India Business Insight articles from June 2011

India Business Insight archives from June 2011

STANCHART PRIVATE EXITS ABG SHIPYARD (along with Merlion India III Ltd).
June 30, 2011... Standard Chartered Private Equity Ltd and Merlion India III Ltd have exited ABG Shipyard Ltd by selling their entire stake (7.078 percent) in the company through open market transactions. According to ABG both the companies have sold 36 lakh...

CORPORATE NEWS: DPIL SECURES ORDER OF Rs78 CRORE (for supplying tower materials).
June 30, 2011... Diamond Power Infrastructure Ltd (DPIL) has secured an order worth Rs78 crore. The order is for supplying tower materials for 400 kv quad and twin lines totalling 13,531 megawatts. The supply is to be completed in six months.

CORPORATE NEWS: FACL DECLARES LOCKOUT (at its plant with effect from 29 Jun 2011).
June 30, 2011... Ferro Alloys Corporation Ltd (FACL) has declared lock out in charge chrome plant with effect from 29 Jun 2011. The lock out follows unlawful activities by the workmen of the company.

CORPORATE NEWS: FBAOL SECURES AN ORDER FROM ONGC (for providing FPSO on charter hiring).
June 30, 2011... Forbes Bumi Airmada Offshore Ltd (FBAOL) has won a seven-year contract from Oil and natural as Corporation (ONGC). Under the order, FBAOL will provide floating, production, storage and off loading vessel (FPSO), to ONGC on charter hire...

NCMSL PLANS TO ADD ONE LAKH SQARE FEET WAREHOUSE FACILITY (with an investment of about Rs50 crore).
June 30, 2011... The National Collateral Management Services Ltd (NCMSL) engaged in agriculture warehousing proposes to expand warehousing capacity by one lakh square feet in Karnataka. It plans to set up five warehouses in Gulbarga, Davangere, Sidhanur, Tumkur...

DEFENCE WILL NOT VACATE ANY MORE SPECTRUM, ANTHONY TELLS SIBAL (the Defence Ministry has asked the DoT to deliver its earlier commitments).
June 30, 2011... The Defence Minister of India, A K Antony, has told the Minister for Communications and Information Technology, Kapil Sibal, that the Defence Forces will not vacate any more spectrum. The Defence Ministry has asked the Department of Telecom...

RELIEF FOR TATA MOTORS AS APEX COURT ASKS BENGAL GOVERNMENT NOT TO DISTRIBUTE SINGUR LAND (the SC has asked the Calcutta High Court to pass an order within a month).
June 30, 2011... The Supreme Court (SC) has provided interim relief for Tata Motors and has asked the Government of West Bengal not to return the land in Singur to the farmers. The SC has asked the Calcutta High Court to pass an order on the petition of Tata...

SOON, YOU CAN TRADE IN S&P, DOW INDEX FUTURES ON NSE (the rupee-dominated trades will take place in Indian hours).
June 30, 2011... The Securities and Exchange Board of India has allowed the National Stock Exchange (NSE) to trade S&P 500 and Dow Jones Industrial Average (DJIA) Index futures. The rupee-dominated trades will take place in Indian hours. The contract size...

APOLLO GLOBAL TO INVEST Rs2,250 CRORE IN WELSPUN GROUP (the company will invest Rs1,305 crore in Welspun Corp Ltd).
June 30, 2011... Apollo Global Management intends to invest Rs2,250 crore in the Welspun Group companies. The private equity firm will invest Rs1,305 crore in Welspun Corp Ltd. Apollo will acquire the promoter stake of Welspun Maxsteel Ltd and is planning to...

RAMKY, ITC PLAN Rs450-CRORE WASTE MANAGEMENT COMPLEX (the WOW project is expected to produce 5,000 tonnes of paper in 2011-2012).
June 30, 2011... The Ramky Group has tied up with ITC Ltd to set up a waste management complex in Hyderabad with an investment of Rs450 crore. The company has launched the Wealth out of Waste (WOW) project to convert garbage into paper and to produce...

