Tata Motors said that 55,021 applicants for its Nano who missed out on an allotment of the first 100,000 units of the small car had retained their bookings. The company said it expects to complete delivery of the first 100,000 Nanos, the world's cheapest car, by the last quarter of 2010. The company raised $500 million in April 2009 from consumer bookings for the Nano.
Bharati Shipyard will reportedly top a counter bid by rival ABG Shipyard for a controlling stake in offshore services firm Great Offshore, raising prospects of a price war. ABG Shipyard on Tuesday, 23 June 2009, made an open offer to acquire over 32% in Great Offshore at Rs 375 a share, countering Bharati's Rs 344 a share bid made earlier this month.
Housing Development Finance Corporation (HDFC), India's top mortgage firm, will reportedly cut lending rates if its cost of funds come down. Indian Finance Minister Pranab Mukherjee has urged banks to follow the central bank in cutting rates to boost lending and lift a slowing economy.
Firstsource Solutions secured a five-year, Rs 145 crore outsourcing contract from mobile operator Idea Cellular. Firstsource will provide a range of services, including customer Service, billing, new product information and plan details-related interaction services to IDEA from its centre in Coimbatore in Tamil Nadu, it said in a statement. The outsourcer derives about 34% of its revenue from services to the telecom sector.
The board of India Cements will meet on 27 June 2009 to consider raising funds through issue of equity and equity-linked securities as well as other securities in Indian and foreign markets.
State Bank of India is reportedly looking at buying a mid-sized overseas bank in a deal worth $1.5-$2 billion.
Wockhardt, which is seeking restructuring of its corporate debts, will reportedly issue preference shares to banks against a slice of their derivative losses and may get nearly a decade to pay its local borrowings.
Aditya Birla group firm Idea Cellular reportedly plans to raise Rs 6000 crore through a mix of foreign currency and rupee debt and will be used to roll out operations in new telecom circles and to strengthen existing operations.
Maytas Infra, the construction company linked to the promoters of fraud-hit Satyam Computer, has reportedly sought an additional loan of Rs 700 crore from bankers to revive the company. The company also wants the lending consortium to lower interest rates on loans and allow delayed repayment of debt.
The Directorate General of Central Excise Intelligence, the agency responsible for monitoring excise and service tax evasion, has reportedly issued a show-cause notice to Jet Airways (India), relating to a potential service tax liability of at least Rs 400 crore.
Ashok Leyland has reportedly put on hold plans for a new factory to manufacture light commercial vehicles near Chennai due to demand contraction.
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