India Business Insight articles from March 2012

India Business Insight archives from March 2012

PTC INDIA FINANCIAL MAKES A KILLING IN IEX STAKE SALE (shares were sold at Rs166.51/share).
March 31, 2012... PTC India Financial Services (PFS) has offloaded 14.01 percent stake in Indian Energy Exchange Ltd (IEX) for Rs70.76 crore. The shares were sold at Rs166.51/share. However, PFS refused to divulge the name of the purchaser. The company has...

BALAJI SHIPPING TO START OMAN SERVICE FROM MUNDRA PORT (service will be available from May 2012).
March 31, 2012... AGS, the shipping service operated by Balaji Shipping Lines (BSL), has announced the launch of a direct service between Sohar Port in Oman and Mundra port in Gujarat. The service will be available from Apr 2012. The service will accept general...

THIS YEAR RUBBER SUPPLY MAY BE STRETCHED TO MEET DEMAND (consumption of rubber is expected to increase at a higher rate of 4.7 percent in 2012).
March 31, 2012... The Association of Natural Rubber Producing Countries (ANRPC) has said that consumption of rubber is expected to increase at a higher rate of 4.7 percent in 2012 against a rise of 1.4 percent in 2011. However, production of rubber is expected...

AGRI-BUSINESS FUND INVESTS Rs50 CRORE IN SEED FIRM (to utilise the funds for setting up a laboratory to conduct research and development in the mandate crops).
March 31, 2012... Super Agri Seeds Pvt Ltd of Hyderabad, which focuses on paddy, cotton, maize, sunflower, bajra and vegetable crops, has received an investment of Rs50 crore from India Agri Business Fund. The company plans to utilise the funds for setting up...

HARYANA BANS WHEAT IMPORTS FROM OTHER STATES (expects a bumper harvest and is worried about storage facilities).
March 31, 2012... Haryana has prohibited the import of wheat from its neighbours in the rabi marketing season beginning 1 Apr 2012. The state expects a bumper harvest and is worried about storage facilities. It also intends to set up check-posts at various...

MANIPAL VATTIKUTTI INSTITUTE OF ROBOTIC SURGERY LAUNCHED (RAS offers higher rate of diagnostic accuracy and reduces human error due to tremors of the surgeon's hands).
March 31, 2012... Manipal Health Enterprise and the Vattikutti Foundation of the US have launched the Manipal Vattikutti Institute of Robotic Surgery at Manipal Hospital in Bangalore. Doctors, support staff and technical staff at the hospital have been trained in...

NEPHROPLUS OPENS CENTRE IN BANGALORE (to establish six clinics in Karnataka in the next six months).
March 31, 2012... NephroPlus, a kidney care chain, which offers services like haemodialysis and kidney transplants, has forayed into Karnataka. The first clinic has been opened in Ramamurthy Nagar in Bangalore. It has tied up with Koshy's Hospital at...

RAJAN KOHLI IS WIPRO'S GLOBAL HEAD FOR BANKING (earlier he was the chief marketing officer of company's IT business).
March 31, 2012... Wipro Limited of Bangalore has elevated Rajan Kohli as the global business head of its banking vertical. Kohli was the chief marketing officer of Wipro's information technology (IT) business and has spent 15 years out of his 17 years in the...

SUPER AGRI SCOUTS FOR OVERSEAS TIE-UPS (for research and development on corn, jowar, vegetables and sunflower).
March 31, 2012... Super Agri Seeds Private Limited of Hyderabad is planning to tie- up with two agro-based companies in Europe and Asia for research and development on corn, jowar, vegetables and sunflower. The company markets around 140 hybrids and varietal...

NLC, SBI IN PACT FOR Rs2,500-CRORE TERM LOAN (for part financing its thermal power project).
March 31, 2012... Neyveli Lignite Corporation (NLC) has signed an agreement with the State Bank of India for a term loan of Rs2,500 crore for part financing its thermal power project - Neyveli Lignite Thermal Power Station (NNTPS). The 2x500 MW NNTPS project...

