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News And Views
Date: 09-Sep-2010

Top Corporate News of the day
India Infoline News Service / 8:33 am - 08-Sep-2010

Tata Steel scouting for iron ore, coal mines abroad.
  • Maruti Suzuki plans to invest around Rs19.25bn for setting up a third plant at its second facility in Manesar. (BS)

  • Tata Steel, seeking a greater role of the government in promoting Indian
    industry, has called for an ultra mega steel plant policy, on the lines of the similarly named policy to promote the power sector. (BS)

  • Tata Steel is looking for a buyer for its South African unit after agreeing to sell its Teesside operations in the UK. (BS)

  • Tata Steel scouting for iron ore, coal mines abroad. (BL)

  • JSW Steel's crude steel production in August increased 3% to 539,000 tonnes against the 521,000 tonnes logged in the same period last year. (BL)

  • BHEL plans to leverage its balance sheet and reserves to set up an equipment financing arm through a JV. (BL)

  • Restructuring of financial services is the first priority for L&T, according to its Chief Financial Officer (CFO), Mr Y.M. Deosthalee. (BL)

  • HDFC has re-launched its teaser home loan scheme, while SBI may extend its own. (BS)

  • SBI plans to raise Rs5bn via sale of retail bonds. (BL)

  • Wipro expects higher US visa costs to have a moderate impact on its operating margins in the current financial year as it may pass the increased cost on to its clients by increasing the billing rates. (BS)

  • With the Union Ministry of Finance reducing Customs duty on electricity generated and supplied from an SEZ into a Domestic Tariff Area (DTA) or non-processing areas of an SEZ, Adani Power is expected to gain up to Rs10mn/day. (BL)

  • Ashok Leyland said it plans to raise up to6bn in long-term debt this fiscal to fund its capital expenditure plans till 2011-12. (ET)

  • Essar Oil, may start supplying gas to the Durgapur facility of Phillips Carbon Black from its Ranigunj (East) CBM block, beginning October. (BL)

  • Aditya Birla Nuvo has infused Rs3bn into its NBFC Aditya Birla Finance (ABF) to fund its two-pronged expansion plans. (FE)

  • Man Industries has secured orders worth Rs12bn from various international and domestic companies such as GAIL. (BL)

  • SpiceJet has announced the commencement of its international operations, with its first flights to Kathmandu and Colombo ready to take off in four weeks. (BS)

  • KEC International has signed a definitive agreement to acquire Texas-based SAE Towers Holdings for US$95mn. (BS)

  • Neyveli Lignite is hoping to take part in the ultra mega power project (UMPP) that is to come up at Cheyyur in Tamil Nadu. (BS)

  • Shipping Corporation of India plans to purchase a stake in a shipyard to diversify its business. (ET)

  • The investigation by the Serious Fraud Investigation Office (SFIO) into the alleged financial irregularities to the tune of Rs10bn by Austral Coke and Projects is likely to be completed by January, 2011. (ET)

  • State Bank of Travancore said it has raised benchmark prime lending rate by 25 basis points to 12.75% with effect from September 3. (FE)

  • Kale Consultants said its board has approved the sale of logistics business to Kale Logistics on slump-sale basis. (FE)
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