FORD ORGANISES 1,000-CITY ROADSHOWS FOR THE FIGO (the company has launched the first convoy in Kolkata on 29 Jun 2011).
June 30, 2011... Ford India has launched a 100-day roadshow across 1,000 cities in India to celebrate deliveries of one lakh units of the Figo hatchback to the dealers. The company has launched the first convoy in Kolkata on 29 Jun 2011. Ford will launch two...

MAHINDRA REVA LIKELY TO LAUNCH NXR MODEL EARLY NEXT YEAR (the company will offer a choice of lithium or lead acid batteries).
June 30, 2011... Mahindra Reva Ltd is planning to launch a four-seater electric car, NXR, early in 2012. The company is setting up a new plant near Bangalore with a capacity of 15,000 units a year. Mahindra Reva will offer a choice of lithium or lead acid...

DHUNSERI PETRO LAYS STONE FOR PLANT IN EGYPT (the company intends to invest $160 million to set up the greenfield plant).
June 30, 2011... Dhunseri Petrochem & Tea Co Ltd (DPTL) has laid the foundation stone for Egyptian Indian Polyester Co (EIPET) in Egypt on 23 Jun 2011. The company intends to invest $160 million to set up the greenfield plant with a capacity of 4,20,000...

PEUGEOT READY TO ROLL IN INDIA, BUT CHINA IS STILL PRIORITY (the company intends to produce a small-size sedan in India).
June 30, 2011... PSA Peugeot Citroen is planning to enter into India after a gap of nearly 14 years but will give priority to China. The company intends to set up a car plant near Chennai. Peugeot is planning to produce a small-size sedan in India and set up a...

BRISTOL-MYERS ENTERS DEAL WITH MATRIX FOR HIV DRUG (to sell the drugs in sub-Saharan Africa and India).
June 30, 2011... Bristol-Myers Squibb company has entered into an agreement with Matrix Laboratories Ltd to access HIV drug, Ryataz. The agreement enables Bristol-Myers to manufacture and sell atazanavir, stavudine and didanosine in sub-Saharan Africa and India....

CARMAKERS DEMAND CLEAR POLICY ON DIESEL PRICING (the companies have made substantial investments in diesel technology).
June 30, 2011... Car manufacturers in India have asked the Government of India to adopt a clear policy on pricing of diesel. The automobile companies have made substantial investments in diesel technology. Indian users prefer diesel cars to petrol vehicles...

TATA STEEL LOOKS FOR CHROME ORE IN S. AFRICA (the company is planning to set up a steel plant in Karnataka).
June 30, 2011... Tata Steel Ltd is looking for chrome ore mines in South Africa. The company has set up a ferro-chrome plant, Tata Steel KZN Pte Ltd, in South Africa to produce high carbon ferrochrome. Tata Steel intends to set up an integrated steel plant in...

STRIDES PICKS MALAYSIA FOR BIOTECH PLANT (the company has signed an MoU with Bio-XCell).
June 30, 2011... Strides Arcolab Ltd is planning to set up a manufacturing facility for biotech drugs in the biotechnology park of Malaysia. The company has signed a memorandum of understanding (MoU) with Bio-XCell of Malaysia to set up the plant. Strides has...

PM REAFFIRMS COMMITMENT TO 9-10% GROWTH (the Government of India intends to extend insurance to all sections of the society).
June 30, 2011... The Prime Minister (PM) of India has reaffirmed the commitment of the Government to a growth of 9-10 percent a year. The savings rate of the country is 34-35 percent and the investment rate is 36-37 percent of the gross domestic product. ...

APPAREL EXPORTS UP 49% IN MAY (apparel exports from India have gone up to Rs5,714 crore).
June 30, 2011... Apparel exports from India have gone up by 49 percent to Rs5,714 crore in May 2011 (Rs3,839 crore in May 2010). Exports to the US have gone up to $1,313 million in Jan-Apr 2011 ($1,165 million in Jan-Apr 2010). Exports to the European Union have...

ECO MINISTRY TO CLEAR SIX COAL BLOCKS IN ORISSA (the blocks are linked to the UMPP projects of NTPC and OPGC).
June 30, 2011... The Ministry of Environment and Forests is likely to clear six coal blocks for exploration in Orissa. The blocks are linked to the ultra mega power projects (UMPP) of NTPC Ltd and Orissa Power Generation Corporation (OPGC). NTPC and OPGC have...