STRIDES ARM GETS USFDA NOD FOR DRUG (to sell cancer medicine, methotrexate injections USP).
March 31, 2012... Onco Therapies Limited (OTL) has received permission from the US Food and Drug Administration (FDA) to sell cancer medicine, methotrexate injections USP, in the US. OTL is a 100 percent subsidiary of drug firm Strides Arcolab of Bangalore.

RWF ACHIEVES RECORD PRODUCTION (of 2,00,000 wheels in 2011-2012 to surpass its previous best of 1,96,261 wheels).
March 31, 2012... The Rail Wheel Factory (RWF) has achieved a record production of 2,00,000 wheels in 2011-2012 to surpass its previous best of 1,96,261 wheels manufactured in 2008-2009. RWF's Axle Shop manufactured 1,00,000 axles, surpassing the previous...

CSE PRESSES ALARM BUTTON ON JUNK FOOD (as most junk foods contain very high levels of trans fats, salts and sugar, leading to diseases like obesity and diabetes).
March 31, 2012... The Centre for Science and Environment (CSE) has sought stronger regulations and labelling rules for junk food. It has tested 16 popular brands like Nestle's Maggi noodles, McDonald's, KFC, Haldiram's Aloo Bhujia and PepsiCo's Lays potato chips...

BOP HITS DEFICIT FOR FIRST TIME SINCE LEHMAN COLLAPSE (as India's BoP ends in a deficit of $12.8 billion for Oct- Dec 2011).
March 31, 2012... India's Balance of Payments (BoP) has fallen for the first time since the collapse of Lehman Brothers as India's BoP ended in a deficit of $12.8 billion for Oct-Dec 2011. The current account deficit, the excess of imports over exports, touched...

INFOSYS, TCS, SIFY BAG POSTAL DEPARTMENT'S TECH PROJECTS (as DoP is trying to induct technology in a big way).
March 31, 2012... The Department of Post (DoP), Government of India has issued Letters of Intent (LoI) to Infosys, Tata Consultancy Services (TCS), Sify and Reliance Communications Infrastructure for various technology advancement projects. The DoP is trying to...

CURRENT ACCOUNT DEFICIT DOUBLES TO $19.6 BILLION IN Q3 (trade deficit of India has gone up to $47.7 billion in Oct- Dec 2011).
March 31, 2012... Current account deficit of India has gone up to $19.6 billion in Oct-Dec 2011 ($10.1 billion in Oct-Dec 2010). Trade deficit of the country has gone up to $47.7 billion ($31.4 billion). Current account deficit has gone up to $53.7 billion in...

GREEN TRIBUNAL SUSPENDS POSCO CLEARANCE (the Tribunal has asked the MoEF to review the project).
March 31, 2012... The National Green Tribunal has suspended the environmental clearance given for the steel plant project of Posco in Odisha. The Tribunal has asked the Ministry of Environment and Forests (MoEF) to review the project. The Ministry had carried out...

M&M FORMS VENTURE WITH RAFAEL FOR NAVAL SYSTEMS (the company intends to invest Rs250 crore to boost defence business).
March 31, 2012... Mahindra & Mahindra Ltd (M&M) has set up a joint venture with Rafael of Israel to manufacture naval systems in Pune. The company intends to invest Rs250 crore to boost its defence business. M&M had set up a joint venture with...

MRPL PHASE III PRODUCTION GOES ON STREAM (the company has increased the capacity to 15 mtpa).
March 31, 2012... Mangalore Refinery and Petrochemicals Ltd (MRPL) has completed the phase III of the expansion project. The company has increased the capacity from 11.82 million tonnes per annum (mtpa) to 15 mtpa. MRPL had launched the expansion project in Aug...

POWAI TOWNSHIP: NO RELIEF FOR HIRANANDANI (the Supreme Court has allowed the company to withdraw its plea against the Bombay High Court).
March 31, 2012... The Supreme Court has not provided Hiranandani Developers Ltd in the case of Powai Area Development Scheme. The Supreme Court has allowed the company to withdraw its plea against the Bombay High Court. The High Court has stopped construction...

