India Business Insight articles from August 2010

India Business Insight archives from August 2010

PRANAB SWEETENS DIRECT TAXES CODE FOR EVERYONE (the Government of India has increased the exemption limit to Rs2 lakh).
August 31, 2010... The Finance Minister of India, Pranab Mukherjee, has proposed to rationalise tax burden in the Direct Taxes Code (DTC). The Government has increased the exemption limit of Income-Tax for individuals to Rs2 lakh. The DTC proposes a tax of 10...

RELIANCE CHECKS INTO OBEROI HOTELS (the company has acquired a stake of 14.12 percent in EIH Ltd for Rs1,021 crore).
August 31, 2010... Reliance Industries Ltd (RIL) has acquired a stake of 14.12 percent in EIH Ltd for Rs1,021 crore. The promoter group holds a stake of 46.43 percent and has sold the stake to RIL to prevent ITC Ltd from acquiring a higher stake in the company....

CAIRN STAKE SALE NEEDS ONGC CONSENT (ONGC has pre-emptive rights under the agreements).
August 31, 2010... Oil and Natural Gas Corporation (ONGC) has informed the Bombay Stock Exchange that Cairn India Ltd requires its consent to sell the stake to the Vedanta Group. ONGC has pre-emptive rights under the agreements with the Cairn Energy and the...

DR REDDDY'S TO SELL QUETIAPINE IN NEW ZEALAND (the company intends to launch the drug on 1 Oct 2010).
August 31, 2010... Dr Reddy's Laboratories Ltd has obtained the permission to sell Quetiapine in New Zealand. The drug is used in the treatment of manic and depressive dimensions of bipolar disorder. The company intends to launch the drug in New Zealand on 1 Oct...

BHUWALKA STEEL, LOOTAH GROUP TIE UP (the companies intend to enter into a 50:50 partnership).
August 31, 2010... Bhuwalka Steel Industries (UAE) FZE, Dubai has signed a memorandum of understanding with the Lootah Group of Companies to set up 50:50 partnership. The company is a wholly-owned subsidiary of Bhuwalka Steel Industries Ltd (BSIL). BSIL has a...

GLENMARK PLANS PHASE I TRIALS ON PAIN MOLECULE (the trials involve first exposure of the molecule to human volunteers).
August 31, 2010... Glenmark Pharmaceuticals Ltd is planning to take up Phase I trials of its prospective pain molecule, GRC 17536, in Jan 2011. The trials involve the first exposure of the molecule to human volunteers. The company has out-licensed two novel...

JUBILANT SIGNS $33-MILLION CONTRACT MANUFACTURING DEAL WITH US COMPANY (the company has a CRAMS order book of over $1 billion).
August 31, 2010... Jubilant Organosys Ltd has bagged a custom research and manufacturing services (CRAMS) contract of $33 million from a company in the US. The contract has an initial term of four and a half years with effect from Aug 2010. Jubilant is expected to...

DOMESTIC OIL PRODUCTS SALES UP 2% IN JULY (petrol sales have gone up by 14.8 percent in Jul 2010).(Financial report)
August 31, 2010... Sales of oil products in India have gone up by two percent to 11.42 million tonnes (mt) in Jul 2010. Petrol sales have gone up by 14.8 percent to 1.16 mt. Diesel consumption has gone up by 5.6 percent to 4.8 mt. Sales of kerosene, lubricants,...

BIDS SOON FOR SURAT-PARADIP, ASANSOL-KOLKATA NATURAL GAS PIPELINES (the PNGRB expects to complete the National Gas Grid in four years).
August 31, 2010... The Petroleum and Natural Gas Regulatory Board (PNGRB) intends to invite bids for the Surat-Paradip and Asansol-Kolkata pipelines soon. The board has already invited bids for Mehsana-Bhatinda, Mallavaram-Bhopal-Bhilwara and...

CONTINENTAL PLANS TO ENTER PASSENGER CAR TYRE MARKET (the company intends to increase the number of engineers by 30 percent by Dec 2010).
August 31, 2010... Continental AG is planning to market its passenger car tyres in India. The company has a technical tie-up with the Modi Group to manufacture tyres for commercial vehicles. Continental has nearly 750 engineers working in India and intends to...

GMR INFRA RECEIVES OFFERS FOR ITS STAKE IN INTERGEN (the company is evaluating the options).
August 31, 2010... GMR Infrastructure Ltd has received some offers to buy its stake in InterGen NV of the US. The company is evaluating the options. InterGen has power plants in the UK, Australia, the Netherlands, Mexico and the Philippines with a total generation...

