American International Group is contemplating sale of its 15 businesses in order to repay the USD 85 billion government loan

USA economic data

August PCE Core m/m +0.2% vs +0.2% consensus, y/y +2.6% vs +2.4% consensus

August Personal Income +0.5% vs +0.2% consensus

August Personal Spending 0.0% vs +0.2% consensus

August PCE Deflator +4.5% vs +4.5% consensus

Piramal Life Sciences, part of the Piramal Group of companies, has received regulatory approval for initiation of Phase I study of a new cancer molecule P-1446A-05 in Canada`.

Ratnagiri Gas and Power, are planning to double power generation to over 1,200 MW by first week of October and will likely to commission the LNG terminal soon.

HCL Technologies (HCL), one of India`s leading software company, announced that it had made a cash offer for Axon Group, a UK-based leading SAP consulting company.

USA economic data

U.S. Sept. UMich consumer sentiment 70.3 vs. 71.5 expected

U.S Q2 corporate profits down revised 5.4% vs down 3.8% prev

U.S. Q2 core PCE up 2.2% vs 2.1% prev est.

U.S. Q2 GDP below 3.4% forecast

U.S. Q2 GDP up 2.8% vs 3.3% prev est.

Mahabharat Motors promoted by Indonesia`s Salim group, will begin production of two-wheelers by June next year The company said the project cost would be Rs 12 billion and the two-wheelers would be produced under the brand name of TVS.


In the largest bank failure in U.S. history, Washington Mutual Inc. gave in on Thursday to the fallout from the subprime crisis. It was seized by federal regulators and then acquired by JP Morgan.


Tata Motors raises Rs 4.87 bn via stake sale in Tata Steel

McNally Bharat bags order worth Rs 1.15 bn from BHEL

Aban Offshore said it has won a contract for the deployment of jack-up rig Deep Driller 5 offshore for a 3 firm wells in addition to 3 optional wells program, from Husky Oil China.

Educomp bags Rs 1.09 bn order from Karnataka govt

BSNL is now spreading its wings over the global markets

HSBC to cut 1,100 jobs worldwide

Power Finance Corporation is likely to buy 7% stake at a cost of Rs 17.5 million in the Power Exchange India (PXI),

Sterlite Technologies, a leading global provider of wire and cable solutions for the power and telecom industry, announced it had won contract from Power Grid Corporation of India (PGCIL). The contract, which are for Sterlite`s ACSR Moose power conductors, are worth a total of Rs 2.54 billion.

Ranbaxy, India`s largest drug maker, said its pharmaceutical products including the HIV/AIDS drugs produced at its Dewas and Ponta Sahib plants are safe

Titan Industries has signed a long-term agreement with Hamilton Sundstrand to manufacture high precision components for a host of units that are deployed in commercial aircraft,

India, China to join forces on civilian use of N-energy

INX Media`s flagship entertainment channel 9X is supposedly in talks with Balaji Telefilms to divest a majority stake

The joint venture between Renault-Nissan-Bajaj is targetting Pune as the location for setting up a proposed plant for manufacturing of ultra low-cost cars

Tata Teleservices (Maharashtra) (TTML) on Sep. 25,2008, in a strategic tie up with Novatium Solutions, has announced the launched of Nova netPC, in Mumbai for a price of Rs 2,499 and a monthly computing subscription starting at Rs 350.


Zicom Electronics gets Rs 75 mn order

US Fed chairman Ben S Bernanke on Wednesday, September 24, warned that economic growth would decline appreciably in the second half of 2008 as over 7,00,000 people have lost jobs in the last 10 months.

Autoline Industries on Sep. 25, 2008 announced that the company`s wholly owned subsidiary, Koderat Investments has acquired 49% stake in SZ Design, an Italian company and Zagato, a Milano-based Italian automotive design company.

Suven Life Sciences, drug discovery and development company received nod from Drug Controller General of India (DCGI) to conduct Phase I clinical trials of SUVN-502.

Anil Ambani group`s Reliance Infrastructure is looking for engineering, procurement and construction (EPC) projects worth Rs 150 billion from steel PSUs in the next three years

Google announces plans to change the world by launching project `10 to the 100`. The project calls for every user to provide an idea to change the world or at least help a lot of people and if the idea is selected, the participant can get as much as USD 10 million to make the dream a reality. www.project10tothe100.com.


Corporation Bank opens office in Dubai

Dr Reddy`s Laboratories has entered the inhaler segment in India with the launch of `CombihaleTM`, a combination of a steroid and a long acting bronchodilator.

Man Industries, one of the leading pipe manufacturing companies in the country secured new orders amounting Rs 11 billion in its LSAW and HSAW segments during the current quarter.