TILAKNAGAR INDUSTRIES PLANS Rs220-CRORE INVESTMENT TO INCREASE CAPACITY (the company has launched Mansion House Gold Whisky in Andhra Pradesh).
March 31, 2012... Tilaknagar Industries Ltd (TIL) is planning to expand its capacity with an investment of Rs220 crore. The company intends to set up a distillery in Rajasthan with an investment of Rs150 crore. TIL intends to expand the capacity of the...

NTPC COMMISSIONS UNIT 4 AT SIMHADRI, UNIT I AT VALLUR (generation capacity at Simhadri has gone up to 2,000 MW).
March 31, 2012... NTPC Ltd has commissioned the unit-4 of 500 megawatt (MW) at Simhadri in Andhra Pradesh. Total generation capacity of Simhadri project has gone up to 2,000 MW. The company has commissioned the unit-I of 500 MW at Vallur in Tamil Nadu. NTPC will...

L&T BAGS ORDERS WORTH Rs1,875 CRORE (the company has bagged international orders worth Rs194 crore).
March 31, 2012... Larsen & Toubro Ltd (L&T) has bagged orders worth Rs1,875 crore in Mar 2012. The company has bagged orders worth Rs701 crore for power transmission and distribution projects. L&T has bagged international orders worth Rs194 crore...

GODREJ PROPERTIES ENTERS RE-DEVELOPMENT SPACE (the company has signed an agreement with Kamla Landmarc Property Leasing and Finance).
March 31, 2012... Godrej Properties Ltd (GPL) is planning to re-develop 18 residential properties at Chembur in Mumbai. The company has signed an agreement with Kamla Landmarc Property Leasing and Finance and the building societies. The Maharashtra Housing...

GODREJ INDUSTRIES TO MOVE INTO NEW CORPORATE OFFICE (the board has approved a capital expenditure of Rs265 crore).
March 31, 2012... Godrej Industries Ltd is planning to acquire a new corporate office, Godrej One, at Vikhroli in Mumbai. The board has approved a capital expenditure of Rs265 crore for the purpose. Godrej One will have a total area of 7.5 lakh square feet. ...

ONGC, CONOCOPHILLIPS TIE UP FOR SHALE GAS (the companies will also explore deep-water in the Eastern offshore basin).
March 31, 2012... Oil and Natural Gas Corporation (ONGC) has signed a memorandum of understanding with ConocoPhillips of the US to explore shale gas in India, North America and other places. The companies will also explore deep-water in the Eastern offshore basin...

L&T, KMC-ITNL EMERGE BEST BIDDERS FOR Rs7,000-CRORE HIGHWAY PROJECTS (NHAI has awarded 49 projects of 6,491 km in 2011-2012).
March 31, 2012... Larsen & Toubro Ltd (L&T) and the consortium of KMC and IL&FS Transportation have emerged as the best bidders for the highway projects in India. The National Highway Authority of India (NHAI) has opened the bids for highway projects...

DEVAS CHAIRMAN STEPS DOWN (Lawrence T Babbio has taken over as the new Chairman).
March 31, 2012... The Chairman of Devas Multimedia, M G Chandrasekhar, has resigned from the position. Lawrence T Babbio has taken over as the new Chairman of Devas. The Enforcement Directorate is investigating the company for its overseas investment and equity...

AIR INDIA AGREES TO PAY PENDING WAGES BY JUNE (workers unions have called off their proposed strike from 2 Apr 2012).
March 31, 2012... Air India has agreed to pay the outstanding wages of the employees in phases by Jun 2012. Workers unions have called off their proposed strike from 2 Apr 2012. Eight unions of the airline had formed a joint forum to represent their grievances...

HARYANA GOVERNMENT MAKES ESCROW ACCOUNT MANDATORY FOR DEVELOPERS (the RBI had asked the banks to create an escrow mechanism for loans).
March 31, 2012... The Government of Haryana has made it mandatory for property developers to create an escrow account for receiving and disbursing funds. The Government intends to issue licences to developers only after they create escrow accounts for every...

