28th October- Financial Express

sanjay singh rathore
shabnam hazarika
section i


S.B.I branches stop Iran Company’s dollar transaction
•S.B.I has directed its overseas branches to stop transaction with Iran entities.
•The state owned bank pondered on this decision after discovering few cases where Iranian entities attempted to break into the bank’s vulnerable accounts and transfer it to their own personal use.
Corporate& markets
IHCL to allot Rs 850cr shares Tata sons
•Indian hotel company (IHCL) said it will raise around 850cr through preferential allotment to the main promoter Tata sons in the next 18 months.
•The funds have been raised for the main promoter of the company Tata sons
•It will be used to retire debt on its accounts.

Biocon to set up $161m facility in Malaysia
•Biocon is going to invest $161 million in setting up a new manufacturing and research facility in Malaysia.
•Chairperson Kiran Mazumdar Shaw- said the newly build manufacturing plant will concentrate on manufacturing of insulin’s for diabetic treatment as required by its $350m global market deal with Pfizer
•Mazumdar also said that the company will hire locally and taking talent from India.

Special news
ONGC gears up for FPO, appoints auditors
•ONGC has appointed consultants to undertake the audit of its oil and gas reserves
•The auditors will asses oil and gas reserves in only 15 out of company’s 150 oil fields

Railways to come with smart cards
•The Indian railways is on the verge of proposing talks with the S.B.I to process a rechargeable smart that can be swapped to board a train for every passenger
•Mamata banerjee railways minister also assured the people the that Indian railway system would be free of accidents within 6months with the introduction of anti-collision devices

Commodities
Pest attack, bad whether likely to prune tea output
•Tea production will be lowered this year to a margin due to pest attacks and erratic weather
•In the north eastern region tea production dropped by 20 million kg
•Exports would be lower as buyers are staying away since exports has come down for the year to Rs 131/kg against Rs 138.21 during January – august 2009