News snippets - 11 Feb 08

News snippets
~ Emmar MGF Land withdraws its IPO on waning investor interest
in the primary market.(BL)
~ L&T receives orders worth Rs1,100cr from SAIL for a turnkey
construction plant at latter’s steel plant in West Bengal.(FE)
~ BHEL secures contract worth Rs3,400cr to set up two units of
500MW each in Uttar Pradesh.(BL)
~ ABB has got orders worth Rs330cr to provide turnkey solutions to
Powergrid Corporation.(DNA)
~ Reliance Communications to invest Rs800cr to enhance its
managed global ethernet services footprint for enterprises.(BS)
~ Tata Motors plans to introduce its Nano car to the European
market in four years.(ET)
~ Tata Steel has consolidated its stake in Tata Metaliks to over
50%, making it its subsidiary.(DNA)
~ Tyre maker Ceat to invite international players as equity partners
for its two greenfield projects costing Rs800cr.(BL)
~ Aditya Birla Group is planning to form a JV with a foreign
company to make products for the export market.(ET)
~ The Union Budget may reduce the dividend distribution tax rate
from 15% to 12.5%.(ET)

MORE NEWS

The RBI is not in favour of the government subscribing to the SBI rights issue through bonds. (BS)
ONGC plans to offer 22 marginal fields, mainly onshore, in current calendar year to service contractors for development. (BL)
DoT has approved the government’s proposal to auction the surplus land of VSNL worth over Rs100bn. (ET)
The government may rule against Eicher Motors in its attempt to invoke Press Note 1 to stop the Daimler-Hero group JV. (ET)
Reliance Communications to invest Rs8bn to enhance its managed global Ethernet services footprint for enterprises. (BS)
Moser Baer is investing US$1.5bn in solar power over the next two years. (ET)
Textile and apparel manufacturer Raymond plans to set up 950 stores across the country by 2010. (FE)
Tata Motors plans to introduce its Nano car to the European market in four years. (ET)
Bank of India has raised Rs.13.6bn through a QIP issue. (ET)
SCI plans to spend US$500mn for acquisition of bigger vessels. (Mint)
Tata Steel has consolidated its stake in Tata Metaliks to over 50%, making it its subsidiary. (DNA)
Ceat will invite international players as equity partners for its two greenfield projects costing Rs8bn. (BL)
Coal Ventures International, the PSU coal SPV, is likely to secure its first block in Mozambique. (FE)
Rural Electrification Corporation plans to raise US$200mn from export credit agencies in overseas markets. (DNA)
The Hinduja group and ONGC Videsh hope to reach a general agreement with Iran to develop oil and gas fields in that country. (BL)
Aditya Birla Group is planning to form a JV with a foreign company to make products for the export market. (ET)
Usha Martin has entered the realty business with a new unit Usha Breco Realty Pvt Ltd. (DNA)
Tata Power plans an entry into the infrastructure sector. (ET)
ACC has transferred its ready mix concrete business to a wholly-owned subsidiary ACC Concrete Ltd. (DNA)
The K Raheja group has shown interest in setting up a Rs10bn IT park in Orissa. (DNA)
Tata Motors takeover of Jaguar-Land Rover may be delayed as labour union of the target companies raised concern over employment security and future of the brands. (TOI)Economic Front PageThe Union Budget may reduce the dividend distribution tax rate from 15% to 12.5%. (ET)
The industry sold 113,899 cars in January, registering a 9% growth as compared to last year. (BS)
Government says it would no longer permit new IT units to be set up within industrial parks. (BS)
The Sixth Pay Commission estimates 150% salary increase for civil services. (FE)
The RBI is planning to bring in new risk disclosure norms for banks selling forex derivatives products to corporates. (ET)
DoT has indicated that it is open to the idea of auctioning of 2G radio frequencies. (ET)
TRAI may set FDI norms for broadcasting and cable services. (BL)
Government may allow FDI in specific retail sectors if an expert body foresees no impact on neighbourhood stores. (Mint)
The ministry of shipping, road transport and highways has proposed a Rs12bn fund to upgrade highways. (ET)
Government de-reserves 79 items from the SSI list. (FE)
Commerce Ministry has opposed FTA with China until it becomes a market economy. (BS)