NETWORKS CHASE BIG BUCKS, SEEK A SLICE OF REGIONAL LANGUAGE PIE (regional channels account for 33 percent of the viewership).
March 31, 2012... Television (TV) networks are planning to increase their share in regional language market in India. Regional channels account for 33 percent of the viewership in the country. Regional advertising is insulated from the economic slowdown. Network...

PEPPERS TAMIL TV NOW ON NET, MOBILE (the channel is also available on Arasu Cable network).
March 31, 2012... Peppers Media Pvt Ltd has launched its Tamil entertainment television (TV) channel, Peppers, on the Internet and mobile platforms. The company is focussing on the youth with content ranging from film music to spiritual programmes. The channel...

DEODORANT XENOH IS OFFICIAL BRAND PARTNER OF DECCAN CHARGERS ( Hygienic Research has launched Xenoh in four fragrances).
March 31, 2012... Hygienic Research Institute Pvt Ltd has signed its deodorant brand, Streak Xenoh, as the official partner of Deccan Chargers team for the Indian Premier League. The company has launched the deodorant in four fragrances. Hygienic Research also...

ON COCOBERRY'S MENU - CEREAL, BEVERAGES, FRUIT (the company intends to set up 150 stores in 20 cities).
March 31, 2012... Cocoberry is planning to add breakfast cereals, beverages and fresh fruits to its portfolio. The company is presently selling frozen yoghurt in India. Cocoberry has 42 outlets in nine cities and intends to set up 150 stores in 20 cities. The...

HYATT HOTELS UNVEILS PARK IN HYDERABAD (the hotel offers residential-style meeting concept).
March 31, 2012... Hyatt Hotels has opened its Park Hyatt in Hyderabad on 30 Mar 2012. The hotel has 185 guest-rooms and 24 suites. Park Hyatt also has 42 luxury serviced apartments. The hotel offers residential-style meeting concept.

VALIANT TO BUY 23% IN SHRIRAM'S HOUSING FINANCE ARM (the company intends to invest Rs170.52 crore).
March 31, 2012... Valiant Mauritius Partners FDI Ltd is planning to acquire a stake of 22.75 percent in Shriram Housing Finance Ltd (SHFL). The company intends to invest Rs170.52 crore in SHFL. Shriram City Union Finance Ltd intends to infuse Rs165.44 crore...

FOREX RESERVES UP $318.6 MILLION TO $295.14 BILLION (foreign currency assets have gone up by $251.2 million for the week ended 23 Mar 2012).
March 31, 2012... Foreign exchange (forex) reserves of India have increased by $318.6 million to $295.14 billion for the week ended 23 Mar 2012. Foreign currency assets of the country have gone up by $251.2 million. The reserve position with the International...

SBB&J OPENS 797 ULTRA-SMALL BRANCHES (the bank has opened an Online Treasury Branch in Jaipur).
March 31, 2012... State Bank of Bikaner and Jaipur (SBB&J) has opened 797 ultra small branches in Rajasthan. The bank has opened an Online Treasury Branch in Jaipur. SBB&J has tied up with the Government of Rajasthan to pay the salaries of the employees.

RUPEE GAINS 53 PAISE (to close at 50.87/88 to the US dollar on 30 Mar 2012).
March 31, 2012... Indian rupee has gained 53 paise against the US dollar to close at 50.87/88 on 30 Mar 2012. The forward premium for six months closed at 168-170 paise (169-171 paise on 29 Mar 2012) and that for 12 months closed at 295-297 paise (293-295 paise)....

CALL RATES JUMP (due to demand from borrowing banks).
March 31, 2012... The call rates in India went up on 30 Mar 2012 due to demand from borrowing banks. The overnight call rate closed at 15 percent (10 percent on 29 Mar 2012) and the four-day call rate closed at 15 percent (9.5 percent). The Reserve Bank of India...

VIJAYA BANK RAISES Rs147 CRORE THROUGH PREFERENTIAL ISSUE TO LIC (the bank intends to use the funds to strengthen its capital adequacy).
March 31, 2012... Vijaya Bank has raised Rs147 crore through issue of preferential shares to Life Insurance Corporation of India (LIC). The bank intends to use the funds to strengthen its capital adequacy. Vijaya Bank expects to announce a growth of 20 percent...