USA economic data

U.S. Aug. core durable goods down 7.5%, shipments down 2.8%

U.S. Aug. durable goods orders ex-transportation fall 3.0%

U.S. Aug. durable-goods orders down 4.5% vs fall 2.0% expect

U.S. 4-wk. continuing jobless claims rise to 3.48 million

U.S. continuing jobless claims rise 63,000 to 3.54 million

U.S. 4-wk. avg. initial jobless claims up 16,000 to 462,500

U.S. weekly initial jobless claims rise 32,000 to 493,000

Warren Buffett's Berkshire Hathaway to buy $5 billion of Goldman Sachs preferred stock helped lift U.S. stock futures on Wednesday.

Steel Authority of India (SAIL), a government run company, is planning to invest Rs 1.5 billion, Rs 600 million more than original plan in Jammu and Kashmir`s Pulwama district,

Swan Telecom, an Indian mobile telephony provider, signed an agreement with UAE-based Emirates Telecommunications (Etisalat) to sell 45% stake of the company for USD 900 million

Alok Industries plans to open 500 stroes by FY10

Subex launches `Velocity` for mobile service providers

Reliance Power (R-Power) is planning to invest over Rs 600 billion in renewable and alternative energy resources such as hydroelectric, wind, solar and fuel cell-based power,

Tatas Rs1-lakh car is planned to roll out from Uttarakhand by the end of October,

Reliance Natural Resources plans to enter cement manufacturing and shipping activities with an investment of Rs 120 billion

Reliance Power on Tuesday said it will tie up funding of Rs 360 billion by this year for two ultra mega power projects of 4,000 mw capacity each in Sasan and in Krishnapatnam,

Mukand is planning to set up a stainless steel wire manufacturing facility near Nashik, at a total investment of Rs 3 billion,

MMTC has invited tenders for selling imported pulses,

Simplex Infrastructures secures Rs 6.30 bn order from Dubai

Larsen & Toubro (L&T) bagged Rs 50 billion orders in buildings & factories segment on Sep. 24, 2008.

BlackRock, a New York-based asset management company, which is the largest quoted asset management company in the world, managing assets in excess of USD 1.3 trillion will acquire a 40% stake in DSP Merrill Lynch Fund Managers, a leading Mutual Fund company in India,

US Senate panel okays Indo-US nuke deal

Vedanta Resources has announced that it has dropped its corporate restructuring plans due to the global financial turmoil and feedback received from investors.

Tata Motors has moved equipment key to manufacturing `Nano,` the ultra-cheap car, from its under- construction plant at Singur in West Bengal to another facility in order to meet its roll-out obligation

Shri Lakshmi Cotsyn, on Wednesday, September 24, announced the launch of its brand `Weaves` for eco-friendly bed sheets and terry towels category.

Eastern Silk Industries will spend Rs 800 million at its Bangalore plant for manufacturing velvet and jacquard fabrics,

Pakistan and Iran have agreed to speed up work on the multi billion dollar Iran-Pakistan-India gas pipeline project and set up a joint company to raise capital for the project.

The US Federal Bureau of Investigation (FBI) has begun an investigation against four major US financial institutions caught up in the current financial crisis.

Reliance Petroleum (RPL) plans to begin production at its second refinery in Jamnagar by mid-November

BPCL to invest Rs 20 bn in three years

Ranbaxy likely to lose USD 140 mn on US ban

Tata Steel acquires 7% more in Mozambique coal mines

Moschip Semiconductor introduces next generation processor

Mitsubishi UFJ to acquire stake in Morgan Stanley

Wipro arm signs agreement with Oracle

EPIC Energy has successfully commissioned a 500 kva energy saving project for Aditya Trade centre at its Hyderabad property.

Karuturi Global is raising USD 100 million by selling a 15% stake in its Dubai-based subsidiary,

Indian Farmers Fertiliser Cooperative (Iffco) plans to add new capacity locally and consolidate raw material supplies overseas after the government eased investment and pricing rules for fertilizer makers

Sterlite Technologies is in advanced discussions to acquire UK-based cabling company Brand-Rex for roughly USD 55 million,

Wockhardt Hospital, part of Rs 30 billion Wockhardt Group of Companies, has opened 200 bed super specialty hospital at Nashik, at a total investment of Rs 700 million,

Punj Lloyd receives EPC contract worth USD 800 mn

Infotech Enterprises, plans to buy three firms by March and has set aside Rs 3 billion for the acquisitions.