NATURAL GAS OUTPUT DROPS FOR SIXTH STRAIGHT MONTH IN MAY (gas production has declined to 4.144 BCM in May 2011).
June 30, 2011... Production of natural gas in India has declined for the sixth straight month in May 2011. Gas production has declined to 4.144 billion cubic metres (BCM) in May 2011 (4.585 BCM in May 2010). Crude oil output has gone up to 3.229 million tonnes...

IT, BPO SECTORS LEAD UPTREND IN EMPLOYMENT DURING JANUARY-MARCH (the IT/BPO sector has created 2.87 lakh jobs in Jan-Mar 2011).
June 30, 2011... Information technology (IT) and business process outsourcing (BPO) sector in India has boosted the employment generation in Jan-Mar 2011. The IT/BPO sector has created 2.87 lakh jobs, followed by metals sector with 0.16 lakh, automobile...

NIRULA'S LAUNCHES NEW CASUAL DINING FORMAT (the company operates 85 QSRs across India).
June 30, 2011... Nirula's Restaurant has launched a new format for casual dining in New Delhi. The company operates 85 quick service restaurants (QSRs) across India. Nirula's is planning to convert some of its QSRs into the new casual dining format. The company...

CARATLANE DECKED UP TO REACH MORE CUSTOMERS (the company intends to set up six experiential centres).
June 30, 2011... CaratLane is planning to reach more customers through its diamond and jewellery portal. The portal has sold over 3,000 solitaires since 2008. CaratLane intends to set up six experiential centres across India. The company is also planning to...

DISCOVERY GETS NOD FOR FIVE NEW CHANNELS (the company has launched a new show, Oh my Gold).
June 30, 2011... The Government of India has allowed Discovery Channel to add five new channels in India. The company intends to add Discovery Kids, Investigation Discovery, Home and Health, 3D Net and Military channels. Discovery has launched a new show, Oh...

RELIANCE BROADCAST LOOKS TO STEM ATTRITION, GROW AT 30% (the company intends to expand to Tier-II and Tier-III cities).
June 30, 2011... Reliance Broadcast Network Ltd (RBNL) intends to bring down the attrition rate from 30 percent to 15 percent. The company has announced a growth of 36 percent in standalone revenue at Rs251 crore for 2010-2011. RBNL derives 70 percent of the...

RUPEE STRENGTHENS BY 17 PAISE (to close at 44.86/87 to the US dollar on 29 Jun 2011).
June 30, 2011... Indian rupee gained 17 paise to close at 44.86/87 to the US dollar on 29 Jun 2011. The forward premium for six months closed at 118-119.5 paise (118-120 paise on 28 Jun 2011) and that for 12 months closed at 230.5-232.5 paise (228-230 paise)....

BONDS DECLINE FURTHER (due to sustained pressure from banks and companies).
June 30, 2011... Bond prices in India declined on 29 Jun 2011 due to sustained pressure from banks and companies. The 7.8 percent 2021 paper closed at Rs96.56 (Rs96.78 on 28 Jun 2011). The 8.08 percent 2022 paper closed at Rs97.70 (Rs97.88). The 8.13 percent...

CALL ENDS A TAD LOWER (at 7.60 percent on 29 Jun 2011).
June 30, 2011... The inter-bank call rate in India closed a little lower at 7.60 percent on 29 Jun 2011. The Reserve Bank of India accepted 42 bids for Rs96,330 crore in the repo auction. The bank accepted one bid for Rs600 crore in the reverse repo auction.

INDIAN BANK TO RAISE $1 BILLION OVERSEAS (the company expects to announce a growth of 22 percent in credit in 2011-2012).
June 30, 2011... Indian Bank is planning to raise up to $1 billion through medium term bonds in two tranches. The bank intends to list the bonds on the Singapore Stock Exchange. Indian Bank expects to announce a growth of 22 percent in credit for 2011-2012. ...