BONDS END A TAD HIGHER ON LAST TRADING SESSION THIS FISCAL (the RBI is likely to cut rates by 100 basis points in 2012- 2013).
March 31, 2012... Bond prices in India closed a little higher on 30 Mar 2012, the last trading session of 2012-2013. The 8.79 percent 2022 paper opened at Rs102 and closed at Rs101.39 (Rs101.17 on 29 Mar 2012). The Reserve Bank of India (RBI) is likely to cut...

ICRA LOWERS BOND RATING OF CENTRAL BANK (the asset quality indicators of the bank have declined sharply).
March 31, 2012... Investment Information Credit Rating Agency (ICRA) has revised the rating of Lower Tier II bonds programme of Central Bank of India from AA+ to AA. The rating agency has revised the rating of the Upper Tier II bonds from AA to AA-. The asset...

KARNATAKA BANK TO OPEN 50 BRANCHES NEXT FISCAL (the bank has opened its 500th branch in Udupi district).
March 31, 2012... Karnataka Bank is planning to open 50 branches in 2012-2013. The bank has opened its 500th branch at Shiruru in Udupi district on 29 Mar 2012. Karnataka Bank has a customer base of 50 lakh and total business of over Rs51,000 crore.

MUTHOOT ESTATE INVESTMENTS STOPS ACCEPTING DEPOSITS (the RBI had barred the company from accepting deposits).
March 31, 2012... Muthoot Estate Investments Ltd has stopped accepting deposits from the public on 30 Mar 2012. The Reserve Bank of India (RBI) had barred the company from accepting deposits on 29 Mar 2012. Muthoot Estate is engaged in developing hotels, real...

CISCO PLANS UNIT IN MAHARASHTRA (company is in talks with the Government of Maharashtra for the project).
March 31, 2012... Cisco Systems proposes to establish a manufacturing and services facility in Maharashtra. The company is in talks with the Government of Maharashtra for the project. It expects to come up with a firm proposal by early Jul 2012.

ROLTA INDIA MAY GET MAPPING ORDER FROM WEST ASIA (in the next two months).
March 31, 2012... Rolta India Ltd (RIL) expects to secure an order worth $30-40 million from a city in West Asia in the next two months. Under the order, RIL will be expected to undertake three-dimensional mapping of the city. RIL is expecting city mapping...

UNITECH SEEKS TO BLOCK TELENOR's NEW 2G VENTURE (in the telecom space).
March 31, 2012... Unitech, the real estate firm and joint venture partner of Telenor, has approached a local court in New Delhi in its bid to stop Telenor from setting up a new company in the telecom space. It has also requested an injunction against Telenor's...

AIRTEL LAUNCHES SERVICES IN RWANDA (to invest over $100 million in the country).
March 31, 2012... Bharti Airtel Ltd has introduced mobile services in Rwanda in Africa. The company plans to invest over $100 million in the country and create direct and indirect employment opportunities for the local population.

HCL INFO GETS UNIQUE IDENTIFICATION CONTRACT (for implementing and managing the central database).
March 31, 2012... HCL Infosystems Ltd has bagged a contract from the Unique Identification Authority of India (UIDAI). Under the contract, HCL will be responsible for implementing and managing the central database for issue of identification numbers to local...

GOOGLE LAUNCHES 'ACCOUNT ACTIVITY' (which collects, combines and reports activities of users on all sites of Google).
March 31, 2012... Google has launched a service, Account Activity, which collects, combines and reports activities of users on all sites of Google. The information will be provided to users once a month. Google will send a password-protected report with...

POWER TO COST MORE IN ANDHRA PRADESH FOR ALL SEGMENTS (with effect from 1 Apr 2012).
March 31, 2012... The Andhra Pradesh Electricity Regulatory Commission has decided to raise tariffs across segments - domestic, low tension, high tension and industrial segments - with effect from 1 Apr 2012. Domestic consumers who use more than 50 units a month...

