultants for a techno-commercial feasibility study for the proposed oceanarium project in Kochi. The...

SURYA ROSHNI IN EXPANSION MODE (plans Rs400 crore spiral pipes manufacturing unit in Bhuj).
April 11, 2009... Surya Roshni Ltd has undertaken a capital expenditure of Rs500 crore to expand its capacity and add new products in its steel tubes and pipes and lighting divisions. The company will be setting up a spiral pipes manufacturing unit with an...

AIRTEL CROSSES 1-CRORE MARK IN KARNATAKA (highest customer base for a single telecom circle in India).
April 11, 2009... Airtel says that it has crossed the one crore mark in subscribers in Karnataka. This is the highest customer base for a single telecom circle in India. Airtel added 35 lakh customers to its network in 2008-2009 and increased its market...

NABARD NOD FOR TWO TRIBAL DEVELOPMENT PROJECTS IN PUNE (projects in Andra Mawal and Junnar Taluka of Pune district).
April 11, 2009... The National Bank for Agriculture and Rural Development has sanctioned two projects in Andra Mawal and Junnar Taluka of Pune district under its tribal development programme. The bank has already developed 14,317 wadis in four blocks of...

NO JUNK FOOD ADS FOR KIDS BELOW 12 (food & beverage companies join hands to stop marketing junk food to children below 12 years to help check obesity).
April 11, 2009... Food & beverage companies like Hindustan Unilever Ltd (HUL), Coca- Cola, PepsiCo and Kellogg's have joined hands to stop marketing of junk food to children below 12 years to help check the rising menace of obesity. They plan to introduce an...

SATYAM COLLECTS OVER Rs2K CRORE IN JAN-MAR (Satyam has met its working capital needs by garnering Rs2,066 crore by way of collections during Jan-Mar 2009).
April 11, 2009... Satyam Computer Services has met its working capital needs by collecting Rs2,066 crore during Jan-Mar 2009. Only Rs300 crore came by way of loans. After accounting for liabilities towards loans and payments, Satyam has a closing cash balance...

IIM CAMPUSES TILT IN FAVOUR OF THE FAIR SEX (the percentage of women candidates at IIM-A has risen from 6% in 2008 to 19% in 2009).
April 11, 2009... The percentage of women candidates at the Indian Institute of Management, Ahmedabad (IIM-A) has risen from 6 percent in 2008 to 19 percent in 2009 for the 2009-2011 postgraduate programme (PGP) batch. Out of 315 candidates in the new batch at...

ICSI GUIDANCE NOTE FOR BANKS (Indian Banks Association releases a guidance note on diligence report for banks, which is prepared by the ICSI).
April 11, 2009... The Indian Banks Association (IBA) has released a guidance note on diligence report for banks, which is prepared by the Institute of Company Secretaries of India (ICSI). The guidance note covers all aspects of the format of diligence...

ING GROUP TO KEEP INDIA PLANS INTACT, MAY BRING IN Rs500 CRORE (will invest an additional Rs500 crore in 2009-2010 to fund future growth).
April 11, 2009... ING Group, the Dutch banking and insurance company, is in the process of global restructuring. It intends to keep its interests in India intact, though it has decided to review its insurance operations in China and Japan. The Group is fully...

LIFE POLICIES SHRINK 0.1% (number of new policies dips from 404.31 lakh policies during Apr 2007-Feb 2008 to 403.86 lakh policies in Apr 2008-Feb 2009).
April 11, 2009... The number of policies issued by life insurance companies in India has declined by 0.1 percent during Apr 2008-Feb 2009. Life Insurance Corporation (LIC) has registered a fall of 6 percent. The number of new policies is down by 45,257,...

