NEWS UPDATES

• The Steel Authority of India is scouting for fluxes mines to meet the requirement of the company, which is slated to produce 26 million tons of hot metal by 2010-11.
• The board of directors of IL&FS Investment Managers, at its meeting held on Apr. 01, 2008, approved the issue of bonus shares in the ratio of 1 equity share for every 2 shares held.
• Investors mostly got a raw deal from the stock Markets, with as many as 1,000 Companies, including top five IT firms Infosys, TCS, Wipro, Satyam and HCL Tech, collectively losing over Rs 2,50,000 crore in market value in 2007-08.
• Essel Propack buys US medical devices firm.
• The Reserve Bank is likely to tighten money supply in its annual credit policy on April 29 to rein in inflation, but the move may not push interest rates up because of huge liquidity in the banking system.
• Reliance Petroleum (RPL) will raise USD 500 million and has roped in a consortium of six international banks for the same.
• Aptech has disclosed a phenomenal jump in net profits for the year ended in December 2007. During the quarter, the company swung to the profits of Rs 24.60 million from net loss of Rs 66.60 million in the year ended December 2006.
• Swiss bank UBS AG says it expects to post first quarter net losses of $12 billion and to seek $15 billion in new capital.Switzerland's largest bank also said in a statement Tuesday that it sees losses and writedowns of approximately $19 billion on U.S. real estate and related credit positions. Its chairman Marcel Ospel will step down, to be succeeded by Peter Kurer.
• Global Internet firm AOL's call centre facility in Bangalore has been acquired by Aegis BPO Services - an Essar group company. The value of the deal has not been disclosed by the companies. Industry sources, however, peg it around $30 million (Rs 120 crore).
• BSE to launch Sensex futures on US bourse: Report
• India ranks 44th in most-preferred retail locations list: Report
• Tata Motors to invest Rs 6K cr in Pune, M&M readies Rs 1,500 cr for Chakan
• Ferrari may drive into India in 2010
• Barclays to set up private bank in India