ICICI BANK TO GET $100-MILLION CREDIT LINE FROM ADB (funds will be used to finance renewable energy and energy efficiency projects).
March 31, 2012... The Asian Development Bank (ADB) has sanctioned credit of $100 million to ICICI Bank. The funds will be used to finance renewable energy and energy efficiency projects to be identified by ADB and ICICI Bank. The objective is to fill the...

E-HANDS DEVELOPS WIND-SOLAR POWER GENERATOR FOR SCHOOLS (the turbine costs about Rs1 lakh).
March 31, 2012... E-Hands Energy has developed a wind-solar hybrid turbine with a capacity of one kilowatt, which can be installed at schools to generate captive power. The turbine, which costs about Rs1 lakh, generates enough energy to power a computer, a fan...

TRACTORS INDIA TO TRAIN YOUTH WHO GAVE UP LAND (to open a training centre on 10 acres near Kharagpur).
March 31, 2012... Tractors India Ltd (TIL) of Kolkata has formed an alliance with Industrial Training Institutes to impart training to local youth from families that gave up lands for the Nano project of Tatas. It plans to open a training centre on 10 acres near...

NEW PLATFORM TO SPUR PUBLIC-GOVERNMENT ENGAGEMENT (to provide public access to government data and documents).
March 31, 2012... The Ministry of Communications & IT, Government of India, has launched a software platform, Open Government Platform, to provide public access to government data and documents. The platform has been developed jointly by India and the US....

BRICS CROSS-LISTS EQUITY INDEX DERIVATIVES (to enable investors to trade in futures of BRICS indices in local currency).
March 31, 2012... The exchanges of Brazil, Russia, India, China and South Africa (BRICS) have launched a joint initiative, BRICSMART, to enable investors to trade in futures of BRICS indices in local currency. Under the initiative, the BM&FBOVESPA of Brazil,...

PATNI DELISTING GETS MAXIMUM BIDS AT Rs520 (company has received bids for 1.62 crore shares against the offer of 2.58 crore shares).
March 31, 2012... iGATE, which had offered to buy back shares of Patni Computer Systems at a floor price of Rs356.74/share, has received bids for just over 60 percent of its offer size. The maximum number of bids for about 1.43 crore shares were at Rs520/share....

DEMAT BY PROMOTERS: SEBI EXEMPTS SHARES IN TRANSIT, DISPUTE (the companies in which promoters have sold their shares in physical form and are pending transfer are exempt).
March 31, 2012... The Securities & Exchange Board of India (SEBI) has issued a circular regarding exemptions to be granted to promoters who do not hold their entire holding in demat form. SEBI had directed all promoters to convert their entire shareholding...

SEBI TELLS EXCHANGES TO USE ECONOMIC DETERRENTS (SEBI has asked exchanges to ensure that all algorithm orders are routed through broker servers in India).
March 31, 2012... The Securities & Exchange Board of India (SEBI) has issued guidelines on algorithmic trading. It has directed stock exchanges to penalise brokers who are heavy algorithm trading users. Further, SEBI has asked exchanges to ensure that...

SISTEMA GETS SHAREHOLDER NOD TO RAISE Rs6,000 CRORE (through preferential shares of Rs6,000 crore).
March 31, 2012... Sistema Shyam Teleservices Ltd (SSTL) has received approval from its shareholders to raise Rs6,000 crore through preferential shares. SSTL has increased its authorised capital base to Rs12,000 crore by including non-convertible and redeemable...

PATNI LIKELY TO DELIST AS US FUND AGREES TO SELL PIE (at a price of Rs520 per share).
March 31, 2012... The chances of the shares of Patni Computer Systems getting delisted has improved with Eliott Management, a hedge fund based in New York offering to sell its holding in the company at a price of Rs520 per share. Eliott Management owns 9.4...

HONDA TAKES THE RIGHTS ROUTE TO INVEST Rs1,200 CRORE IN INDIAN ARM (Honda Siel Cars).
March 31, 2012... Honda Motor Company of Japan has invested Rs1,200 crore through a rights issue in its Indian subsidiary, Honda Siel Cars. There is also speculation that its co-promoter Shriram Industrial Enterprise Ltd is likely to exit Honda Siel Cars. Honda...

