MARKET UPDATES

• Tata Communications expands VPN services to Egypt .
• India's top biotechnology firm, Biocon Ltd, is in talks to acquire a US firm in a deal valued at $400 million to boost its overseas pharmaceutical distribution network, a newspaper reported on Monday.
• Crompton Greaves is planning acquisition in the industrial systems sector, reports DNA.
• Shyam Telecom plans to apply for pan-India GSM license under the dual technology license, reports Economic Times.
• Assam Company is planning to launch four varieties of branded tea, reports Business Line.
• Provogue India has raised Rs 4.77 billion for financing new malls and its expansion plans, reports Business Standard.
• Mercator Lines arm Mercator Lines (Q, N,C,F)* Singapore (MSL), has acquired a Panamax dry bulk carrier from a Japanese company for Rs 2.60 billion or USD 65 million, reports Business Standard.
• Unfazed by the stock market volatility, leading financial institution Macquarie says 2008 could still turn out to be a great year for the Indian investors, who should stay put.
• UCO Bank approves plan to raise Rs 625 cr .
• RBI has signed a memorandum of understanding (MoU) with the Uttar Pradesh government for setting up a task force to monitor development of the urban cooperative banks in the state.
• US slowdown not to impact Indian IT growth.
• AUSTRALIA: Shares fell 2.2 per cent on Monday, with resource firms such as BHP Billiton Ltd and the banks leading declines after yet more evidence that the US is in recession.
• Driving the growth of the sector, the deodorant segment of the industry has achieved the highest growth of 40% followed by hair dye at 30% and chemical segments including cleaner and repellents at 23%, the survey pointed out.
• FMCG industry grows 16% in 07-08.
• Spencer plans 8 new outlets in Nashik .