KOTAK LIFE PREMIUM UP 39% (the adjusted premium equivalent rose by 23%, from Rs1,051.67 crore in 2007-2008 to Rs1,292.98 crore in 2008-2009).
April 11, 2009... The gross premium collection of Kotak Mahindra Life Insurance for 2008-2009 has grown by 39 percent. The adjusted premium equivalent rose by 23 percent, from Rs1,051.67 crore in 2007-2008 to Rs1,292.98 crore in 2008-2009. The company...

GEMS & JEWELLERY MARKET SIZE MAY SHRINK BY 3.9%: ASSOCHAM (from $23.43 billion in 2008 to $22.3 billion in 2009).
April 11, 2009... The market size of India's gems and jewellery segment is likely to shrink by 3.9 percent, from $23.43 billion in 2008 to $22.3 billion in 2009, according to the Associated Chambers of Commerce and Industry of India (Assocham). The demand for...

TEA EXPORTS RISE MARGINALLY, MAY NOT MEET FY09 TARGET (total tea exports rose by 2 million kg to 169.8 million kg during Apr 2008-Feb 2009).
April 11, 2009... The target for tea exports from India for 2008-2009 is 200 million kilograms (kgs). However, Indian tea exports during Apr 2008-Feb 2009 has increased only marginally, as a result of which the target may not be met. While south Indian tea...

SERVICE SECTOR CORNERS 24% OF THE TOTAL FDI INFLOWS IN 2008 (FDI inflow into this sector has grown from just Rs1,074 crore in 2004 to Rs33,947 crore in 2008).
April 11, 2009... Inflow of foreign direct investment (FDI) into India has increased sharply in 2008 despite the global financial crisis. Improved macro fundamentals in recent years has strengthened the confidence of foreign investors in Indian industries. The...

NET BANK CREDIT TO GOVERNMENT UP BY 47% IN 2008-2009 (and for Apr-Sep 2009, the Government is expected to borrow Rs2,40,000 crore).
April 11, 2009... Net bank credit to the Government of India increased by 46.5 percent or Rs3,95,330 crore in 2008-2009 (5.6 percent or Rs45,632 crore in 2007-2008). Given that the net bank credit growth was at only 9.3 percent or Rs83,101 crore as on 3 Oct...

FMC ALLOWS COMMEXES TO SET UP NETWORK OF WAREHOUSES (to help reduce transport costs and encourage more deliveries in agricultural commodities).
April 11, 2009... Forward Markets Commission (FMC) has given permission to commodity exchanges to start accreditation of warehouses owned by large producers, processors and manufacturers of bulk commodities. FMC expects that the move will help reduce transport...

37% RISE IN PROJECT INVESTMENT IN FY09 (at Rs42,35,484 crore and 29% growth in the number of projects to 29,628 in 2008-2009).
April 11, 2009... A study by Projects Today has said that India has recorded a 37.4 percent growth in project investments at Rs42,35,484 crore and 29 percent rise in the number of projects at 29,628 in 2008-2009. In 2007-2008, the country had 22,883 projects...

NALCO'S ALUMINIUM EXPORTS DOWN 20% (to 82,000 tonnes in 2008-2009).
April 11, 2009... National Aluminium Company (NALCO), an aluminium producer, has registered 20 percent reduction in aluminium exports at 82,000 tonnes in 2008-2009 (1.02 lakh tonnes in 2007-2008) due to decline in demand following the industrial downturn. ...

POSTAL DEPARTMENT-RELIANCE MONEY TO SELL GOLD COINS (through 51 select post offices in Tamil Nadu).
April 11, 2009... Reliance Money has tied up with the Department of Posts (DoP), Government of India, to sell 24-carat gold coins of denomination 0.5 gram, one gram, five grams and eight grams. DoP has identified 51 select post offices in Tamil Nadu for...

MKU BAGS ORDER WORTH $35 MILLION (from Goa Shipyard and Garden Reach Shipyard).
April 11, 2009... MKU Private Ltd, a defence solutions company, has received orders worth $35 million from Goa Shipyard and Garden Reach Shipyard. The orders are for armouring 186 high-speed boats. The boats will be used by coastal security forces.

