SBI, BoI, Union Bank and Canara Bank cut their benchmark prime lending rates (PLRs).
A consortium of Reliance Energy and Hyundai have bagged the contract for the Mumbai Trans Harbour Link (MTHL), edging out another consortium led by Mukesh Ambani.
Sun Pharma has acquired an additional 9.4% stake in Israel’s Taro Pharma for US$38mn, raising its total holding to 34.4%.
Reliance Communications has consolidated its global businesses into a newly-formed subsidiary, Reliance Globalcom.
Tata Motors’ Nano rollout from its Singur factory would coincide with the Durga Puja in October.
Global private equity major Blackstone Group will invest around US$60mn in Allcargo Global Logistics.
HCL Tech has acquired CapitalStream, a US-based lending automation solutions provider, for Rs1.6bn in an all-cash deal.
GSPC is in talks with Adani and Essar groups for its upcoming 5-10 mtpa LNG terminal in Gujarat.
Indian Hotels has won the bid to develop a resort on Radhanagar beach at Havelock Island of Andaman & Nicobar.
Fiat's component arm Magneti Marelli has signed two JVs with SKH Metal and SKH Sheet Metal Components, part of the Krishna group, to manufacture automobile exhaust systems.
Essel Group is re-evaluating its plans to build the proposed special economic zone in Gorai, in suburban Mumbai, following agitation from local residents.
Financial Express
Bharti Retail may not use the Wal-Mart name for its front end retail stores.
The Government plans to float special bonds which will be used to subscribe to the Rs167bn rights issue of SBI.
HC has allowed Dabur India to use the name Glucose-D as also the green colour for its packaging.
Head lines
The Reserve Bank of India (RBI) has suggested that the government should auction surplus funds in the system rather than park it with RBI at the end of the financial year, a move aimed at easing liquidity crunch during financial year-end.
Strong demand for Dollars from importers and a lack of fresh inflow into the market led the spot Rupee to breach the crucial barrier of 40.00 and close at a five-month low of 40.21/22.
Foreign holding companies are likely to be allowed to invest in downstream ventures without prior permission of the Government.
Net direct tax collections rose 41% during the period April 1,2007 to February 15, 2008.
The DoT has approved to allow service provider to share active infrastructure.
Water bottles may be exempted from excise duty.
Private airlines may soon be allowed to fly to Mauritius.
Indo-US investment protection pact likely by year end.
Communications Minister says DoT to sign spectrum deals soon.
Centre weighs refund for exporters at state level.
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