METLIFE INDIA POSTS MAIDEN PROFIT OF Rs35.35 CRORE IN 2010-11 (the company has announced a growth of 22 percent in renewal income).(Financial report)
June 30, 2011... Metlife India Insurance Company Ltd has announced its first profit at Rs35.35 crore for 2010-2011 (net loss of Rs274.82 crore for 2009-2010). Its total revenue has declined to Rs2,615.13 crore (Rs2,627.63 crore). The company has announced a...

UNION BANK'S NET INTEREST MARGIN MAY COME UNDER SOME PRESSURE THIS YEAR: CMD (the bank expects NIM of 3.2 percent for 2011-2012).
June 30, 2011... The Chairman and Managing Director (CMD) of Union Bank of India expects the net interest margin (NIM) to come under pressure in 2011-2012. The bank expects its NIM to decline from 3.33 percent in 2010-2011 to 3.2 percent. Union Bank has...

CANARA BANK UPS BASE RATE BY 25 BPS TO 10.25% (the bank has also increased the BPLR by 25 bps to 14.5 percent).
June 30, 2011... Canara Bank has increased its base rate by 25 basis points (bps) to 10.25 percent from 1 Jul 2011. The bank has also increased the benchmark prime lending rate (BPLR) by 25 bps to 14.5 percent. The Reserve Bank of India has increased the policy...

CREDIT OFF-TAKE FROM BANKS NOT ENCOURAGING SO FAR THIS FISCAL (banks have mobilised nearly Rs1.4 lakh crore up to 17 Jun 2011).
June 30, 2011... Banks in India have not been able to increase credit off-take so far in Apr-Jun 2011. Banks have mobilised nearly Rs1.4 lakh crore in deposits up to 17 Jun 2011 (Rs31,000 crore in 2010). Major banks have increased the average interest rate on...

INDIA STILL A JEWEL IN VODAFONE'S CROWN, BUT NEEDS POLISHING (the company has deferred its plans for local listing).
June 30, 2011... Vodafone Plc is still optimistic about its growth in India despite some setbacks. The company has a dispute with the Income Tax Department over the tax liability over the acquisition of stake from Hutchison. Vodafone is of the view that the...

MICROSOFT LAUNCHES OFFICE 365 IN INDIA (the company is offering the software at $2 per user per month).
June 30, 2011... Microsoft Corporation India has launched the Office 365 in India on 29 Jun 2011. The company is offering the software at $2 per user per month. Office 365 will allow small and medium businesses to access e-mail, collaboration, conferencing and...

APTECH GETS Rs50 CRORE DIVIDEND FROM CHINESE COMPANY (the company had received Rs32.6 crore in Feb 2011).
June 30, 2011... Aptech Ltd has received a dividend of Rs50.3 crore from BJB Career Education Co of China. The company holds a stake of 22.4 percent in the Chinese company. Aptech had received a dividend of Rs32.6 crore from BJB Career Education in Feb 2011.

MICROSOFT STAFF DEVELOP MOBILE APPS EXCLUSIVELY FOR WOMEN (the company intends to challenge Google in the smartphone segment).
June 30, 2011... Microsoft Corporation is encouraging its staff to develop exclusive applications (apps) for women. The company intends to challenge Google in the smartphone segment. Microsoft has launched an internal drive, Garage, to encourage the staff to...

GANGAVARAM PORT HOPES TO TIE UP FUNDS FOR EXPANSION BY AUGUST (the company intends to expand the capacity to 45 mt).
June 30, 2011... Gangavaram Port Ltd (GPL) expects to achieve financial closure for its expansion plans by Aug 2011. The company intends to invest Rs1,200 crore to expand its capacity from 24 million tonnes (mt) to 45 mt. The DVS Raju Group holds a stake of 59...

MAHARASHTRA TOO CUTS VAT ON DIESEL, KEROSENE (the State Government is expected to bear a burden of Rs1,400 crore).
June 30, 2011... The Government of Maharashtra has reduced the value-added tax (VAT) by two percent on 29 Jun 2011. The Government of India had asked the State Governments to reduce local taxes on diesel, kerosene and liquefied petroleum gas. The State...

