Corporate News

HUL announces a performance-linked bonus along with a steep hike in salaries to its top management.

Tata Motors planning to raise 100bn yen on Tokyo exchange.

NTPC plans to enter into captive power generation and retail distribution in the upcoming SEZs.

TCS to invest Rs9bn in Pune to create a capacity for 20,000 seats over next three years.

A consortium of M&M and ICICI Ventures signed definitive agreement to buy 100% in Italian gear maker Metalcastello.

GMR Infra plans to raise US$3bn over the next 4-5 years to fund expansion of power projects.

NTPC has signed a JV with a state entity in Uttar Pradesh to set-up a 1,320 MW power plant.

American Tower Company (ATC) is close to investing in tower entity of Tata Tele.

Suzlon Energy’s US arm bags a contract to supply 200MW from a local company.

IVRCL’s buildings and industrial structure division wins orders worth Rs4.84bn.

TVS Motors plan to sell 60,000 electric scooters in 2008-09.

Welspun Gujarat is setting-up a new 0.3mtpa facility in the US.

Voltas wins a contract from a UAE-based company for construction of a cooling plant at the Dubai International Financial Centre.

Suzlon’s January-March results may see a hit due to company’s forex exposure.

Telekom Malaysia might partner with strategic investors to increase their combined stake in Spice Communications to 74%.

Gateway Distrparks’ arm to raise Rs3.3bn from private equity investors.

Provogue lines up JV for foray into infrastructure.

Maytas Consortium to build two airports for Rs2bn in Karnataka.

Royal Orchid Hotels has acquired a 50% stake in Cosmos Premises Pvt Ltd which owns Galaxy Resorts in Goa.

Steel Strips Wheels Ltd gets an order of Rs1.1bn for supply of about 1mn steel wheel rims over five years from Renault.

Zensar Technologies is targeting over 10% of revenues from West Asia and South Africa.

Koutons Retail promoters are looking at diluting 5-7% stake in 2009-10 to raise funds for more than doubling the number of exclusive outlets by 2011.

Economy News

Government has asked cold rolled (CR) steel makers to voluntarily reduce prices

Government is considering a ban on cement exports.

Retail rentals see little or no growth in Delhi NCR, Bangalore, Hyderabad and Kolkata while continue to soar in Mumbai in the past six months.

Railways increases freight rates on iron ore transportation by 5-6%.

Industrial output growth to dip further to 3.4% in April-July 2008 says Assocham