Moser Baer India has announced that its wholly owned photovoltaic (PV) subsidiary has received in full the agreed capital injection of Rs 4.15 billion from a consortium of global investors to fund the capacity expansion of its high efficiency crystalline silicon and thin film solar verticals.


Patni Computer Systems on Sept. 23, 2008 announced the introduction of Patni Financial Exchange Management, a business process framework that streamlines the operations of stock, commodity and mercantile exchanges at Oracle OpenWorld in San Francisco.

Satyam Computer Services announced today that it has opened a development center in the Pune Special Economic Zone (SEZ) at the Rajiv Gandhi InfoTech Park, Hinjawadi.

Nagarjuna Construction Company announced that the company secured four new orders aggregating Rs 4.13 billion.

Ranbaxy gets notice from Canadian drug regulator

SMS Pharmaceuticals announced that the Board of Industrial & Financial Reconstruction of India (BIFR) has approved the modified rehabilitation scheme vide its order dated Sep. 17, 2008 for the merger of Plant Organics (POL) with SMS Pharmaceuticals with effect from Jan. 01, 2008.

Satyam to provide clinical development applications with Oracle

Alok Industries, a leading Textiles manufacturer in India, is planning to invest Rs 1.5 billion to open 500 stores by FY10 from the current 35 stores. The company will invest 800 million rupees to open 215 new stores by March 2009.

Hindustan Petroleum Corporation (HPCL) will commission its Rs 189.19 billion grass root refinery at Bhatinda, Punjab by March 2011

JSW Steel is likely to start the construction of its proposed 10 million-ton steel plant in Jharkhand by early next year,

USA economic data

July House Price Index m/m -0.6% vs -0.2% consensus

Richmond Fed -18 vs -12 consensus

Nomura acquires Lehman operations in Europe

Japanese investment bank Nomura Holdings Inc. said Tuesday it's agreed to acquire the European and Middle Eastern equities and investment banking operations of Lehman Brothers. The divisions being acquired employ around 2,500 staff, of whom a "significant proportion" are expected to be retained, Nomura said. The deal doesn't include any trading assets or liabilities and Nomura didn't disclose what it is paying. On Monday Nomura acquired Lehman's Asia Pacific operations, which have around 3,000 employees.

United Breweries (UB) plans to introduce two premium variants namely of its flagship Kingfisher beer namely Kingfisher Blue and Kingfisher Ultra to take on invading international brands like Carlsberg and Budweiser,

Panoramic Universal has said it will invest an additional Rs 1.3 billion, to acquire and renovate two hotels and set up a new three-star hotel in Jaipur,

Subex, a leading global provider of Operations and Business Support Systems (OSS/BSS), announced the launch of Nikira V7.0 the next version of its industry leading fraud management solution. The new version provides operators with next generation fraud management capabilities for proactive fraud management through early detection of internal and external fraud.

Kingfisher to slash 300 jobs

US soft drinks giant PepsiCo on Sunday unveiled plans to invest USD 500 million in India over the next 3 years,

Gokul Refoils and Solvent has set aside Rs 2.5 billions to put up crushing plant and edible oil refinery unit for upcoming projects in Maharashtra

Neyveli Lignite Corporation (NLC) will invest Rs 61.20 billion for setting up lignite mines and lignite-fired thermal power generation plants with capacity of around 750 mw in Rajasthan,

Nomura to acquire Lehman Brothers Asian operations

Jaipan Industries will be held on Oct. 06, 2008, to consider the issue of bonus shares and to consider the proposal for raising the equity by issue of GDR / FCCB.

Coca-Cola said on Monday it had filed an application with the Chinese government for its takeover of juice maker Huiyuan Juice Group

Reliance Industries (RIL) is likely to increase the crude production from the Krishna Godavari (KG) - D6 block in Andhra Pradesh to 20,000 barrels a day by Diwali.

Dolphin Offshore Enterprises India, provider of integrated services to the offshore oil and gas sector has baaged two orders valuing USD 16 million for charter hire of DP / DSV vessels.

Tulip Telecom bagged a contract worth Rs 950 million from Madhya Pradesh (MP) State Electronics Development Corporation.

Genpact, the country`s largest BPO firm in terms of revenue and headcount, is in the battle to buy Lehman Brothers` Mumbai-based captive back-office unit for an undisclosed sum.

Bank of Baroda is planning to open a branch in New Zealand. The Reserve Bank of New Zealand has received an application from the bank.

Goldman Sachs and Morgan Stanley -- to change their status to bank holding companies.