PO MARKET GROWS 30% IN 2008-2009, ANNUAL SPEND CROSSES $1 BILLION (in spite of a decline in the number of new contracts for procurement outsourcing services).
April 11, 2009... A study by Everest Research Institute has revealed that the annual contract value of procurement outsourcing (PO) contracts increased by 30 percent to about $1 billion in 2008. This is in spite of a decline in the number of new contracts for PO...

MULTI-PART TARIFF NORM FOR POWER PROCUREMENT BY DISTRIBUTION COMPANIES (as per the Government of India's revised guidelines).
April 11, 2009... The Government of India has revised its guidelines for tariff determination for power procurement by distribution companies. As per the revised guidelines, tariff will be paid and settled for each payment period not exceeding one month. Also,...

SUZLON FACES PAYMENT DELAYS FROM CLIENTS (due to constraints in receiving credit from financial institutions).
April 11, 2009... Suzlon Energy, a wind turbine manufacturer, is facing 40-60 day delays in payments from clients due to constraints in receiving credit from financial institutions. With the stagnation in its India operations, the company proposes to expand...

RUSSIA DELIVERS FIRST BATCH OF NUCLEAR FUEL TO INDIA (as per the $700-million long-term contract between Russia's TVEL Corporation and the Government of India).
April 11, 2009... As per the $700-million long-term contract between Russia's TVEL Corporation and the Government of India, TVEL has delivered the first batch of 30 tonnes of uranium dioxide pellets. The pellets have been delivered to the Nuclear Fuel Complex...

CAR EXPORTS FROM INDIA SURGE 57% IN FY09 (to 3,31,539 units in 2008-2009).
April 11, 2009... Passenger car exports from India increased by 57.04 percent to 3,31,539 units in 2008-2009 (2,11,112 units in 2007-2008). Hyundai Motor India registered the highest export growth of 63 percent to 2,35,345 units (1,44,440 units). Maruti Suzuki...

VERLICCHI ANNOUNCES 50-50 JV WITH HEIL (to set up a Rs17-crore facility to manufacture motorcycle frames).
April 11, 2009... Verlicchi Group of Italy, a motorcycle frames manufacturer, has entered into a 50:50 joint venture (JV) with Hema Engineering Industries Ltd (HEIL), a Gurgaon-headquartered auto component manufacturer. The JV, Verlicchi Hema Automotive, will...

SHAKTI BHOG EYES BISCUITS BIZ (to diversify its business).
April 10, 2009... Shakti Bhog Foods is planning to enter into the biscuit and packaged mustard oil categories to diversify its business. It is also aiming to emerge as a Rs10,000-crore company by 2013-2014.

GODREJ TO INVEST Rs100 CRORE (in 2009-2010 to expand capacity).
April 10, 2009... Godrej Appliances has allotted Rs100 crore investment in 2009- 2010 to expand capacity of its five manufacturing plants in India. The funding will be through internal accruals. It is aiming at a turnover of Rs1,700 crore for 2009-2010.

PARAMOUNT FLIES NORTHEAST (with Kolkata as its gateway).
April 10, 2009... Paramount Airways of Chennai will fly to northeastern states with Kolkata as its gateway. The daily morning flights from Chennai to Kolkata will now connect to Guwahati and Agartala.

M&M PLANS 3-PRODUCT PITCH FOR UVs (to hold on to its 30% demand uptick in Mar 2009).
April 10, 2009... Mahindra & Mahindra (M&M) is planning 3-product pitch for utility vehicles (UVs) to hold on to its 30 percent demand uptick in Mar 2009. M&M's Mar 2009 performance bucks the industry trend with UVs down five percent in Mar 2009 and down...

TATA MOTORS FINANCE JOINS LOAN BANDWAGON (for Tata's Nano car).
April 10, 2009... The Tata group's much awaited Nano car is finally open for booking. A number of lenders are providing loans for the booking amount of the car. Tata Motors Finance, a fully owned subsidiary of the car manufacturer, joined the group of lenders....