TILAKNAGAR EYES DOUBLING OF SALES IN 4 YEARS (to Rs3,000 crore).
March 31, 2012... Tilaknagar Industries owns the world's second-largest selling brandy brand 'Mansion House'. It is looking to double its gross sales over the next four years through both organic and inorganic routes. It is now looking at acquiring more brands...

RABOBANK'S FUND INVESTS Rs50 CRORE IN SUPER AGRI SEEDS (for about 20% stake).
March 31, 2012... India Agri Business Fund, promoted by Dutch lender Rabobank, has invested Rs50 crore in Super Agri Seeds for about 20 percent stake. Super Agri Seeds plans to deploy the proceeds to set up two research and development centres in Hyderabad and...

MALAYSIA BANK TO BUY RBS' INDIA DIVISIONS (like corporate finance, investment banking and institutional equity broking businesses).
March 31, 2012... Commerce International Merchant Bankers (CIMB) is the largest lender in Malaysia. It will acquire the corporate finance, investment banking and institutional equity broking businesses of Royal Bank of Scotland (RBS) in India and some of the...

BANKS' NPA AT Rs1.27 LAKH CRORE AS OF DECEMBER: PRANAB (says due to the switchover to system-based identification of NPAs, increase in interest rates and lower economic growth in 2011).
March 31, 2012... The Minister of Finance, Government of India, Pranab Mukherjee has said that the non-performing assets (NPA) of banks in India have risen from Rs94,084 crore in 2010-2011 to Rs1,27,000 crore till Dec 2011. He said that the increase in NPAs is...

P-NOTE HOLDERS NOT LIABLE TO PAY TAX IN INDIA: FM (says but FIIs could be taxed).
March 31, 2012... The Minister of Finance, Government of India, has stated that there will not be any potential tax liability on foreign investors using the participatory note (P-note) route to invest in the domestic stock market. However, the income tax...

NO PLAN TO BAN FUTURES TRADE, WILL CURB SPECULATION: FMC (says in order to regulate and ensure a fair practice in the market).
March 31, 2012... The Forward Markets Commission (FMC) has stated that it does not have any plan to ban futures trading of any commodity, despite a recent hike in prices of some agricultural commodities. The FMC has added that it will not hesitate to intervene to...

AIR INDIA'S PROPOSED STRIKE OFF AFTER ASSURANCE ON DUES (that will be paid by 30 Jun 2012).
March 31, 2012... The eight employee trade unions of Air India have called off their proposed strike from 2 Apr 2012 following an assurance from the management that pending salaries will be paid by 30 Jun 2012. The management has also agreed to pay one month's...

TATA POWER SEEKS COAL LINKAGE FOR JHARKHAND UNITS (from the Government of Jharkhand).
March 31, 2012... Tata Power Company Limited (TPCL) has sought coal linkages from the Government of Jharkhand for its two subsequent power units in the state. TPCL, which has recently a signed memorandum of understanding with the government for the 1,980...

RINFRA COMMISSIONS SUB-STATION AT BORIVALI (that will result in opening new supply outlets in Borivali East).
March 31, 2012... Reliance Infrastructure Limited (RInfra) has commissioned its fourth 220KW extra-high voltage sub-station at Borivali on the outskirts of Mumbai, which could result in opening new supply outlets in Borivali East. RInfra has also spent Rs700...

M&M ANNOUINCES Rs100 CRORE JV WITH ISREALI DEFENCE FIRM TO DEVELOP NAVAL SYSTEMS (by setting up a factory in western India by Jul 2012).
March 31, 2012... Mahindra & Mahindra (M&M) has formed a joint venture (JV) partnership with Rafael Advanced Defence Systems of Israel to develop naval systems. The JV is expected to set up a factory in western India by Jul 2012 with an investment of...