Bosch Group has launched its first fully-designed and made in India power tool, the Blower GBL 800E Professional, for both the domestic and export markets

ArcelorMittal is now eyeing the mineral-rich state of Chhattisgarh,

RNRL wins four licenses for mining in MP

Reliance Industries in tie-up with China`s China National Petroleum Corporation (CNPC) has won an oil and gas block in Peru in an effort to expand presence in Latin America

Mukta Arts acquired 51% controlling stake in Coruscant Tec (P), a Chennai based Value Added Services (VAS) company.

ONGC to put Rs 193.38 bn in oil & gas exploration

S R F completes buyback of shares

Patel Engineering, on Friday September 19 announced that it has bagged an order worth Rs 6.96 billion from Andhra Pradesh State Government for Krishna Delta System modernization.

Apollo Hospitals is planning to set up a health knowledge city at Aragonda in Chittoor district of Andhra Pradesh,

Garware Offshore services has announced that the company has secured a Firm Contract for upto 3 years in South Africa (SA) for its new Anchor Handling Tug-cum-Supply Vessel (AHTSV), `M V Meghna`, which is scheduled for delivery in the last quarter of the year

Punjab National Bank has signed a memorandum of understanding (MoU) with Networth Stock Broking (NSBL) and SMC (i.e. M/s. SMC Global Securities, M/s. SAM Global Securities & SMC Comtrade) for providing online trading facility to bank`s customers.

Shri Lakshmi Cotsyn to manufacture high-end armoured vehicles

Maytas Infra announced that `Maytas Metro`, a new special project vehicle has been floated to construct and run the elevated metro rail to be built across 71 km across three dense traffic corridors of the twin cities in Andhra Pradesh. The metro project is worth Rs 120 billion.

The Kolkata-based manufacturer and exporter of chemical products, Himadri Chemicals & Industries through its subisidiary Himadri Global Investment (HGIL), has entered in to a joint venture (JV) to acquire 90% equity interest with a chinese company.

USA sec

The Securities and Exchange Commission early Friday issued an emergency order temporarily banning short selling in the shares of 799 financial institutions. The ban takes effect immediately and runs until midnight on Oct. 2.

satyam

Satyam Computer Services Ltd India's fourth-biggest software services exporter, said on Monday it had received an SAP implementation contract in Oman.

Tata Steel and Tokyo-based Nippon Steel Hardfacing Company (NSH) have signed an agreement, which implicates the Indian steel major to use NSH`s welding technology

ONGC now plans to enter into solar and geothermal energy

Tata Consultancy Services (TCS), on Wednesday, September 17 announced that it has signed a five year global contract with Ericsson the world-leading supplier in telecommunications, to deliver application maintenance and development services for Ericsson`s internal IT operations.

Google will launch the first mobile phone running its Android software in a joint initiative with T-mobile in the coming week

Polaris Software Lab. announced the launch of the new version of its portal solution intellect `Unified Portal` for corporate banking customers.

Wipro, Copal Partners bid for Lehman`s Indian back office

3i is in discussions to pick up a 4-4.5% equity stake in Adani Power for Rs 18 billion,

ICICI Bank said it might need to make an additional provision of USD 28 million on its exposure to bonds issued by investment bank Lehman Brothers, which has filed for bankruptcy in the US

Shriram EPC on Wednesday September 17, announced that it has been awarded two orders amounting to Rs. 809.7 million from Rashtriya Ispat Nigam for its Visakhapatnam Steel Plant.

Infosys secures multi-year contract from Wartsila

Ambalal Sarabhai Enterprises, announced on Wednesday September 17, that it has acquired 100% paid up capital of Suvik Hi-tek (P) which will now become Ambalal Sarabhai`s wholly owned subsidiary.

McNally Bharat Engineering Company have received a contract valuing Rs 871.2 million from Damodar Valley Corporation

Construction player, Era Infra Engineering announced on Wednesday, September 17 that it has bagged another contract approximately valuing Rs 707.50 million for up-gradation, renovation and new construction for Commonwealth Games to be held in 2010 at Dr. Karni Singh Shooting Range, Delhi.

USA economic data

U.S. single-family building permits down 40% in past year

U.S. 2Q current account deficit equal to 5.1% of GDP

U.S. 2Q current account deficit widens to $183.1 billion

U.S. Aug. housing starts weaker than 955,000 expected

U.S. Aug. single-family building permits fall to 26-year low

U.S. Aug. building permits fall 8.9% to 854,000, 17-year low

U.S. Aug. housing starts fall 6.2% to 895,000, 17-year low

AIG got 85BLN loan from FED for 24 months .After 24 months AIG repay the loan to fed by selloff assests