DEADLINE FOR BARCODES ON PHARMA EXPORTS MAY BE EXTENDED (pharmaceutical exports from India have gone up by 15 percent in 2010-2011).
June 30, 2011... The Government of India is likely to extend the deadline for implementing barcodes system on pharmaceutical exports. The Directorate General of Foreign Trade had made it mandatory for drug exporters to implement the barcode system from 1 Jul...

VISHAL RETAIL TO SELL PROPERTIES (proceeds will be used to clear debt and partly fund new expansion).
June 30, 2011... Vishal Retail plans to sell four properties for an estimated value of Rs50 crore. The properties include three shops and a piece of land in Dehradun. The proceeds will be used to clear debt and partly fund new expansion under the V2 Retail...

MAHAVEER INFOWAY'S FPO (expects to raise Rs50 crore through the issue).
June 30, 2011... Mahaveer Infoway Ltd plans to launch a follow-on public issue (FPO) in the fourth quarter of 2011. The company expects to raise Rs50 crore through the issue. The FPO will also consist of investments by FIIs, OCB and promoter's equity. The...

SURYA ROSHNI PLANS Rs550-CRORE CAPEX (plans to set up GI and spiral pipes manufacturing facility).
June 30, 2011... Surya Roshni has planned an Rs550 crore investment plan for expansion in its existing facility. The company plans to set up three lakh tonne GI and spiral pipes manufacturing facility in Kutch, Gujarat, at an investment of Rs450 crore. The...

MARRIOT EYEING 100 HOTELS BY 2015 (expects JW Marriott brand hotels in India to reach 10 by 2015).
June 30, 2011... Marriott International is targeting 100 hotels in India by end of 2015. The company, which operates and franchises hotels under Marriott, JW Marriott and other brand names, expects JW Marriott brand hotels in India to reach 10 by 2015 from...

JYOTHI LAB'S Rs431.10 CRORE FOR HENKEL BUY (is Rs1.5 crore more than the amount recalculated for share transfer).
June 30, 2011... Jyothi Laboratories has provided Rs431.10 crore for acquiring 23,292,895 equity shares of Henkel India Ltd. The amount is Rs1.5 crore more than the amount recalculated for share transfer. The amount was recalculated at Rs429.6 crore even as...

CROMA CHANGES FORMAT, EYES MORE STORES (plans to set up shop-in-shops inside Star Bazaar).
June 30, 2011... Croma, the consumer durables and infotech (CDIT) chain of the Tata group, is introducing a new retail format to offer bestselling products from its stores. The company also plans to set up shop-in-shops inside Star Bazaar, the hypermarket chain...

OBEROI'S WILDFLOWER HALL TO FACE AUDIT (CAG asked to order a special audit into the accounts of the joint venture property).
June 30, 2011... The Government of Himachal Pradesh has sought the audit of The Wildflower Hall, the luxury five-star hotel of the Oberoi group. The hotel, located at the edge of Shimla in a deep Himalayan forest, is a favourite with tourists and celebrities....

NTPC TO PLAY BIG ROLE IN RENEWABLE ENERGY SECTOR (is planning wind and solar energy projects in Karnataka, Kerala and Gujarat).
June 30, 2011... NTPC Ltd is all set to play a major role in the renewable sector. The company, which is setting up two wind energy projects in Karnataka and one in Gujarat, is planning more wind and solar energy projects in Karnataka, Kerala and Gujarat. NTPC...

STRIDES PLANS FACILITY IN MALAYSIA (to manufacture biopharmaceuticals and sterile injectables).
June 30, 2011... Strides Arcolab, Bangalore, has signed an agreement with Bio- Xcell of Malaysia to set up a facility in Malaysia to manufacture biopharmaceuticals and sterile injectables. As per the agreement, Bio-Xcell will build the facility and lease it to...

MOMENTIVE TO SET UP CENTRE IN CITY (at an investment of $4 million).
June 30, 2011... Momentive Performance Materials and Momentive Speciality Chemicals, a subsidiary of Momentive Performance Materials Holdings LLC, plans to set up a regional business headquarters and a global R&D centre in Bangalore. The facility will be set...

