NEWS UPDATES

• Bhushan Steel Limited has informed the Exchange that : "The company propose to set up a value added steel plant in Chennai with a production capacity of 0.5 million TPA with the total investment of approximately Rs. 500 crores."
• The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in its recent annual survey report for the region has cautioned that the global food prices would remain high and held bio-fuel programme responsible for the same.
• Suven Life Sciences Ltd has announced that two product patents were granted in Mexico and Korea for two of their new chemical entities (NCEs) for the treatment of disorders associated with neuro-degenerative diseases and these patents are valid until 2023.
• FMCG major Godrej Industries on Monday said it has received shareholders approval for further investing up to Rs 360 crore in Godrej Consumer Products Ltd.
• State-run Bank of Maharashtra said it would merge Aurangabad Jalna Gramin Bank and Thane Gramin Bank, its two sponsored banks, to form Maharashtra Godavari Gramin Bank.
• Bata India Ltd has that the board of directors of the company at its meeting held on March 28 has recommended a dividend of 15 per cent on equity shares and an additional dividend of 5 per cent to celebrate 75 years of the Company in India.
• The EPC (engineering, procurement and construction) division of Reliance Energy (REL) secured two contracts worth Rs 12 billion for transmission projects of Reliance Power Transmission (RPTL).
• Targeting a business growth of 24% in the next fiscal, state-owned Dena Bank will write off Rs 2 billion under the loan waiver package announced in the Union Budget.
• The Future Group has picked up a 70% stake in Godrej Aadhaar, which provides agri-services in rural areas besides retailing.
• The finance ministry is believed to be examining a proposal by Ruias-led Essar Group to bring in foreign investment of up to $2 billion (Rs 8,000 crore) through Mauritius-based Essar Power Holdings in Essar Power.
• India's Larsen wins $145 mln order from HPCL.
• Public sector lender Canara Bank on Saturday launched 10 new products which, the bank said, suit each and every strata of clientele.
• Syndicate bank, lead bank of the district, has released Rs 1010 crore annual credit plan for the year 2008-09.
• IDBI Ltd has put on hold its decision to cut its prime lending rate, which was supposed to come into effect from Tuesday, it said in a statement issued over the weekend.
• India's Hinduja Group is in talks to buy a controlling stake in French auto parts maker Valeo (VLOF.PA: Quote, Profile, Research) in a deal that is expected to be worth about $1.5 billion, the Business Standard said on Monday, citing a source.
• JM Financial Consultants Ltd., a unit of JM Financial Ltd said on Monday it has decided to buy out its joint venture partner in JM Financial ASK Securities Pvt Ltd.
• Spanco Tele shares open up 3.1 pct on orders.
• In April ’08 all eyes will be fixed on the credit policy. If the RBI cuts interest rates (which we do not think is likely after the growth oriented budget) then the market will get supported.
• Bank of India (BoI) plans to open 10 more branches in 2008-09 in West Bengal to step up its business in the state.
• ISPAT Industries is planning to raise Rs 10 billion by rights issue and a foreign currency convertible bonds (FCCBs) float.
• Gujarat NRE Coke is planning to invest USD 425 million in the next three years to develop its mines.