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Friday, December 15, 2006

NEWS ROUND UP


ADB has invested Rs120mn ($2.7mn) in Central Uttar Pradesh Gas Limited to form a joint venture company that will introduce clean fuels for vehicles and piped natural gas for domestic, industrial, and commercial users in the city of Kanpur, state of Uttar Pradesh, in India.

HCL Technologies Ltd. Board of Directors has recommended a bonus issue in the ratio of 1:1 i.e: one share for every share held.

Punj Lloyd Ltd. has set up a new company for carrying out back office engineering services for the Punj Lloyd Group in India.

Larsen & Toubro Ltd. has won two major contracts totaling US$ 86mn from Sinopec, a leading Chinese petrochemicals company.

Maruti Udyog Ltd. will reportedly increase prices by as much as Rs 12,000 to overcome higher costs of freight and components. Separately, it would shut down its plant near New Delhi for maintenance from Dec. 24-31.

Qantas Airways Ltd. has accepted a higher A$11.1bn (US$8.7bn) buyout led by Macquarie Bank and Texas Pacific, in what would be the world's biggest aviation takeover.

India and Japan have agreed to develop an industrial corridor along the multi-modal Delhi-Mumbai freight corridor.

ICICI Bank has raised the lending rates by 0.5%, while the deposit rates are being hiked by between 0.25% and 0.75%. The new rates will come into effect from Dec 18.