SAFFRONART SET TO AUCTION FINE JEWELS (the second of its kind in India).
April 10, 2009... The leading auctioneer Saffronart of Kolkata is coming out with a novel auction of fine jewels, the second of its kind in India. The auction will feature 180 lots with a total estimate of Rs7.4- 8.6 crore.

AIRFARE CUT FAILS TO WOO FLIERS (and domestic air passengers number is down by 7% in Feb 2009 as compared to Feb 2008).
April 10, 2009... The airfare cut by airlines fails to attract fliers and domestic air passengers number is down by 7% in Feb 2009 as compared to Feb 2008. There were 3.33 million passengers in Feb 2008 and 3.32 million passengers in Feb 2009. The negative...

HINDALCO TO SCALE DOWN PRODUCTION OF ALLOY WHEELS (at its Silvassa unit due to low demand from the auto industry).
April 10, 2009... Hindalco Industries Ltd will reduce the production of alloy wheels at its Silvassa unit due to low demand from the auto industry. While the unit has the capacity to make 3,00,000 wheels, it is having very few orders making it economically...

SAHARA ALLEGES TAKEOVER PACT VIOLATION BY JET AIRWAYS (and filed an affidavit on 9 Apr 2009 in the Bombay High Court).
April 10, 2009... Sahara India Commercial filed an affidavit on 9 Apr 2009 in the Bombay High Court alleging that Jet Airways had violated the takeover agreement between them. According to Sahara, Jet Airways was liable to pay Rs2,000 crore in place of Rs1,450...

INDIAN IT COS MAY SEE 75K JOB LOSSES THIS YEAR (due to the economic downturn).
April 10, 2009... Indian information technology (IT) companies will cut down their recruitment by 75,000 jobs in 2009 due to the economic downturn. Some technocrats estimate job losses in India by 50,000 during Jan-Jun 2009. Infosys Technologies estimates that...

LIC SUFFERS Rs948 CRORE MARK-TO-MARKET LOSSES (due to the exposure to scandal-hit Satyam Computer Services).
April 10, 2009... Life Insurance Corporation of India (LIC) suffered Rs948 crore mark-to-market losses due to the exposure to scandal-hit Satyam Computer Services. LIC had made the investment in the information technology (IT) firm and took the hit following...

NATCO, LUPIN JOIN HANDS (to commercialise generic equivalents of lanthanum carbonate tablets).
April 10, 2009... Natco Pharma entered into an agreement with domestic pharma company Lupin to jointly market a variety of tablets used in treating kidney problems. They will jointly commercialise generic equivalents of lanthanum carbonate tablets.

5 LAKH USERS FOR SSTL (across three circles in India).
April 10, 2009... Sistema Shyam Teleservices (SSTL), the mobile services provider, announced on 9 Apr 2009 that its subscriber base had touched five- lakh mark across three circles in India. SSTL, a joint venture between Sistema of Russia and Shyam group of...

DLF, DLF ASSETS RAISE Rs1,100 CRORE FROM HDFC (through LRD of their properties).
April 10, 2009... The realty company DLF and its promoter group company DLF Assets have together raised around Rs1,000 crore from HDFC through lease rental discounting (LRD) of their properties. DLF had earlier raised over Rs3,000 crore in debt between Dec...

INDUSIND BANK COMPLETES Rs75-CRORE MICRO FINANCE DEAL WITH GRAMEEN CAPITAL (under a transaction that was structured and arranged by Grameen Capital India).
April 10, 2009... Bandhan, IndusInd Bank and Grameen Capital India completed a Rs75- crore portfolio assignment of micro finance receivables under a transaction that was structured and arranged by Grameen Capital India. The transaction comprised a pool of...