August Retail Sales ex-autos -0.7% vs -0.2% consensus

August PPI y/y +9.6% vs 10.2% consensus

August Retail Sales -0.3% vs +0.2% consensus

August PPI m/m -0.9% vs. -0.5% consensus

August core PPI m/m 0.2% vs. 0.2% consensus

August Core PPI y/y +3.6% vs +3.7% consensus

lehman brothers race to find byuers

Indian tech stocks drop on worries about revenues

India`s Eicher Motors and joint venture (JV) partner, Swedish truck-maker Volvo, are planning to launch two new heavy-duty commercial vehicles in couple of years,

Taj Hotels Resorts and Palaces, owned by Indian Hotels Company (IHCL) has launched a new brand, `The Gateway Hotel`,

Oslo-based Rocksource will pick up a 10% equity stake in ONGC`s deepwater block in the Cauvery basin,

GMR Energy, unit of GMR Infrastructure, is likely to invest over Rs 100 billion in setting up a 2,000-3,000 mw nuclear power plant in the country in the next 5-7 years,

Mahanagar Telephone Nigam (MTNL) will test launch the first ever 3G mobile services by end of September, 2008

Infosys Technologies on Thursday announced the renewal of the group life insurance policy, covering 97,000 employees, with Life Insurance Corporation of India (LIC), sum assured is over Rs 240 billion.

Indian railways plans to increase it`s stainless steel consumption to 20 million tons a year and get new coaches and wagons. The investment for the same is estimated to be Rs 20 billion.

The public sector oil company Hindustan Petroleum Corporation (HPCL) has entered into the ethanol business by tying up with Shree Renuka Sugars to set up an integrated sugar mill in Maharashtra

Wipro Infotech, the peripherals manufacturing arm of Wipro has opened its second manufacturing unit at Kotdwar in Uttarakhand

Raj Television Network has clarified that the company wants to be seen as a complete media house in the long term and for the same it wants to enter into media business.

Union Bank of India (UBI), announced on Friday, September 12, that it has tied up with Edelweiss Securities, a part of Edelweiss Group to launch Wealth Management Services to cater its High Net worth Individuals (HNI) in Mumbai.

Indian Govt rules out regulating steel prices

Indian government today said domestic steel prices should come down following the softening global trend. "We do not fix steel prices, and do not favor any price mechanism for the same." Steel Secretary P K Rastogi said that domestic steel prices should further come down on the falling global trend. However, he said fiscal measures were taken few months back when export duties were levied on steel products to increase its availability in the domestic market. He also said miners have agreed for a long-term contract for supplying iron ore to steel companies but the talks between the two parties have not concluded yet.

USA ECONOMIC DATA

U.S. July real trade deficit widens 2.7% from 7-year low

U.S. July volume of imported petroleum highest in 4 years

U.S. July imports rise 3.9% to record $230.3 billion

U.S. weekly initial jobless claims down 6,000 to 445,000

U.S. 4-week avg. jobless claims up 250 to 440,000

U.S. continuing jobless claims up 122,000 to 3.53 mln

U.S. 4-week avg. continuing claims up 36,750 to 3.43 mln

U.S. July trade deficit $62.2 billion vs. $58.8 billion June

U.S. July trade gap bigger than $58.6 billion expected

L&FS is likely to pick 50% stake in NTPC-BHEL power projects and would be the strategic partner in the joint venture company.

Hindustan Petroleum Corporation (HPCL) and Shree Renuka Sugars have signed a Memorandum of Understanding (MoU) for the formation of a Joint Venture (JV) company.

Parsvnath Developers (PDL), India`s leading real estate developer with pan India presence having a diversified portfolio has announced the launch of Parsvnath City Centre, a commercial project at Sonepat.

Global Holdings Company (GHC), the holding company of telecom firms GTL and GTL Infrastructure, is in talks to take over Indmar Aviation Services Company,

Suzlon Energy has announced that Suzlon Energy A/S, Denmark, the wholly owned subsidiary of the company secured a major contract with Martifer for the delivery of 29 S88-2.1 mw turbines, totaling a capacity of 60.9 mw, to projects in Romania.


Tata Consultancy Services (TCS), a leading global IT services, business solutions and outsourcing firm, today announced its partnership with Saab for the establishment of Saab`s Aeronautical Design and Development Center (ADDC) in India. Saab serves the global market with world-leading products, services and solutions ranging from military defense to civil security.

Andhra Cement announced that the company has undertaken a major expansion-cum-modernization programme at both the units involving a capital expenditure of Rs 4.02 billion.

Bharti Airtel is expecting to start its operations in Sri Lanka within this calendar year, despite the delay in getting interconnection from the local operators there,

Era Infra Engineering has secured a contract for construction of Head of Department Building at Capitol Complex, Naya Raipur, Chhattisgarh by Naya Raipur Development Authority (NADA) worth Rs 2.09 billion approximately.