CGH EARTH PUTS ITS AIR CATERING SUBSIDIARY ON THE BLOCK (is expecting a price of about Rs100 crore).
June 30, 2011... CGH Earth, Kochi, is considering selling its air catering business - Casino Air Caterers and Flight Services (CAFS). The company is expecting a price of about Rs100 crore to exit its air catering business, which has a presence in Kochi,...

CREDIT-DEPOSIT GROWTH GAP NARROWS (on account of higher deposit growth).
June 30, 2011... The gap between credit-deposit growths has reduced on account of higher deposit growth, owing to attractive interest rates and a slower pace of loan disbursements. The growth rate in bank deposits in the fortnight ended 17 Jun 2011 is estimated...

POWER PROJECTS FUNDING TO STAY IN SLOW LANE: FITCH (commercial banks lent about Rs81,355 crore to power projects in 2010-2011).
June 30, 2011... The funding for power projects is likely to remain slow in spite of the wide gap between demand for and supply of power, according to global ratings agency Fitch. Land acquisition problems, besides environmental issues, have affected the...

1,20,000 MBA, BTECH SEATS LIKELY TO GO VACANT IN UTTAR PRADESH (students are opting for colleges in Noida, Ghaziabad and Meerut owing to better placement records).
June 30, 2011... About 1.2 lakh MBA and B Tech are likely to remain vacant in Uttar Pradesh in 2011. Only 50,000 students are likely to appear for counselling for engineering and management courses in the first week of Jul 2011 against the availability of 1.7...

NOKIA REVAMPS SYMBIAN OS FOR INDIA (plans to introduce up to 10 new Symbian-based smartphones).
June 30, 2011... Nokia plans to introduce up to 10 new Symbian-based smartphones in India kin the next one year. The company has about 49 percent of the market share in India. Nokia will launch the N8, E7, C7 and C6-01 with the new Symbian Anna software update....

FMC EASES FINAL AGRI SETTLEMENT PRICE NORMS, REDUCES POLL TRACK PERIOD (has reduced the mandatory average price polling to three days from the earlier five days).
June 30, 2011... The Forward Markets Commission (FMC) has revised the provisions on final settlement prices in agricultural commodities. The commission has reduced the mandatory average price polling to three days from the earlier five days. Commodity...

WESTLAND, SIKORSKY JOIN NAVY'S COPTER BID (they are participating in the Indian Navy's recently issued RFI for a second batch of multi-role helicopters).
June 30, 2011... Global helicopter manufacturers Augusta Westland and Sikorsky Aircraft are vying for major defence tenders in India. They are participating in the Indian Navy's recently issued Request for Information (RFI) for a second batch of multi-role...

ITC HOTELS ACQUIRES 26% STAKE IN JV WITH ESPIRIT FOR Rs45 CRORE (the JV is to build a luxury hotel in Hyderabad).
June 30, 2011... ITC Hotels has acquired 26 percent stake in a joint venture (JV) with Espirit Hotels for Rs45 crore. The JV is to build a luxury hotel in Hyderabad and the project will be launched by the end of 2011.

PEUGEOT TO SET UP Rs4,000-CRORE UNIT IN TN (the plant will have a capacity of 3 lakh cars per annum).
June 30, 2011... Carmaker Peugeot Citroen of France is to invest Rs4,000 crore to set up a plant outside Chennai in Tamil Nadu. The plant will have a capacity of 3 lakh cars per annum.

NOKIA INDIA TO SHIFT 800 SYMBIAN STAFF TO ACCENTURE (Accenture will provide software development and support for Symbian till 2016).
June 30, 2011... Nokia India is to shift 800 employees working on the Symbian platform at its research and development (R&D) unit in Bangalore to Accenture. Nokia of Finland has signed an outsourcing deal with Accenture. Under the agreement, Accenture...

IS UTTERLY, BUTTERLY NOW TOO ELDERLY' (according to experts, GCMMF needs to redraw its marketing plan to retain its position in the Indian market).
June 30, 2011... 'Amul', the brand of Gujarat Co-operative Milk Marketing Federation (GCMMF), reported a turnover of Rs9,774 crore ($2.15 billion) in 2010-2011 and is expected to cross $3 billion in 2012- 2013. However, according to experts, GCMMF needs to...