ONGC ROPES IN CONCOPHILLIPS FOR SHALE GAS EXPLORATION IN INDIA, NORTH AMERICA (apart from exploring deepwater opportunities in India's eastern offshore).
March 31, 2012... The Oil and Natural Gas Corporation (ONGC) has tied up with ConcoPhillips of US for cooperation in exploration and development of shale resources in North America and India, apart from exploring deepwater opportunities in India's eastern...

AVERY DENNISON TO OPEN CENTRE IN PUNE (to strengthen its presence in India).
March 31, 2012... Avery Dennison is planning to open its third global innovation centre in Pune to strengthen its presence in India. The centre will focus on development services for converters and original equipment manufacturers. Avery Dennison specialises in...

MRPL RAMPS UP REFINING CAPACITY TO 15 MT (to take the total refining capacity of the country to 216 mtpa).
March 31, 2012... Mangalore Refinery and Petrochemicals Limited (MRPL) has expanded its refining capacity to 15 million tonnes per annum (mtpa) from existing 11.82 mtpa. This will take the total refining capacity of the country to 216 mtpa. MRPL is a subsidiary...

COMPAT REJECTS NSE PLEA FOR RELIEF (from maintaining different accounts for each segment of the exchange).
March 31, 2012... The Competition Appellate Tribunal (COMPAT) has rejected a plea by the National Stock Exchange (NSE) for an interim relief from maintaining different accounts for each segment of the exchange. The Competition Commission of India had earlier...

PTC INDIA FIN SELLS 14% STAKE IN IEX FOR Rs71 CRORE (on 30 Mar 2012).
March 31, 2012... PTC India Financial Services (PIFS) has sold 14 percent stake in the Indian Energy Exchange Limited (IEX) for Rs71 crore on 30 Mar 2012. IEX, India's first electricity exchange provides an online trading platform for trading, clearing and...

LOK CAPITAL INVESTS $5 MILLION IN IFMR RURAL CHANNELS (to help it grow in existing geographies such as Tamil Nadu).
March 31, 2012... Lok Capital has invested $5 million in IFMR Rural Channels & Services (IRCS) to help it grow in existing geographies such as Tamil Nadu, Orissa and Uttarakhand. IRCS, which offers various financial services in remote rural locations, will...

EIC LIFTS BAN ON SEAFOOD EXPORT TO EU (providing a temporary relief for Indian seafood exporters).
March 31, 2012... The Export Inspection Council (EIC) has decided to revoke its recent order of not giving health certificates or permits to export for vessels not registered with it. The lifting of ban by EIC provides a temporary relief for Indian seafood...

GRAIN OUTPUT CAN EXCEED 260 MT DURING 12TH PLAN: AGRI SECY (says on the back of greater focus in the country's eastern states).
March 31, 2012... The Secretary, Ministry of Agriculture, Government of India, has stated that grain production can exceed 260 million tonnes (MT) per annum during the 12th Plan on the back of greater focus in the country's eastern states such as Bihar, Odisha...

BANKS' EXPOSURE TO TELECOS AT Rs28K CRORE FOR 2G: PRANAB (says on 30 Mar 2012).
March 31, 2012... Mr Pranab Mukherjee, the Minister for Finance, Government of India, has stated on 30 Mar 2012 that the total exposure of banks to telecom companies for activities relating to licence fee and launch of second generation (2G) services is around...

RABOBANK PUMPS IN Rs50 CRORE INTO HYDERABAD-BASED AGRI COMPANY (through IABF).
March 31, 2012... The Indian Agri Business Fund (IABF) has invested Rs50 crore in Super Agri Seeds Limited (SASL) of Hyderabad to help it set up two research and development centres in Bangalore and Hyderabad for developing hybrid varieties of vegetable and...

MAHINDRA SOLAR COMMISSIONS 5 MW SOLAR PLANT IN JODHPUR (which will meet the power requirements of 60,000 rural homes).
March 31, 2012... Mahindra Solar One announced the commissioning of 5 megawatts (mw) solar plant in Jodhpur, Rajasthan. The project is under the Jawaharlal Nehru Solar Mission policy. It will meet the power requirements of 60,000 rural homes nearby Jodhpur,...