News:
Ø Hero Moto Corp Sets up Base in Netherlands Ahead of Overseas Drive. Hero MotoCorp has incorporated an off-shore investmen t subsidiary in the Netherlands - the first in a slew of overseas arms it plans to set up.
Ø Spice Jet overtook Air India as the third-largest domestic carrier in February, flying a fifth of the total passengers on the back of its 'Big Sale' that offered a million air tickets at Rs 2,013 apiece..
Ø Polaris Financial Technology has approached engineering and construction group L&T and India's thirdlargest technology services exporter Wipro to gauge their interest in acquiring its services business,
Ø Jindal Steel and Power's (JSPL's) bid to acquire a majority stake in Gujarat NRE Coke's Australian subsidiary has not been successful, with the company managing to acquire only 31.49% stake at the end of its open offer.
Ø The finance ministry has asked PSU banks to limit the amount of loan write-offs and sought details of recoveries made by them in the six years ending 2011-12 with an aim to improve the finances of PSU lenders.
Ø The department of telecom has asked Tech Mahindra to set up a $100-million (Rs 550 crs) lab to ensure that network gear used by telecom companies in India are free from bugs and malicious software, which may be used for spying.
Ø Private sector Dhanlaxmi Bank will issue 85 lakh equity shares to five individuals, including a non-resident Indian BK Raveendran Pillai, to mobilize 51 crs.
Ø Sterlite Industries, is raising Rs 2,500 crs through sale of 10-year bonds to refinance its current obligations.
Ø Verdict on Novartis plea for Glivec patent today
Ø HDFC Bank cuts lending rate by 10 bps to 9.6% effective March 30
Ø Godrej Properties announces a new redevelopment project in Malad, Mumbai
Ø Pollution Control board orders shut down of Sterlite copper plant in Tuticorin, TN
Ø Coal India, which had so far acquired only two unexplored blocks in Mozambique, has lined up Rs 30,000 Crs for foreign acquisitions and hopes to wrap up at least one deal by March 2014
Ø Morgan Stanley Asia (Singapore) Pte on Thursday offloaded 28.55 lakh shares of YES Bank.
Key events for the day:
Ø Listing of Equity Shares of Repco Home Finance Limited. NSE Symbol: REPCOHOME BSE Code: 535322.
Ø Release of Manufacturing PMI in India.
Ø Release of ISM Manufacturing in US.
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