BAJAJ ALLIANZ LIFE POLICIES FOR WOMEN (launches plans named ChildGain, UnitGain Plus Gold, Young Care, InvestGain and Future Income Generator).
April 10, 2009... Bajaj Allianz Life Insurance has launched several products to cater to the needs of women, from childhood to old age. The plans launched are ChildGain, UnitGain Plus Gold, Young Care, InvestGain and Future Income Generator. The company, which...

RUPEE GAINS ON DOLLAR INFLOWS (from foreign institutional investors into the bond market).
April 10, 2009... Dollar inflows from foreign institutional investors into the bond market resulted in the rupee gaining on the dollar on 9 Apr 2009. The rupee opened at 50.02 and touched a high of 49.85 during the day and closed at 50.00 against the previous...

BOND PRICES RISE SHARPLY (by Re1.10 on 9 Apr 2009).
April 10, 2009... Bond prices rose by Re1.10 on 9 Apr 2009 based on sufficient liquidity in the system. On 9 Apr 2009, the total traded volumes on the order matching system were worth Rs12,620 crore as against Rs9,285 crore on 8 Apr 2009. The 6.05 per...

CALL RATES RISE MARGINALLY (at 3.50-3.60% against the previous close of 3.5-3.55%).
April 10, 2009... The inter-bank call rate ended at 3.50-3.60 percent against the previous close of 3.5-3.55 percent. Banks parked more than Rs1,30,000 crore with the Reserve Bank of India under the reverse repo window. There were no bids in the four-day...

CORP BANK'S NANO BOOKING SCHEME (will finance 100 percent of the booking amount for all the variants of Nano at an interest rate of 10% a year).
April 10, 2009... Corporation Bank has announced that it will finance 100 percent of the booking amount for all the variants of Nano at an interest rate of 10 percent a year. The bank will collect interest for 90 days upfront. The booking amount for the...

SBI, IDBI BANK CUT DEPOSIT RATES BY 25-50 BPS (peak rate for SBI's 1,000 days deposit reduced from 8.5% to 8.25%).
April 10, 2009... State Bank of India has said that it is reducing deposit rates by 25-50 basis points with effect from 13 Apr 2009. SBI has reduced the peak rate for its 1,000 days deposit from 8.5 percent to 8.25 percent. IDBI Bank also cut its deposit...

INFLATION RATE DECLINES ON CHEAPER MINERALS (WPI-based inflation rose 0.26% during the week ended 28 Mar 2009 against 0.31% during the week ended 21 Mar 2009).
April 10, 2009... The annual Wholesale Price Index (WPI)-based inflation rose 0.26 percent during the week ended 28 Mar 2009, marginally lower than the annual rise of 0.31 percent during the week ended 21 Mar 2009. According to data released by the Ministry of...

BHAGYANAGAR INDIA BOARD OKAYS BUYBACK (10 percent of company shares for Rs20 crore).
April 10, 2009... The board of directors of Bhagyanagar India has approved an investment of Rs20 crore to buy back 10 percent of company shares. The buyback involves fully paid-up equity shares of Rs2 each from the open market through the stock exchanges,...

BUYBACK OFFERS: 50% OF COMPANIES WITNESS SHARP DROP IN VALUE, SAYS STUDY (study analysed 22 companies which had come up with buyback offers during 2008-2009).
April 10, 2009... CNI Research had conducted a study to analyse 22 companies, which had come up with buyback offers during 2008-2009. The study found that more than 50 percent of the companies had their shares declining by more than half from the date of...

TATA TEA PLANS MORE USE OF AMINGAON CONTAINER DEPOT (to transport teas from Assam to various domestic destinations).
April 10, 2009... Tata Tea Ltd (TTL) is planning to transport teas from Assam to various domestic destinations using the facilities available at Container Corporation of India's (Concor) Amingaon inland container depot (ICD). At present, TTL is transporting...