Cairn India inks pact with Sri Lankan investment board

Natural Capsules has entered into a supply contract with Pharmaphil Division of Qualicaps Inc., Ontario, Canada, to purchase hard capsule manufacturing equipment to be used at the company`s plant at Pondicherry.

Omaxe has started construction of a 336-acre township at Patiala in association with Patiala Development Authority (PDA), which could entail an investment of Rs 8 million,

Alok Industries, one of the leading integrated textile companies in India, entered into a Memorandum of Understanding (MoU) with Zameen Organic (P), for developing and promoting organic fair trade cotton.

USA economic data

July Pending Home Sales m/m -3.2% vs -1.5% consensus

July Wholesale Inventories +1.4% vs +0.7% consensus

Visa Steel is learnt to have emerged as top bidder for chrome ore from Tangarpada in Orissa,

Heavy vehicle manufacturer Ashok Leyland, flagship company of Hinduja Group announced plans to acquire related businesses in Europe and the West Asia

Hinduja Group of companies are planning a Rs 2.5-3 billion healthcare facility in Tamil Nadu with a capacity of 200-300 beds,

Stone India, is eyeing an acquisition in Europe to capture the European railway components market for approx. Rs 2 billion

Punj Lloyd Singapore arm bags contract worth Rs 1.67 bn

Bank of Baroda`s wholly-owned subsidiary BOB Capital Markets (BOB Caps), has plans to start e-broking services, an online trading platform, and regular broking facilities to predominantly cater to 33 million customers of its parent bank,

Vijaywada based Chemcel Biotech (CBL) engaged in the manufacturing of agrochemicals, has filed the draft red herring prospectus (DRHP) with market regulator, Securities and Exchange Board of India (SEBI) to tap the capital market with an initial public offering (IPO) of 15,400,000 equity shares of Rs 10 each for cash at a premium of Rs 6.

ONGC Videsh (OVL), a wholly-owned subsidiary of Oil and Natural Gas Corporation (ONGC), has put in a bid to buy stake in a discovered oil block in Angola

Vedanta Resources is considering a restructuring of its operations in India, the move is likely to result in the merger of Madras Aluminium Company (MALCO) with Sterlite Industries, both subsidiaries of Vedanta

National Commodity and Derivatives Exchange (NCDEX) will launch futures trading in thermal coal tomorrow, Wednesday


Malaysia is keen to sign an agreement with India to promote tourism through various exchange programs and package offers.

Sanwaria Agro Oils is under process of entering into a tie-up with Vishal Retail and some other big retail chains for marketing of its premium brand of soya edible oil `Narmada` on all India basis.

Surana Telecom, engaged in the manufacture of jointing kits, JFTC and optical fiber cable. commenced the commercial production of solar photovoltaic (SPV) modules at its plant located at Cherlapally, Hyderabad with an initial capacity of 12 MW per annum

Hindustan Dorr-Oliver, a unit of IVRCL Infrastructure & Projects, is bidding for an order worth Rs 4.5 - 5 billion,

Infosys Technologies, one of India`s leading IT company will have to shift more than 3,000 employees from its Pune campus to campus in Chennai, due to construction delay,


Nagarjuna Construction Company -NCC Infra Holdings has bagged project valuing Rs 10 billion for development of Andhra Pradesh International Centre at AP Bhawan in New Delhi

The Foreign Investment Promotion Board (FIPB) has given a green light to the investment by Societe Generale (SocGen), a French banking major, in the proposed custodial services joint-venture (JV) in India with State Bank of India (SBI).

The government is proposing to bring in legislation to allow Foreign Direct Investment (FDI) in education sector


Defence public sector undertaking BEML has bagged a developmental contract from the Railway board for design, manufacturing, supply, testing and commissioning of two rakes consisting of 18 Nos. of State-of-the-art Stainless Steel AC Electric Multiple Unit (EMU) Coaches valuing Rs 310 million.


Hydro S&S Industries will be held on Sep. 16, 2008, to consider buy back of its own securities.

Bharat Heavy Electricals (BHEL) the state run power equipment manufacturer has won a Rs 22 billion turnkey project for setting up a combined cycle power plant (CCPP) in Tripura. BHEL out bid French equipment maker Alstom India in International Competitive Bidding.

Reliance Money, the largest broking and distribution house in India and part of the Reliance Anil Dhirubhai Ambani Group, on Tuesday announced an agreement with NASDAQ listed optionsXpress Holdings Inc., to provide access, custody and execution in US markets for its customers.