ONGC BOARD APPROVES PROSPECTUS FOR PROPOSED FPO (approves the red herring prospectus for a proposed Rs11,500 crore share sale).
June 30, 2011... The board of Oil and Natural Gas Corporation (ONGC) has approved the red herring prospectus for a proposed Rs11,500 crore share sale. The Government of India is selling 5 percent or 427.77 million shares through a follow-on public offering...

INFLOWS WEAKEST AMONG EMERGING MARKET PEERS (foreign fund flows into India have reduced significantly at just $40 million in the last three months).
June 30, 2011... Foreign fund flows into India have reduced significantly at just $40 million in the last three months. This is the weakest among the emerging market peers. During this period, China witnessed inflows of $1.3 billion, Brazil $484 million and...

INDIAN BANK AWAITS BETTER SENTIMENT FOR FPO LAUNCH (will sell about 6.1 crore shares with a face value of Rs10 through the FPO).
June 30, 2011... Indian Bank, headquartered in Chennai, proposes to raise funds from the capital market for its expansion plans. However, it is looking at better market conditions for launch of its follow-on public offering (FPO). The bank will sell about 6.1...

HDFC DROPS ICICI, RCOM, LAFARGE, HUL FROM PORTFOLIO (HDFC is said to have earned about Rs95 crore in revenues by selling listed equity of the Rs360 crore it realised from the sale of investments).
June 30, 2011... Mortgage company HDFC sold off its treasury holdings in cement maker Lafarge India, ICICI Bank, Reliance Communications (RCOM) and Hindustan Unilever Ltd (HUL) in 2010-2011. HDFC is said to have earned about Rs95 crore in revenues by selling...

INDIA, JAPAN TO IMPLEMENT CEPA FROM AUGUST 1 (India and Japan will eliminate import duties on 94% of their trade items in ten years).
June 30, 2011... India and Japan are scheduled to implement a comprehensive free trade agreement from 1 Aug 2011. The idea is to boost bilateral trade between the two countries to $25 billion by 2015. Under the Comprehensive Economic Partnership Agreement...

ENVIRONMENT MINISTRY CLEARS 6 COAL BLOCKS FOR ORISSA PLANTS (all the six coal blocks are part of the IB Valley coalfield and are linked to the UMPP, NTPC and OPGC power plants).
June 30, 2011... The Ministry of Environment and Forests (MoEF), Government of India, has cleared six coal blocks for three major power plants in Orissa. Out of the six coal blocks, five are in areas that are considered 'no-go' areas where the MoEF has banned...

GIC BEARS THE BRUNT OF CATASTROPHE-STRUCK JAPAN (GIC has seen a claim of Rs400 crore from the earthquake and tsunami in Japan).
June 30, 2011... General Insurance Corporation of India (GIC), which is the designated national reinsurer, has seen a claim of Rs400 crore from the earthquake and tsunami in Japan. The total economic loss in Japan is estimated at $409 billion but the insured...

ANGEL BROKING LAYS OFF 2,000 (during the past six months owing to shrinking profit margins).
June 30, 2011... Domestic broking house Angel Broking has laid-off around 2,000 employees during the past six months owing to shrinking profit margins. The company has reduced its employee count to 4,200 from 6,200 over a period of six months. Most of the...

POSCO MoU RENEWAL BY JUL 10, SAYS ORISSA GOVERNMENT (for its 12 million tonnes per annum steel project in the state).
June 30, 2011... The Government of Orissa has stated that the memorandum of understanding (MoU) with Posco India for its 12 million tonnes per annum steel project in the state will be renewed by 10 Jul 2011. The government has added that it is working on...

BELTRON TO HELP BIHAR GOVERNMENT IMPROVE SERVICE DELIVERY (to citizens, especially the various government schemes and subsidies).
June 30, 2011... Beltron Telecom will implement a massive identification and authentication technology to improve delivery of services to citizens, especially various government schemes and subsidies. Beltron is planning to use the non-clonable ID technology to...