VEETEE FINE UNVEILS MICROWAVABLE POUCHES (or its new range of ready-to-eat food items).
April 10, 2009... Veetee Fine Foods (VFF) has introduced microwavable flexible retort packaging for its new range of ready-to-eat food items. VFF is a producer and marketer of basmati rice and ready-to-eat dishes. The new pouches come with easy-to-tear and...

AD SALES TO THE MAX; CHANNEL CLOSES SALE OF INVENTORY FOR IPL (Max has closed sales of its general inventory for the IPL matches).
April 10, 2009... Max, the official broadcaster for the Indian Premier League (IPL), has closed sales of its general inventory for the IPL matches. Max has already sold 80 percent of the inventory and expects ad rates to go up now by nearly 20-25 percent...

CANON LAUNCHES 23 PRODUCTS; FOCUS ON NON-METROS (has plans to launch 100 products in 2009).
April 10, 2009... Canon India, the Japanese photographic and imaging equipment manufacturer, has launched 23 new digital imaging products ranging from digital cameras to camcorders, lenses and photo printers. Canon India has plans to launch 100 products in...

FOOD RETAILING NEEDS TO PERFECT FRANCHISE RECIPE (food and beverage industry in India is worth Rs58,000 crore and is likely to grow to Rs60,000 crore by 2010).
April 10, 2009... A report by the Confederation of Indian Food and Trade Industry (CIFTI) and Franchise India reveals that the food and beverage industry in India is worth Rs58,000 crore and is growing at 40 percent per annum and is likely to grow to Rs60,000...

ADIDAS LAUNCHES OFFICIAL MERCHANDISE FOR DELHI DAREDEVILS (ahead of the start of the second season of the tournament).
April 10, 2009... Sports apparel brand Adidas has launched official merchandise for the Indian Premier League (IPL) team Delhi Daredevils ahead of the start of the second season of the tournament. The range of merchandises comprises match jerseys, funky...

MALAYSIA BUYS INDIAN CORN (buyers from Malaysia purchase 6,000 tonnes of corn from Indian traders at $184-185 per tonne).
April 10, 2009... Buyers from Malaysia have purchased 6,000 tonnes of corn in the past few days from Indian traders at $184-185 per tonne on a cost and freight (C&F) basis. In Mar 2009, 32,000 tonnes of corn were sold for shipment to Malaysia at $172-180 per...

UTTAR PRADESH FARMERS SELLING WHEAT IN HARYANA, PUNJAB (to avail themselves of the support price).
April 10, 2009... Farmers from Uttar Pradesh are selling their wheat in the mandis of Haryana and Punjab to avail themselves of the support price, according to trade sources. At present, wheat prices in Uttar Pradesh markets are ruling below Rs950 a quintal....

WHITE MUSCLE DISEASE THREATENING PRAWN FARMING (reports of the disease have been mainly confined to Andhra Pradesh and to a lesser degree to Gujarat).
April 10, 2009... Farming of giant freshwater prawn or scampi has been affected by a viral attack called white muscle disease. Reports of the disease have been mainly confined to Andhra Pradesh and to a lesser degree to Gujarat, according to the Marine...

RISE IN POWER CONSUMPTION IN KERALA (after the half-hour load shedding was lifted temporarily).
April 10, 2009... The Kerala State Electricity Board (KSEB) has said that power consumption in the State has increased after the half-hour load shedding was lifted temporarily till 17 Apr 2008. According to the KSEB, the peak-hour consumption on 7 Apr 2009...

EMIRATES UNVEILS 'COMPANION OFFER' (for business class passengers from Thiruvananthapuram to any destination).
April 10, 2009... Emirates Airline has announced a promotional companion offer for the forthcoming summer holiday season. Under the promotional offer, all passengers booking an Emirates business class return ticket from Thiruvananthapuram to any...

AIR INDIA'S KOCHI-AGATTI FLIGHT (Air India reintroduces its flight on the Kochi-Agatti-Kochi sector to cater to the forthcoming holiday season).
April 10, 2009... Air India has reintroduced its flight on the Kochi-Agatti-Kochi sector to cater to the forthcoming holiday season. The flight IC 502 will operate on Mondays, Wednesdays, Fridays and Sundays and will leave Kochi at 1000 hours and reach Agatti...