RELIANCE INDUSTRIES HAS BEEN CHOSEN AS AN INVESTOR: EIH (the company will have no involvement in management or operation).
August 31, 2010... EIH Ltd has selected Reliance Industries Ltd (RIL) as an investor. The company operates the Oberoi group of hotels. RIL will have no involvement in management or operation of the hotel chain. The promoters will continue to hold a stake...

RIO TINTO TO INVEST Rs370 CRORE IN M.P. DIAMOND EXPLORATION (the company is expected to sign an MoU with the State Government in Oct 2010).
August 31, 2010... Rio Tinto is planning to invest Rs370 crore in diamond exploration in Madhya Pradesh (MP) in the next three years. The company is expected to sign a memorandum of understanding (MoU) with the State Government in Oct 2010. A number of...

GABRIEL INDIA TO PUMP IN Rs300 CRORE ON CAPACITY, R&D OVER FOUR YEARS (the company intends to increase the capacity by 45 percent).
August 31, 2010... Gabriel India Ltd is planning to invest up to Rs300 crore in the next four years on increasing its capacity and research and development (R&D). The company has a capacity of 2.5 million shock absorbers a year and intends to increase the...

CENTURY REAL ESTATE RAISES Rs100 CRORE THROUGH NCDs (the company intends to add 1,500 apartments to its inventory).
August 31, 2010... Century Real Estate Ltd has raised Rs100 crore through issue of non-convertible debentures (NCDs) on private placement. The company intends to use the funds to launch seven new projects. Century Real Estate has an inventory of 1,200...

AEVUM BIO LABS HAS PROMISING MOLECULES (the company has filed for a patent in India).
August 31, 2010... Aevum Bio Labs has developed a molecule for the treatment of Amiotropic Lateral Sclerosis. The company has also found a botanical extract for controlling the HIV. Aevum has filed for a patent for the botanical product in India and is planning to...

NTPC PLANS STAKE BUY IN INDONESIA COAL MINES (the company intends to invite global bids for overseas assets).
August 31, 2010... NTPC Ltd is planning to acquire stakes in two coal mines in Indonesia. The company expects to finalise the deal for the two mines by Mar 2011. NTPC is also planning to invite global bids for overseas assets. The company intends to increase...

RAJYA SABHA CLEARS NUCLEAR LIABILITY BILL (the Lok Sabha has already passed the Bill).
August 31, 2010... The Rajya Sabha has passed the Civil Liability for Nuclear Damage Bill 2010 on 30 Aug 2010. The Lok Sabha has already passed the Bill. The Bill proposes to increase the liability of the operators to Rs1,500 crore. The Opposition has supported...

SEVEN PAYLOADS FIRMED UP FOR CHANDRAYANA-2 (ISRO expects to launch the mission in 2013).
August 31, 2010... The Indian Space Research Agency (ISRO) has finalised seven payloads for the second lunar mission, Chandrayana-2. The ISRO intends to launch the mission from the Satish Dhawan Space Centre at Sriharikota in 2013. The spacecraft will carry an...

CENTRE'S PROJECT EXECUTION SLIPS FURTHER ON LAND, FUNDING ISSUES (only 17 percent of the projects are completed in 2009-2010).
August 31, 2010... Project execution by the Government of India has declined further in 2009-2010 due to problems in land acquisition and funding. The Government has completed only 17 percent of the projects scheduled for completion in 2009-2010. Out of the 1,005...

RELIANCE EXPECTS BIG CONNECT TO PUSH UP REVENUE (the company expects to announce a growth of 25-35 percent).(Financial report)
August 31, 2010... Reliance Broadcast Networks Ltd has launched a new sales initiative, Big Connect, on 30 Aug 2010. The company expects to announce a growth of 25-35 percent in sales and net profit of the Anil Dhirubhai Ambani Group. The new entity will be a...

BISLERI TO LAUNCH FACE SPRAY (the company is also developing flavoured water).
August 31, 2010... Bisleri International Pvt Ltd is planning to launch face sprays in India. The company intends to test market the product by the end of 2010. Bisleri is likely to price the spray at Rs50 for a 100-gram pack and Rs100 for a 200-gram pack. The...