Jindal Power (JPL), a subsidiary of Jindal Steel & Power, on Sep. 05, 2008 has commissioned fourth power generating unit of 250 mw.


Essel Propack (EPL) today announced an acquisition of Minneapolis (US) based company `Medical Engineering & Design` (MED), a supplier of specialized disposable Medical Devices. EPL has acquired 74% equity of MED in an all cash deal through its US subsidiary - Tacpro.

Shares of Fannie Mae and Freddie Mac slumped during Friday's evening trading session on concerns a possible government bailout of the mortgage giants might wipe out equity holders.

U.S. Aug. nonfarm payrolls down 84,000 vs drop 75,000 expect

U.S. Aug. unemployment rate 6.1% vs 5.7% in July

August Hourly Earnings y/y +3.6% vs +3.4% consensus, prior +3.4%

August Average Weekly Hours 33.7 vs 33.6 consensus, prior 33.7

August Nonfarm Payrolls -84K vs -75K consensus, prior revised to -60K from -51K

German carmaker BMW Sales of Mini vehicles climbed 11%. Sales of Rolls-Royce cars rose 23% and sales of motorcycles fell 9%

Samsung Electronics Co., the world's largest producer of flash-memory chips, said Friday it is considering buying U.S. chipmaker SanDisk Corp., but added that a decision has not yet been made.

Dell Inc is planning to sell factories around the world in a move to cut costs and overhaul its production model, most of which are based in Asia

Oil and Natural Gas Corp (ONGC) is in discussions to acquire Canada`s Tanganyika Oil Co for about USD 1.2-1.5 billion,


Wipro chairman Azim Premji has purchased a 10% equity stake in retail chain Subhiksha Trading for Rs 2.30 billion,

Bharti Airtel on Thursday, September 04, announced its collaboration with US-based computer maker Hewlett-Packard (HP) to promote broadband and computer penetration in the country.

Gitanjali Gems signs MoU with MMTC

Patel Engineering is close to acquiring a mid-sized coal mine in Indonesia for Rs 1 billion .The mine will be used for the company`s proposed 1,200-mw power plant in Gujarat.

NTPC inks JV with NHPC, PFC & TCS to set up power exchange at national level. It will be registered as a public limited company.


Dr Reddy`s Laboratories, announced a licensing and distribution agreement with Cosmederm Technologies, a US-based specialty pharmaceutical company focused on dermatology and aesthetic medicine.

Czech automaker Skoda has plans to launch eight models in next five years to make India amongst the top-five of its global markets

Tata Power Company, India`s largest integrated private power company, today announced its decision to acquire a 10% stake in Geodynamics, Australia.


Private insurance-provider Max India has stepped into an agreement with the UK-based British United Provident Fund (Bupa) to set up a standalone health insurance company

Japanese auto major Toyota has launched an advanced version of its sedan, Corolla Altis, priced between Rs 1.083 million and Rs 1.286 million and it is aiming to achieve a 10% market share in the Indian passenger car market,


Big Bazaar is planning to open 15 more stores by November end, some of them in new markets, at an investment of Rs 15-16 billion,


Mumbai-based logistics company, Tuscan Ventures said it has picked up a 40% stake in Singapore-based Rasmussen & Simonsen International (RSI) for an undisclosed sum.


Mumbai-based logistics company, Tuscan Ventures said it has picked up a 40% stake in Singapore-based Rasmussen & Simonsen International (RSI) for an undisclosed sum.

India and Colombia has entered into an agreement on Friday for cooperation in the energy sector, including joint bidding for oilfields in the two countries as well as overseas,

Nissan, Japanese automaker announced that it has plans to manufacture nine new models, at its Chennai plant, which will become operational by 2010

USA ECONOMIC DATA

ADP Employment Change (Aug) -33K VS -30K

Continuing Jobless Claims (Aug 23) 3435K VS 3425

Initial Jobless Claims (Aug 30) 444K VS 430K

Nonfarm Productivity (2Q) 4.3% VS 3.0%

Unit Labor Costs (2Q) -0.5% VS 0.6%

ISM Non-Manufacturing (Aug) 50.6  VS 49.5

US JOBS DATA

U.S. weekly initial jobless claims up 15,000 to 444,000

U.S. 4-week avg. jobless claims down 3,250 to 438,000

U.S. continuing jobless claims up 6,000 to 3.44 mln

U.S. continuing claims highest since Nov. 2003

U.S. Q2 productivity revised up to 4.3% vs 2.2% prev. est.

