USA economic data

U.S. Sept. real consumer spending falls 0.6%

U.S. Sept . real disposable incomes fall 0.1%

U.S. Sept. savings rate rises to 3.3% vs. 2.8%

U.S. Sept. wages, salary income falls 0.2%

U.S. Sept. consumer prices up 0.1%

Vascon bags Rs 2 bn deal from HDIL

Pune-based Vascon Engineers has bagged an Rs 2 billion contract from Housing Development and Infrastructure, to design and build 2 million sq ft of commercial space at Kurla in Mumbai.

Unity Infra bags Rs 2.65 bn contract from BMC

Unity Infraprojects, flagship company of Mumbai-based KK group, today announced that it has bagged a prestigious contract for re-development of RN Cooper Hospital at Vile-Parle (West), Mumbai, from Municipal Corporation of Greater Mumbai.

The contract amounting to Rs 2.65 billion is to be completed within 36 months.

Tata Power ties up with SN Power, Norway

Tata Power, India`s largest integrated private power utility, and SN Power, Norways`s fastest growing international renewable energy company, signed an exclusive partnership agreement to develop joint hydropower project in India and Nepal. This is the first time that Tata power has entered into an exclusive partnership with another hydropower company.

KEC Intl board sanctions merger with RPG Cables

KEC International, engaged in power transmission engineering, procurement, and construction today announced that its board of directors has approved the merger with RPGCL, subject to necessary approvals.

The exchange ratio recommended by both boards is 1 share of KEC for every 20 shares of RPGCL.

KEC will issue 2073068 new shares, thereby increasing its equity capital to Rs 514.2 million.

BHEL signs pact with Jindal Power to set up power plant

Bharat Heavy Electricals (BHEL) has signed an agreement with Jindal Power for setting up the 2,400 MW extension stage of OP Jindal Super Thermal Power Plant (STPP) (4x600 MW) in Chhattisgarh.

Arvind board approves fund raising upto Rs 2.5 bn

The board of directors of Arvind at its meeting held on Oct. 30, 2009, has approved an enabling resolution, subject to approval of the shareholders, for raising of funds for an amount upto Rs 2.5 billion through issue of further securities in the company.

JK Tyre to infuse Rs 12 bn for expansion

JK Tyre & Industries said it will invest Rs 12 billion over the next 3-4 years in expanding its capacity, including setting up a greenfield car radial plant in South India,

SAIL likely to cut steel prices by over Rs 500 a ton from Nov

SAIL said it may cut prices of its products by more than Rs 500 per ton in November on weakening international trends,

Sasken to tie-up with US-based Ingenient Technologies

Sasken Communication Technologies on Wednesday said that it will acquire the product portfolio and certain customer contracts and assets of US-based Ingenient Technologies, a highly professional multimedia software solutions company.

Ingenient will also transfer engineering and sales teams (including some in Korea and Japan) to Sasken. Sasken did not reveal the value of the deal.

Coal India to offer shares against land to farmers

In a move that may set the tone for future land acquisitions for all

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big projects, the government-owned behemoth, Coal India (CIL), has decided to offer equity to farmers for their homestead acquired by it.

The equity will be handed to farmers even before the company goes public and obtains stock exchange listing, according to an approval already granted to CIL by the Securities & Exchange Board of India (Sebi), said a top official in the coal ministry.

Indiabulls Power lists at Rs 44.95 on BSE

BHEL bags Rs 5,040-cr order from Jindal Power

State-run power equipment maker BHEL today said it has bagged a Rs 5,040-crore contract
from Jindal Power for setting up a 2,400-MW thermal power plant in Chhatisgarh."BHEL has secured contract from Jindal Power for setting up a 2,400 MW thermal power plant (4x600 MW) in Chhatisgarh," a company statement said.

Tata Power to invest $3.2b in hydro JV

India's Tata Power plans to invest Rs 150 billion($3.2 billion) over five to eight years in a joint venture with Norwegian firm SN Power

Tata Power enters into JV with SN Power

Tata Power has entered into an exclusive joint venture agreement with a Norway-based power company SN Power, to generate around 2,000 mw hydropower projects in India and Nepal at over Rs 15,000 crore.

The joint venture further aims to have a total of 4,000 mw hydropower capacities in the region by 2020. They have already begun pursuing potential opportunities based on the vast reserves of renewable energy in the Himalyas.

U.S. 3Q GDP increases 3.5%, most in two years

U.S. 3Q consumer spending up 3.4% annualized

U.S. 3Q final domestic sales up 3% annualized

Jobless claims above expectation of 524,000

Mahindra launches compact truck `Gio`

Auto maker Mahindra & Mahindra launched a compact truck - Gio - meant for intra-city operations.

The utility vehicle, priced at Rs 1,650 billion, is aimed particularly at rural and semi-urban consumers

Avoid Astec Lifesciences IPO

The initial public offering (IPO) of Astec Lifesciences has opened for subscription. The price band of the issue has been fixed at Rs 77-82 for each equity share, aggregating Rs 577.50-615 millio

Inflation rises to 1.51% vs 0.21%

Inflation continued to rise at 1.51% for the week ended Oct. 17, 2009 as against 1.21% in the week ago.

Reserve Bank of India (RBI) in its monetary policy second quarter review had increased the inflation target to 6.5% from 5%.

Aurobindo Pharma receives 2 new registration from MCC, South Africa

Aurobindo Pharma announced that Medicines Control Council (MCC) South Africa has granted approval to manufacture and market 2 more products in South Africa, namely, `Auro-Amplicillin` 500 mg and 100 mg in an injection form with an active ingredient `Ampicillin Sodium` in the anti-infective category and `Auropidone` 0.5 mg in a tablet form with an active ingredient `Risperidone` in the CNS category.

Aurobindo now has a total of 37 products approved by MCC.

PNB to buy 63.6% stake in Kazakhstan`s Dana Bank

Punjab National Bank (PNB) today announced that its board of directors has approved taking of 63.64% stake in Dana Bank, Kazakhstan subject to regulatory approvals.

PNB provides various banking products and services in India and internationally.

NTPC-BHEL`s Rs 60 bn plant to come up in AP

The power equipment manufacturing plant of the NTPC-BHEL joint venture, NBPPL, will be set up at Mannavaram in Andhra Pradesh (AP) and entail an investment of Rs 60 billion, reports Business Standard.

The plant, which is slated to be fully operational by 2014, will have an annual capacity to manufacture up to 5,000 Mega Watt of equipment.

It is billed as the country`s first integrated plant making turbines, generators and boilers at one place.

The Andhra Pradesh government had allotted 750 acres last month for the project.