INFOSYS PLANS 'EXTREME OFFSHORE' MODEL TO TIDE OVER VISA CRISIS (will help reduce its dependence on H1 and L1 visas).
August 31, 2010... Infosys Technologies is considering an extreme offshoring model to help reduce its dependence on H1 and L1 visas. The company has the capability to increase its offshore utilisation capabilities to 95 percent. The company's offshore revenues...

VAN HEUSEN PLANS SPORTSWEAR FORAY (will launch its sportswear collection by Feb 2011).
August 31, 2010... Van Heusen plans to foray into sportswear category by 2011 as part of its plan to achieve a sales of over Rs550 crore in 2010- 2011. The company will launch its sportswear collection by Feb 2011.

AGRO DUTCH INDS TO START CAN-MAKING PLANT (has a capacity to use about 10,000 tonnes tin plate).
August 31, 2010... Agro Dutch Industries is setting up a high-tech easy-to-open tin can manufacturing unit at Chengalpattu near Chennai. The manufacturing unit has a capacity to use about 10,000 tonnes tin plate a year for packaging food products.

BECKONS INDS INKS PACT WITH JILANI INTERNATIONAL (for transfer of its Algae technology).
August 31, 2010... Beckons Industries has signed a technology transfer agreement with Jilani International of Hong Kong for transfer of its Algae technology to South Asian countries, including China, Taiwan, Hong Kong and Singapore. The company has planned a Rs620...

FOUR SOFT SIGNS PACT WITH HJM INTERNATIONAL (for implementing its order management system).
August 31, 2010... Four Soft Ltd has signed an agreement with HJM International Inc of the US for implementing its order management system 4S Visilog and its global freight forwarding application 4S eTrans across multiple locations globally. HJM International is a...

SANOVI BAGS ORDERS FROM FOUR STATES (has secured disaster recovery projects under the APDR Programme).
August 31, 2010... Sanovi Technologies India has secured disaster recovery projects under the APDR Programme from Rajasthan, Uttar Pradesh, Madhya Pradesh and Karnataka.

MAHINDRA TERMINATES CONTRACT WITH US DISTRIBUTOR FOR PICK-UPS (Global Vehicles had filed a lawsuit for delaying the launch of M&M pick-up trucks).
August 31, 2010... Mahindra & Mahindra (M&M) has terminated its contract with Global Vehicles Inc of the US. Global Vehicles had filed a lawsuit against M&M in Jun 2010 in a US district court in Atlanta for delaying the launch of M&M pick-up...

NTPC MOVES TO SECURE FUEL SUPPLY FOR POWER PLANTS (plans to offer up to 49% stake to Qatar Petroleum in its gas- based project at Kayamkulam).
August 31, 2010... NTPC is considering a strategic tie-up with Qatar Petroleum and acquiring stakes in two coal mines in Indonesia to secure fuel supply for its power plants. NTPC plans to offer up to 49 percent stake to Qatar Petroleum in its gas-based project at...

ISPAT IND NET LOSS NARROWS TO Rs69.24 CRORE (had reported a net loss of Rs214.92 crore in Apr-Jun 2009).(Financial report)
August 31, 2010... Ispat Industries has reported a net loss of Rs69.24 crore in Apr- Jun 2010. The company had reported a net loss of Rs214.92 crore in Apr-Jun 2009.

MILESTONE MANAGED FUNDS INVEST IN CARE (has acquired a minority stake for Rs75 crore).
August 31, 2010... Milestone Capital Advisors has acquired a minority stake in CARE for Rs75 crore. The stake has been acquired by Milestone Religare Investment Advisors, a joint venture between Milestone Group and Religare Enterprises and Capstone Investment...

CAIRN NEEDS OUR CONSENT FOR VEDANTA DEAL: ONGC (ONGC has 30% participating interest in the Barmer block).
August 31, 2010... Oil and Natural Gas Corporation (ONGC) has stated that Cairn Energy Plc required its consent besides Government approvals to carry out the proposed sale of Cairn Energy's stake in Cairn India to the Vedanta Group. ONGC asked Cairn Energy Plc to...

SINGLE WINDOW FOR ADAG MEDIA SERVICES (group has over 200 million consumers).
August 31, 2010... Reliance Broadcast Network Ltd has become the single window for advertisers to reach the customers of Anil Dirubhai Ambani Group's (ADAG) various media services such as Big Cinema and Big FM. The group has over 200 million consumers. Reliance...