50% RISE IN SUPPLYCO SALES (from Rs1,256 crore in 2007-2008 to Rs1,851 crore in 2008- 2009).
April 10, 2009... Sales turnover of the Kerala State Civil Supplies Corporation, popularly known as Supplyco, grew by 50 percent from Rs1,256 crore in 2007-2008 to Rs1,851 crore in 2008-2009. The company is targeting a turnover of more than Rs2,000 crore in...

NITK'S MBA PROGRAMME (NITK has invited applications for the MBA programme for the 2009-2010 academic year).
April 10, 2009... National Institute of Technology Karnataka (NITK) at Surathkal near Mangalore conducts full-time MBA programme (four semesters). NITK has invited applications for the MBA programme for the 2009- 2010 academic year. The eligibility for...

HOW THE SLOWDOWN COOKIE CRUMBLES (food products, rubber & plastic, and cotton textiles post negative growth in Apr2008-Jan 2009).
April 10, 2009... During Apr 2008-Jan 2009, the industrial sectors which posted negative growth were leather and leather products (5.7 percent), food products (3.2 percent), rubber & plastic (2.7 percent) and cotton textiles (2 percent). The industrial sectors...

RIL SET TO ENTER FUEL RETAILING IN US, EUROPE (plans to sell petrol directly to retail outlets in the US).
April 10, 2009... Reliance Industries Ltd (RIL) plans to foray into fuel retailing in the US and Europe. The company plans to sell petrol directly to retail outlets in the US. RIL will commence diesel sales to bulk consumers in Europe after evaluating the...

MRTPC FACES STAFF SHORTAGE AT ITS FAG END (as the Government has no plans to increase its strength).
April 10, 2009... Monopolies and Restrictive Trade Practices Commission (MRTPC) is facing shortage of staff across all levels. The commission, which will be dissolved once the Competition Commission of India (CCI) becomes fully operational, as the Government...

NATCO, LUPIN IN ALLIANCE TO MARKET TABLETS FOR KIDNEY AILMENTS (Natco has filed an ANDA to market the generic versions of Fosrenol).
April 10, 2009... Natco Pharma has signed an agreement with Lupin to market generic equivalents of Lanthanum Carbonate tablets. The drug is used in treating kidney problems. Lanthanum Carbonate tablets, invented by Shrine Plc, are sold under the brand name of...

AIRCEL TO MAKE $5 BILLION INVESTMENTS IN 3 YEARS (will be used for expansion of the company's operations).
April 10, 2009... Aircel Cellular will invest $5 billion in the next three years in India. The investments will be used for expansion of the company's operations. The company, which commenced operations in Dec 2003, has invested a total of $5 billion till...

L&T HAS ORDERS WORTH Rs605 CRORE (for its water and steel works).
April 10, 2009... Larsen and Toubro (L&T) has got orders worth Rs605 crore in the last quarter of 2009-2010 for its water and steel works. The orders will be executed by the company's metallurgical, material handling and water-operating division.

ONGC TO RAISE Rs20,000 CRORE TO FUND PROJECTS BY UNITS (include Rs8,800 crore to be raised for a planned chemical venture in Gujarat).
April 10, 2009... Oil & Natural Gas Corporation (ONGC) plans to raise about Rs20,000 crore to fund projects. The loans include Rs8,800 crore to be raised for a planned chemical venture in Gujarat. The other projects include a power plant in Tripura and the...

NABARD ENDS FY09 WITH A GROSS SURPLUS OF Rs2,095 CRORE (disbursement for rural infrastructure increases by 43%).
April 10, 2009... The National Bank for Agriculture and Rural Development (Nabard) has reported a gross surplus of Rs2,095 crore in 2008-2009 (Rs1,470 crore in 2007-2008). Total loans provided by Nabard to financial institutions and State governments increased...

