News Snippets

Mcnally Bharat plans to invest Rs2bn over next 15 months for heavy engineering and forging unit in West Bengal. (Mint)
Nicholas Piramal to sell hypertension device in India manufactured by Israel’s InterCure. (Mint)ArcelorMittal applies for iron ore mines in Orissa and Jharkhand.(BL)
NTPC forms JV with Bharat Forge for manufacturing castings and forgings for power plants at an investment of Rs30bn. (BL)
Ennore Foundries to invest Rs3.5bn for doubling capacity to 220,000tpa by 2010-11. (BL)Sintex Industries plans to invest Rs2bn in pre-fabricated segment. (BL)
Reliance Infratel to erect 56,600 towers by 2010. (BS)
Ispat Industries to spend US$115mn on African blocks. (BS)
Vakrangee Software to invest Rs2bn in setting up digital printing centres in 10 cities by 2010. (BS)Indiabulls Real Estate buys out DLF’s stake in Kenneth Builders. (BS)
Kingfisher Airlines plans to float its own dedicated cargo airline through tie-up with foreign company. (BS)
ONGC’s helium unit in Tamil Nadu to go on stream soon. (BS)
PNB Housing cuts home loan rates by 50bps. (BS)
NTPC revises plans to develop wind power project with generation capacity of 100MW from original 50MW. (FE)
Tata Chemical plans to raise up to Rs3.25bn by offloading investment in Tata Investment Corp. (TICL) to Tata Sons. (FE)
Suzlon Energy’s wholly owned subsidiary, SE Drive Technik Gmbh, forms JV with Re Power Systems AG, Germany. (FE)
Reliance Retail plans to set up 1,200 ‘Reliance Wellness’ stores in India at an investment of over Rs30bn in 2-3 years. (FE)
George Soros picks up 3% stake in Reliance Entertainment for $100mn. (FE)
UTV Toons, animation division of UTV Software to be merged with the UTV Motion Business.
Sujana Metals to invest Rs16bn to treble its capacity to 1mn tons till 2010. (FE)
Bharti Airtel and VSNL seek a ‘crisis observance code’ to ensure that operators access each others' infrastructure in crisis situation. (ET)
ADAG hikes its stake in Deccan Aviation to 10.76%. (ET)
Indiabulls Real Estate picks up stake of DLF in Tehkhand residential project at South India. (ET)
Tata Motors officials to meet JLR union unite on Friday to discuss Pension, Job security and other concerns. (ET)
Economic Front Page:
Cabinet clears railway line electrification along 801kms network in east Bihar and North East India by 2012. (Mint)Union Cabinet approves Rs437bn outlay for national projects under Accelerated Irrigation Benefits Programmes during the 11th Plan (BS)
Losses of PSU oil marketing companies double in three years on account of under-recoveries. (BS)SEBI signs agreement with French (AMF) Autorite des Marches Financiers for mutual regulatory understanding and exchange of information. (FE)
A parliamentary panel on Petroleum & Natural Gas to discuss the issue of fuel price hike today. (FE)Government plans to increase the corpus of the Rural Infrastructure Development Fund (RIDF) by Rs20bn to Rs140bn. (FE)
Government to consider cutting down land requirement of UMPP by up to 40% in a phased manner. (ET)
Steel Minister to meet with all intergraded steel producers on Feb 11 to discuss downward revision of prices. (ET)