AIR INDIA TO MONITOR COMPETITORS' FARES (plans to implement a Fare Tracking System).
August 31, 2010... Air India plans to implement a Fare Tracking System (FTS) which will enable it to monitor and compare various basic fares, taxes and other charges by airlines across geographies.

GLENMARK DISCOVERS NEW MOLECULE (can be used for treating pain and respiratory disorders).
August 31, 2010... Glenmark Pharmaceuticals has discovered a new drug molecule, which can be used for treating pain and respiratory disorders. The new drug molecule, codenamed GRC 17536 has completed pre- clinical trials (animal tests) and will move into clinical...

HUL REINVIGORATES ANNAPURNA (has launched a low-sodium salt).
August 31, 2010... Hindustan Unilever (HUL) is repositioning its staples brand Annapurna on the health platform. The company has launched a low- sodium salt called Annapurna Zinda Dil. The product is targeted at those suffering from high blood pressure.

ERICSSON INDIA BUYS MINORITY STAKE IN NOVATIUM (will help Novatium Solutions to penetrate into new global markets).
August 31, 2010... Ericsson India has acquired a minority stake in Novatium Solutions Private Ltd, Chennai. Novatium Solutions is an utility computing services company. The acquisition will help Novatium Solutions to penetrate into new global markets.

AIR WORKS IN JV WITH SCANDINAVIAN AVIONICS OF DENMARK (will hold 51% stake in the joint venture company).
August 31, 2010... Air Works India Engineering has formed a joint venture with Scandinavian Avionics of Denmark. The new entity will be called SA Air Works India. Air Works will hold 51 percent stake in the joint venture company.

BPL REVAMP (has given Reach Distributors India Pvt Ltd the rights to use the BPL brand).
August 31, 2010... BPL Ltd has given Reach Distributors India Pvt Ltd of Bangalore the rights to use the BPL brand in return for royalty payment. Reach Distributors has received the rights to use the BPL brand across seven categories in consumer electronics and...

CENTURY REAL ESTATE NCDs (has raised Rs100 crore through a private placement of NCDs).
August 31, 2010... Century Real Estate, Bangalore, has raised Rs100 crore through a private placement of non-convertible debentures (NCDs). The company will use the funds for project development. The company plans to launch seven new projects with a built-up...

NEWCOMERS EYE AFFORDABLE HOUSING (VBHC plans to build one million homes in the next 10 years).
August 31, 2010... New real estate developers are focusing on the affordable housing segment. Value and Budget Housing Corporation (VBHC) plans to build one million homes in the next 10 years. The company has launched its first project Vaibhav spread across...

NABARD EXTENDS AID TO KARNATAKA (has sanctioned Rs90.12 crore as loan assistance for building rural infrastructure).
August 31, 2010... The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs90.12 crore as loan assistance to the Government of Karnataka for building rural infrastructure in various districts of the State. The projects sanctioned include...

OUTSTANDING FOR MFIs TO TOUCH Rs23,000 CRORE IN FY10 (total number of beneficiaries is expected to increase to about 35 million).
August 31, 2010... The total loan outstanding of micro finance institutions (MFIs) are estimated at about Rs23,000 crore by the end of Mar 2011. The total number of beneficiaries is expected to increase to about 35 million.

CP ISSUANCES DOUBLE IN JULY (companies raised Rs25,889 crore through CPs in Jul 2010).
August 31, 2010... The raising of funds through commercial papers (CPs) doubled in Jul 2010. Companies raised Rs25,889 crore through CPs in Jul 2010 (Rs13,321 crore in Jun 2010). The increase in issuances of CPs has been attributed to the introduction of the base...

NEW ULIP NORMS FROM SEPT 1, POLICYHOLDERS TO BENEFIT (lock-in period has been increased from three years to five years).
August 31, 2010... The new rules of the Insurance Regulatory and Development Authority (Irda) for unit-linked insurance plans (Ulips) will be effective from 1 Sep 2010. Irda has capped the difference between net and gross yields during the policy term. The lock-in...

NEW INDIA ASSURANCE TO DOUBLE BUSINESS IN 2-3 YEARS (is targeting acquisitions in West Indies, Africa and the Gulf countries).
August 31, 2010... The New India Assurance Company has set a target to double its business from overseas in the next two-three years. The company's overseas business contributed about Rs1,200 crore to the total revenues. The company at present has 19 branches...