TATA MOTORS TO RAISE A THIRD OF $2 BILLION REFINANCING IN RUPEE (is unlikely to raise the full amount in US dollars owing to the global credit crisis).
April 10, 2009... Tata Motors, which is seeking a $2 billion term loan for refinancing the bridge loan it took to acquire Jaguar and Land Rover brands, plans to raise a third of the loan in rupee. The company is unlikely to raise the full amount in US...

IFC TO PUMP $140 MILLION IN TANTI'S CHINESE WIND ENERGY PROJECT (will include an equity investment worth $40 million).
April 10, 2009... International Finance Corporation (IFC) plans to invest up to $140 million in the Tanti group's wind energy project in Inner Mongolia, China. The funds will be invested in the project being set up by the Tanti group and other financial...

NEW MANGALORE PORT GROWTH STAGNANT (has registered a marginal growth of 1.86%).
April 10, 2009... The New Mangalore Port Trust (NMPT) has registered a marginal growth of 1.86 percent in cargo traffic at 36.69 million tonnes (mt) in 2008-2009 (36.03 mt in 2007-2008). Diversion of certain goods by its users to other major ports in the East...

ABB OPENS $50 MILLION AUTOMATION PRODUCTS PLANT (will manufacture products such as air circuit breakers and switch fuse units).
April 10, 2009... ABB has set up a greenfield manufacturing facility at Nelamangala near Bangalore to manufacture automation products. The plant will manufacture products such as air circuit breakers, switch fuse units, moulded case circuit breakers, low and...

INDIA'S ENTERPRISE MOBILITY SOFTWARE MARKET TO GROW THE FASTEST IN APAC (is estimated to grow at a CAGR of 41%).
April 10, 2009... The enterprise mobility software market in India is estimated to grow at a compounded annual growth rate (CAGR) of 41 percent from 2008 to 2012. The growth rate is the highest in the Asia-Pacific (APAC) region, according to a report by...

RELIGARE VENTURE TIES UP WITH MILESTONE CAPITAL (for managing a Rs600 crore India build-out fund).
April 10, 2009... Religare Venture Capital has formed a 50:50 joint venture with Milestone Capital for managing a Rs600 crore India build-out fund. Religare has committed to contribute Rs60 crore to the fund, which has an existing corpus of over Rs100...

CEMENT INDUSTRY GROWTH RATE HITS 5-YEAR LOWS (has registered a growth of 7.75% in production).
April 10, 2009... The Indian cement industry has registered a growth of 7.75 percent and 7.91 percent in production and despatches respectively. The overall production is estimated at 181.35 million tonnes (mt) in 2008-2009 (168.31 mt in 2007-2008)....

NAFED TO SELL CANADIAN YELLOW PEAS (will be offered for sale through bids).
April 10, 2009... National Agricultural Cooperative Marketing Federation of India (Nafed) plans to sell 47,500 tonnes of Canadian yellow peas in the domestic market in Apr 2009. Imported yellow peas are offered for sale through bids. At present, imported...

PAK, BANGLA INTEREST BOOSTS ONION EXPORTS BY 50% IN 2008-2009 (value of export increases by 41.3%).
April 10, 2009... Onion exports from India increased by over 50 percent in 2008- 2009 owing to increasing demand from Pakistan and Bangladesh. Onion exports increased by 51.7 percent to 1.67 million tonnes (mt) in 2008-2009 (1.10 mt in 2007-2008). value...

BT TO REJIG DEALS WITH TECH MAHINDRA & INFOSYS (and is seeking at least 20% lower billing rates for several existing and new projects).
April 10, 2009... The BT group of UK is the biggest customer for Infosys Technologies and Tech Mahindra. It is in the process of renegotiating its outsourcing contracts with these two vendors and is seeking at least 20 percent lower billing rates for...