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corporate snippites (www.ssfin.in)

From : Chandra Mohan at 09:38 AM - Apr 06, 2010 ( )

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Corporate Snippets

±      L&T has received an order worth Rs10.6bn from Gujarat State Petroleum Corporation to build an offshore oil platform. (FE)

±      IFC, the private financing arm of the World Bank, has proposed to pick up a 9.92% stake in Cholamandalam DBS Finance for a consideration of Rs1bn. (ET)

±      Opto Circuits has announced the acquisition of Kolkata-based NS Remedies for US$1.5mn in an all-cash deal. (ET)

±      Oil India has more than US$2.5bn cash available for acquisitions as it seeks producing assets overseas to help boost the country’s energy security. (BS)

±      Religare Securities has hiked its stake in multiplex chain operator Fame India to 5.82%. (FE)

±      ONGC has received 10,722 emission reduction certificates from the United Nations for a waste heat recovery project at its Mumbai High fields. (ET)

±      Welspun Gujarat plans to buy stake in Saudi company for Rs2.6bn. (BS)

±      Biocon is taking full ownership of its subsidiary, Biocon Biopharmaceuticals Pvt Ltd (BBPL) by buying the remaining 49% stake held by its Cuban joint venture partner, CIMAB SA. (BS)

±      Essar Power is raising Rs11bn from IDFC for its proposed 270MW power project in Hazira, Gujarat. (ET)

±      BHEL is planning to re-enter wind turbine manufacturing space in the next three months. (BS)

±      Ispat Industries has increased the prices of its products by up to Rs3,000 per ton. (ET)

±      NALCO has achieved the highest-ever metal production of 0.43mn tons in 2009-10, an increase of 19.4% over 2008-09 levels. (FE)

±      Era Infra has forayed into power transmission and distribution (T&D) business through its new subsidiary - Era Power. (ET)

±      Aegis Logistics has acquired Shell Gas (LPG) India, pursuant to which the latter has become the subsidiary of the company. (FE)

±      Petronet LNG is in talks with West Asian countries, including Qatar, to secure gas supply for its Kochi terminal. (BS)

±      Piramal Healthcare plans to acquire more drug brands and diagnostics chains to expand its footprint across India. (BS)

±      Reliance Big Entertainment would acquire 50% stake in British developer and publisher of world-class video games Codemasters. (BS)

±      The central government has granted a licence to ArcelorMittal for prospecting iron ore in the Karampada region of Jharkhand, a move that would boost the steel giant’s proposed Rs500bn project in the state. (BS)

Economic snippets

±      Telecom companies want sector regulator to come out with its recommendations on policy changes, including that on 2G spectrum pricing, latest by Wednesday. (ET)

±      Led by buoyant Customs collection, the indirect tax mop-up is likely to be around Rs2,570bn for 2009-10, higher than the revised estimate of Rs2,440bn. (BS)

±      The High-Level Committee on External commercial borrowings will consider allowing refinancing of domestic debt taken for equipment purchases for power projects. (ET)

±      Bank CEOs have urged the Reserve Bank of India to raise their capital market exposure limit. (ET)

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