MAHARASHTRA ETHANOL MAKERS TO KEEP 50% ALCOHOL FOR PETROL BLENDING (will ensure sugar mills and ethanol manufacturers do not divert the alcohol for inter-State export).
August 31, 2010... Ethanol manufacturers in Maharashtra have decided to reserve 50 percent of their alcohol stock exclusively for blending with petrol. The move will ensure sugar mills and ethanol manufacturers do not divert the alcohol for inter-State export....

STIFF POLLUTION RULES FOR ORGANIC CHEMICAL MAKERS (new standards cover effluent standards and emission standards for all hazardous organics).
August 31, 2010... The Ministry of Environment and Forests, Government of India, has introduced comprehensive guidelines for the organic chemical industry. The new standards cover effluent standards and emission standards for all hazardous organics - nitrates,...

90% OF COTTON AREA UNDER BT (cotton sowing area increases to 11 million hectares).
August 31, 2010... Area under Bt cotton has exceeded 90 percent of cotton acreage in 2010 kharif season. India's cotton sowing area has increased to 11 million hectares (10.3 million hectares and 9.8 million hectares in 2009 and 2008, respectively). Total cotton...

GEM, JEWELLERY EXPORTS UP 54% (exports of cut and polished diamonds increases by 63%).
August 31, 2010... India's gem and jewellery exports increased by 54 percent to Rs52,600 crore in Apr-Jul 2010. Exports in dollar terms increased by 68.55 percent to $11.47 billion. Exports of cut and polished diamonds increased by 63 percent to Rs35,123 crore,...

ROSE EXPORTS SHRINK ON HIGH FREIGHT CHARGES, RISING INPUT COST (has forced farmers to depend on the domestic market).
August 31, 2010... Rose exports from India have declined owing to higher freight charges, increasing cost of production and emergence of other low cost producers such as Ethiopia and Kenya. The decline in exports has forced farmers to depend on the domestic...

KARNATAKA MAY WITNESS BUMPER TUR CROP THIS YEAR (area under tur cultivation increases to 8,33,000 hectares).
August 31, 2010... Karnataka is likely to register a bumper tur (red gram) crop in 2010 owing to timely and sufficient rain in major growing areas of the State. The State accounts for 20 percent of the national area under tur cultivation. The area under tur...

TACKLING THE COAL CRISIS: GUJARAT NRE WAY (says India needs to increase coal production, explore its own resources and supplement the same with imports).
August 31, 2010... Gujarat NRE Coke Ltd (GNCL) has stated that India needs to increase coal production, explore its own resources and supplement the same with imports. GNCL has added that the coal crisis is serious and Indian needs to import 83 million tonnes of...

INDIA MISSES APRIL-JULY COAL OUTPUT TARGET BY 5% (to 156.7 million tonnes against the target of 164.6 million tonnes).
August 31, 2010... The Government of India has missed its coal output target for Apr- Jul 2010 by five percent to 156.7 million tonnes against the target of 164.6 million tonnes. Coal production was 155.4 million tonnes in Apr-Jul 2009.

POOR RAINS IN WAYANAD TO HIT COFFEE CROP NEXT SEASON (in Kerala).
August 31, 2010... Poor rains in Wayanad in Kerala could impact coffee crop in the state next season. Wayanad is the chief coffee growing region in the state. According to the Coffee Board, Wayanad accounts for 60,000 tonnes out of India's total Robusta coffee...

HP SET TO STEP UP TEA PRODUCTION (over the next five years).
August 31, 2010... The Government of Himachal Pradesh (HP) has decided to increase tea production to 2.5 million kilograms over the next five years by expanding cultivation of the Dhauladhar tea variety from 1,000 hectares at present. The government will...

UNITED STOCK EXCHANGE OF INDIA PUTS OFF LAUNCH (scheduled for 31 Aug 2010 owing to unavoidable circumstances).
August 31, 2010... The United Stock Exchange of India (USE) has postponed its launch scheduled for 31 Aug 2010 owing to unavoidable circumstances. USE has planned the new date in Sep 2010, which will be announced shortly.

WBPDCL: POWER PLAY IN INFRASTRUCTURE (after being entrusted the responsibility by the Government of West Bengal to build 1,270 MW of power generation capacity during the 11th Plan).
August 31, 2010... The West Bengal Power Development Corporation Ltd (WBPDCL) has been entrusted the responsibility by the Government of West Bengal to build 1,270 megawatts (MW) of power generation capacity in the state during the 11th Plan. However, there has...