TOYOTA RECEIVES 1,000 BOOKINGS FOR ETIOS LIVA (and 11,000 enquiries within just one-and-a-half day of its launch).
June 30, 2011... Toyota Kirloskar Motor (TKM) has received 1,000 bookings for its recently launched hatchback, Etios Liva. TKM has also received 11,000 enquiries for the Liva within just one-and-a-half day of its launch. TKM launched Liva on 27 Jun 2011 at a...

MODERN TRADE DRIVES PACKAGED FOODS GROWTH (in urban India in 2011).
June 30, 2011... Data from leading market research agency IMRB has attributed the growth in the packaged foods segment in urban India in 2011 to the modern trade format comprising retail outlets other than the neighbouring kirana stores. According to IMRB,...

MOMENTIVE TO SET UP $4 MILLION R&D CENTRE (in Bangalore).
June 30, 2011... Specialty chemicals and materials manufacturer, Momentive Performance Materials Holdings (MPMH) of US is planning to set up a global research and development (R&D) centre in Bangalore at a cost of $4 million. The $7.5 billion MPMH will...

ITC INFOTECH TIES UP WITH FINLAND'S SOLTEQ OYJ (to expand its presence and offer support to clients in the Nordic countries).
June 30, 2011... ITC Infotech has tied up with information technology (IT) services provider Solteq Oyj of Finland to expand its presence and offer support to clients in the Nordic countries. Solteq will also be able to use the full portfolio of services of ITC...

FORD INDIA TO FOCUS ON DIESEL VEHICLES (in the future as petrol prices are becoming high).
June 30, 2011... Ford India is planning to focus on launching diesel-run cars in the future as petrol prices are becoming high. According to the company, spiralling petrol prices have swung the proportion of cars sold in favour of diesel models.

SAMSUNG ENGINEERING BAGS $230 MILLION ORDER (from OPL to build a petrochemical plant).
June 30, 2011... Samsung Engineering Company (SEC) of South Korea has bagged an order worth $230 million from ONGC Petro-additions Ltd (OPL) to build a petrochemical plant. The plant with a capacity of 3,40,000 tonnes per annum of high density polyethylene will...

LAVA TO INVEST Rs100 CRORE IN RESEARCH THIS YEAR (to capture a bigger share of the expanding handset market in India).
June 30, 2011... Lava, a manufacturer of mobile phones, is planning to invest Rs100 crore during 2011-2012 to improve its research and development capabilities. The company is eyeing a bigger share of the expanding handset market in India.

TATA STEEL SEES 11% DEMAND GROWTH (in 2011-2012 on the back of a strong push in infrastructure building).
June 30, 2011... Tata Steel Ltd (TSL) is expecting domestic steel demand to grow by 11 percent in 2011-2012 on the back of a strong push in infrastructure building by the Government of India. According to TSL, rising interest rates will not have a major impact...

BRISTOL-MEYERS, MATRIX TIE UP FOR HIV DRUGS (to be manufactured and sold in India and sub-Saharan Africa).
June 30, 2011... Bristol-Myers Squibb has signed an immunity-from-suit pact with Matrix Laboratories of Hyderabad to manufacture and sell its HIV drugs in India and sub-Saharan Africa. The agreement includes paediatric formulations of the medicine for children...

JAIRAM DOES FLIP-FLOP, CLEARS 3 POWER PLANTS (in Orissa after his statement that he will clear only one power plant in the state).
June 30, 2011... Mr. Jairam Ramesh, Minister of Environment and Forests, Government of India has given approvals on 29 Jun 2011 to three power projects in Orissa, a 4,000 megawatts (MW) ultra mega power project, a 1,320 MW power plant of Orissa Power...

ONGC BOARD APPROVES RHP FOR FOLLOW-ON OFFER (of Rs11,500 crore).
June 30, 2011... The board of directors of Oil and Natural Gas Corporation (ONGC) has approved the red herring prospectus (RHP) for the proposed Rs11,500 crore share sale. ONGC will file the RHP for the follow- on offer with the Securities and Exchange Board of...