U.S Q2 unit labor costs revised to down 0.5% vs up 1.3% prev

UK & EU ECONOMIC DATA ON SEP_03

European Monetary Union Purchasing Manager Index Services (Aug)  48.5 VS 48.2

UK Purchasing Manager Index Services (Aug)  49.2 VS 47.0

EU Gross Domestic Product s.a. (QoQ) (2Q) -0.2% VS -0.2%

EU Gross Domestic Product s.a. (YoY) (2Q) 1.4% VS 1.5%

EU Retail Sales (MoM) (Jul) -0.4% VS -0.1%

EU Retail Sales (YoY) (Jul)  -2.8% VS -2.1%

UK BRC Shop Price Index (YoY) (Aug) 3.8% VS 3.3%

USA ECONOMIC DATA ON SEP_03

MBA Mortgage Applications (Aug 29) 7.5%  VS N/A

Factory Orders (Jul) 1.3%    VS 0.7%

The Indian unit of Japan`s Honda Motor Company expects to launch the company`s first small car in the December quarter of 2009

GSS America Infotech said that its board has approved raising up to USD 75 million, which will be used to fund acquisitions.

Shares of G A I L (India) are trading at Rs 418.95, up Rs 13.4, or 3.30% at the BSE on Thursday at (12:24 p.m) on the news that the company has approved a bonus share in the ratio of one additional share for two shares held.

Sonata, the watch brand from Titan Industries, has announced their foray into plastic watch segment by rolling out the super fiber watches aimed at youth segment,

Tata Motors, on September 03, unveiled the electric versions of passenger car `Indica` and commercial vehicle `Ace`, in Norway.

The wholesale price index Inflation decreased marginally by 0.48% to 12.34% for the week ended Aug. 23, 2008 as compared with 12.40% in the previous week 

Dr Reddy`s forays into aesthetic dermatology segment

Skoda to launch new models in next five years

Tata Power Company, India`s largest integrated private power company, today announced its decision to acquire a 10% stake in Geodynamics, Australia.

rivate insurance-provider Max India has stepped into an agreement with the UK-based British United Provident Fund (Bupa) to set up a standalone health insurance company

The board of directors of Mobile Tele  Communications at its meeting held on Sep. 04, 2008, has approved the sub-division in the face value of the equity shares from Rs 10 each to Re 1 each.

Bharat Petroleum Corporation (BPCL) involved in the business of refining, storing, marketing and distributing petroleum products has awarded an order worth Rs 1,03 billion to Pune-based Fabtech Projects and Engineers,

Mphasis, an EDS company, announced expansion of its India operations with a new centre in Hyderabad on Tuesday,

USA ECONOMIC DATA

U.S. Aug. ISM manufacturing index just below 50% consensus

U.S. Aug. ISM manufacturing index 49.9% vs 50% in July

U.S. Aug. ISM new orders 48.3% vs 45.0% in July

July Construction Spending m/m -0.6% vs -0.4% consensus

India`s largest defense electronic company Bharat Electronics (BEL) and engineering major Bharat Heavy Electricals (BHEL) are in the process of finalizing a joint venture (JV) to tap the huge potential in the solar energy sector.


Reliance Industries (RIL), India`s largest private company and also the largest polyester manufacturer in the world has dropped its plan to acquire Unifi Kinston, the polyester manufacturing subsidiary of US based polyester-maker Unifi,


Great Offshore has signed definitive agreements for acquisition of 100% equity stake in two Companies, KEI-RSOS Maritime (KEI) and Rajamahendri Shipping & Oilfield Services (RSOS) which are based at Rajahmundry and Hyderabad (AP) respectively. Great Offshore will pay an aggregate consideration of around Rs 1.60 billion. The Transaction is on an all cash basis and is expected to close within 2 months.

Bartronics India has received the DESFire Certification for its Mifare cards. The company has now become one of the few global manufacturers to be certified by Arsenal Research for DESFire.

Parsvnath Developers (PDL), one of India`s leading real estate company with pan India presence having diversified portfolio, has announced the launch of Parsvnath Residency, a group housing project at Moradabad.


Bosch, India`s largest auto component manufacturer, announced on Tuesday the board of directors approved the proposal to buyback equity shares of the company from existing shareholders in open market through the stock exchange, The buyback plan will be funded from the free reserves of the company, at a price not exceeding Rs 4,500 a share


The UK-based financial sevices major Barclays Group, who is eyeing the high, ultra high networth clients, will launch its private banking business by the year-end in the domestic market,

Archies has joined hands with UK`s leading brand Carte Blanche to distribute and sell latter`s renowned brand `Me to you` in India.


Thomas Bata, owner of global shoe corporation, a house hold name in India that bears his name, died in Toronto at age of 93.