UNION BANK HIKES TERM DEPOSIT RATES (by 25 to 100 basis points across tenors ranging from seven days to 10 years).
August 31, 2010... Union Bank of India has increased interest rates on term deposits by 25 to 100 basis points across tenors ranging from seven days to 10 years. The revised rates will be applicable to deposits of up to Rs5 crore with effect from 1 Sep 2010.

FII HOLDING IN ING VYSYA BANK HITS TRIGGER LIMIT (of the bank's paid-up capital).
August 31, 2010... The Reserve Bank of India (RBI) has said that the holding of foreign institutional investors (FII) in ING Vysya Bank Ltd (IVBL) has touched the trigger limit of the bank's paid up capital. FIIs have to now obtain prior approval from the RBI to...

ING LIFE INDIA UNVEILS PLAN FOR CHILDREN (called ING Aashirvad).
August 31, 2010... ING Life India, a part of the ING Group of the Netherlands has launched an insurance policy for children called ING Aashirvad. The new policy provides guarantee of maturity value, death benefit in case of death of the policy holder, continuation...

MARGINAL DIP IN RUPEE (against the US dollar on 30 Aug 2010).
August 31, 2010... The rupee depreciated slightly against the US dollar on 30 Aug 2010. It opened at 46.78 and ended the day at 46.91 against the previous close of 46.90. The rupee was under pressure owing to month end dollar buying by companies.

BOND PRICES FLAT (on 30 Aug 2010).
August 31, 2010... Bond prices remained unchanged on 30 Aug 2010 owing to expectations of an increase in interest rates by the Reserve Bank of India and high inflation levels. The order matching system saw trade of Rs15,100 crore on 30 Aug 2010. The 10-year...

CALL RATES END LOWER (at 5.10-5.20% on 30 Aug 2010).
August 31, 2010... The inter-bank call rate declined to close at 5.10-5.20 percent on 30 Aug 2010 against the previous close of 5.2-5.3 percent. The Reserve Bank of India saw two bids amounting to Rs150 crore in the reverse repo auction. There were no bids in the...

LVB AIMS AT PAN-INDIA PRESENCE WITH NEW TEAM (and plans to expand the number of branches and its product portfolio).
August 31, 2010... Lakshmi Vilas Bank (LVB) has formed a new management team comprising former executives of Citibank India, ICICI Bank and ING Vysya Bank. The team has been given the task of converting LVB, which is a south India focussed bank, into a national...

RBI SETS TIMELINE FOR RISK MANAGEMENT FRAMEWORK (and specifies the dates on which banks have to apply for the different approaches and the likely date of receiving approval).
August 31, 2010... The Reserve Bank of India (RBI) has announced a timetable for adopting advanced approaches to calculate capital charge and the risk capital for market risk, operational risk and credit risk. RBI has specified the dates on which banks have to...

ERICSSON TAKES A MINORITY STAKE IN NOVATIUM (for an undisclosed amount).
August 31, 2010... Ericsson has bought a minority stake in Novatium Solutions Private Ltd for an undisclosed amount. Novatium had launched commercial services in Nov 2009, to hasten broadband-enabled user services in emerging economies. The stake purchase by...

FOUR SOFT BAGS CONTRACT IN US (to provide a management system and global freight forwarding solution to HJM International Inc).
August 31, 2010... Four Soft Ltd of Hyderabad has inked a contract with HJM International Inc of US to provide a management system and global freight forwarding solution. The US subsidiary of Four Soft will implement the contract.

BLACKBERRY-MAKER GETS TWO-MONTH REPRIEVE (from the Government of India).
August 31, 2010... A meeting between officials of the Department of Telecom (DoT) and the Ministry of Home Affairs (MoHA), Government of India, has decided to extend the deadline for stopping BlackBerry services in the country. Consequently, Indian telecom...

NOKIA LAUNCHES DUAL-SIM PHONES (the Nokia C1 and Nokia C2 in India to regain market share).
August 31, 2010... Nokia has launched two dual-SIM handset models, the Nokia C1 and Nokia C2 in India to regain market share. Nokia C1, which is priced at Rs1,999, is equipped with a two-in-one SIM solution, call-divert feature and a stand-by battery tome of six...

ITI, KEC-FINOLEX BID FOR DEFENCE CABLE NETWORK HITS A SNAG (as bids submitted found technically incompatible with the tender requirements).
August 31, 2010... The Committee for Evaluation of Tender for the Rs9,000-crore defence optical fibre cable network has found the bids submitted by Indian Telephone Industries (ITI) and KEC-Finolex technically incompatible with the tender requirements. The...

RELIANCE PAYS 36% PREMIUM FOR STAKE IN EIH (bought from its promoters).
August 31, 2010... Reliance Industries Ltd (RIL) has forayed into the hospitality sector by buying 14.2 percent stake in EIH Ltd, the company that operates the Trident and Oberoi chain of hotels, from its promoters. RIL paid a premium of 36 percent on EIH's...

UNITED EXCHANGE LAUNCH PUT OFF (from 31 Aug 2010).
August 31, 2010... United Stock Exchange of India (USE) has deferred its launch, which was scheduled for 31 Aug 2010. The postponement has been necessitated by the extension of the monsoon session of the Parliament of India from 27 Aug 2010 to 31 Aug 2010. USE...

EDSERV PROMOTERS TO PUMP IN Rs12 CRORE (through issue of equity warrants to expand the company).
August 31, 2010... EdServ Softsystems, an education service provider, plans to issue 5,60,748 equity warrants to the promoters at Rs214 per warrant to raise Rs12 crore. This is part of a Rs130-crore funding programme to expand the company. EdServ also plans to...

PRAMERICA LIQUID FUND COLLECTS Rs665 CRORE (through NFO).
August 31, 2010... Pramerica Liquid Fund of Pramerica Asset Managers Private Ltd launched the new fund offer (NFO) on 23 Aug 2010 and closed it on 26 Aug 2010. The company has collected about Rs665 crore through the NFO for the open-ended scheme.

GALAXY SURFACTANTS FILES FOR PUBLIC ISSUE (with SEBI).
August 31, 2010... Galaxy Surfactants Ltd has filed a draft prospectus with the Securities & Exchange Board of India (SEBI) to launch an initial public offering (IPO) comprising 59.30 lakh equity shares of Rs10 each based on a 100 percent book building...

MUNDRA PORT BEGINS OPERATIONS AT DAHEJ (on 30 Aug 2010).
August 31, 2010... Mundra Port & SEZ Ltd (MPSEZL), a joint venture between Adani Petronet (Dahej) Port Private Ltd and Petronet LNG Ltd, has begun operations at its dry bulk cargo terminal at Dahej in Gujarat on 30 Aug 2010. The terminal has the capacity to...

MERCATOR EYES 50% REVENUE FROM NON-SHIPPING BUSINESS (within the next two years).
August 31, 2010... Mercator Lines Ltd (MLL) expects its non-shipping businesses to contribute 50 percent of its revenues within the next two years. The non-shipping segment, which comprises coal mining, oil exploration and dredging, posted an eight-fold growth...

COTTON BODY SEES RECORD OUTPUT NEXT SEASON (at 325.48 lakh bales of 170 kilograms each).
August 31, 2010... The Cotton Advisory Board has projected record cotton output for the year beginning Oct 2010 at 325.48 lakh bales (LB) of 170 kilograms each as compared to 283 LB in 2009-2010. Area under cotton cultivation stands at 106.12 lakh hectares in...

UNITED BANK SANCTIONS Rs20 CRORE LOAN (to 1,650 customers).
August 31, 2010... United Bank of India has advanced loans of Rs20 crore to 1,650 customers falling under the priority sector at a credit delivery camp organised in the Hooghly region on 30 Aug 2010. The bank plans to initiate a financial inclusion plan to provide...

MUMBAI TO GET NEW MEDICAL COLLEGE (under the public-private-partnership mode).
August 31, 2010... A new medical college will be set up in the western suburbs of Mumbai said the Chief Minister, Government of Maharashtra. The college will be set up under the public-private-partnership mode.

UCO BANK RAISES DEPOSIT RATES AGAIN (with effect from 1 Sep 2010).
August 31, 2010... UCO Bank has increased its deposit interest rates for the second time in the last one month. It has raised interest rates on deposits by 25 basis points with effect from 1 Sep 2010. Interest rate on deposits of less than Rs15 lakh for a period...

E-WASTE DISPOSAL FACILITY MUST FOR IT FIRMS IN BANGALORE (says BBMP).
August 31, 2010... The Bruhat Bengaluru Mahanagara Palike (BBMP) has made it compulsory for IT firms in Bangalore to have an e-waste disposal facility in its budget for 2010-2011. BBMP's budget also envisages seven multi-level car parks, white topping for main...