COMPANIES

Reliance Power to raise $2.5-3 billion through IPO
Reliance Energy to file DRHP for Reliance Power issue in next few days, according to sources. Kotak Mahindra Capital and JM Financial are lead managers to the issue. Reliance Power is likely to raise around $2.5-3 billion.

Management declined to comment on speculation. Management says, "Not the company's policy to comment on rumours and speculation".

Reliance Power is a 51-per cent subsidiary of Reliance Energy. This company will execute the Sasan Power Project, which was recently allotted to Reliance Energy by the government.

Reliance Power is looking at projects with an aggregate capacity of 16 GW and its EPC business outstanding order book stands at Rs 5,000 crore.
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Wipro acquiring unit of Japan's Oki Electric
Mumbai: Software major Wipro Ltd is acquiring the wireless design subsidiary of Japan's Oki Electric Industry Co Ltd to help it expand in East Asia.

Wipro, India's third-biggest software exporter, has signed a strategic partnership agreement with Oki in the area of design services for the semiconductor market, the company said in a statement.

"As part of this partnership, Wipro has signed a definitive agreement to acquire Oki Techno Centre Singapore Pte Ltd (OTCS), including its own intellectual property rights in an all-cash deal over a period of one year," it said.

Wipro will also set up a dedicated development centre for Oki. Wipro did not disclose the cost of acquiring OTCS.
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GAIL, Reliance plan Russia venture: report
Mumbai: State-run gas transmission firm GAIL (India) Ltd jointly with Reliance Industries Ltd is planning to explore the feasibility of building petrochemical plants in Russia, media reports said.

"We are in talks with Reliance Industries to set up petrochemical projects overseas," newspaper reports quoted GAIL chairman UD Choubey as saying.

The report said the two are looking at various locations with feedstock availability, including Russia.
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Toyota fuel-cell car runs 560 km on one tank
Mumbai: Toyota Motor Corp's new FCHV zero-emission fuel-cell car completed a road test from Osaka to Tokyo, covering 560 km, on a single tank of hydrogen, the company said.

The latest version of the FCHV has a high-pressure tank of 70Mpa has double the storage capacity of the previous hydrogen fuel tank. Two cars were tested and both completed the trip, the automaker said.

With the new tank and high-performance fuel-cell stack, the FCHV has a potential single-fuelling range of about 750 km, making it 25 per cent more fuel-efficient than earlier versions, the company said.
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Intel regaining market share, says report
Mumbai: Microchip maker Intel Corp is regaining market share against AMD and its performance is looking "pretty good," reports quoted chairman Craig Barrett as saying.

Intel, the world's largest chip company is fairly insulated against the US economic slowdown as most of its business is overseas, the report quoted him as saying.

"If you looked at the performance over the last six or nine months, we have been very successful in regaining market share and the competitiveness of our products looks very good so we're very happy with our position," he told a news agency without commenting on current demand or update the company's financial outlook.
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GENERAL

RBI to issue new Rs5 coin
Mumbai: The Reserve Bank of India will shortly issue new Rs5 coins with the theme `Connectivity and Information Technology'.

The ferritic stainless steel coins will be 23-millimetre in diameter and will have the face divided in three parts with two horizontal lines.

The central portion will have the Ashoka pillar with `Satyamev Jayate' inscribed below. The top part will contain the word `Bharat' and `India' while the lower portion will bear the year.

The other side of the coin will contain two visual metaphors depicting the smooth fluid mass representing the ceaseless flow of information at the bottom. The existing five rupee coins will continue in circulation.
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China, India outpace Europe in Africa trade
Mumbai: Emerging Asian economic powers China and India have pushed Europe behind in the race to snap up trade and investment deals in resource-rich Africa, Senegalese president Abdoulaye Wade said.

While western investors and institutions like the World Bank tend to delay investment decisions, China and India, hungry for raw materials to fuel their fast-growing economies, take trade and investment decisions much quicker, Wade said.

He was addressing students at the John F Kennedy School of Government in Boston on 27 September.

Traditionally a staunch ally of the West, former French colony Senegal has been awarding investment contracts to Middle Eastern, Asian and even African firms - often at the expense of its traditional trade partner France.

Cairn India reports new oil find in Ravva
Mumbai: Cairn India Ltd has reported a new oil find in one of its exploration wells in the Ravva field off the east coast.

A company official said the initial flow at the well was around 1,500 barrels per day, but added Cairn was yet to inform the regulator of the find.

Cairn India, which owns a 22.5 per cent stake in the block, is also the operator. India's Oil and Natural Gas Corp, Videocon Industries and Japanese firm Marubeni are the other stakeholders.
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BANKING AND FINANCE

Northern Rock borrows another $10 billion from BoE
Mumbai: Ailing British mortgage lender Northern Rock may have borrowed a further five billion pounds ($10.1 billion) from the Bank of England in the past week, analysts who studied Bank of England data said.

Northern Rock's borrowing from the Bank of England could thus swell to almost 8 billion pounds ($16 billion)since the central bank stepped in to offer emergency funding two weeks ago.

The Bank of England's weekly accounts showed that in the past two weeks its assets had grown by 14.3 billion pounds, including 7.75 billion pounds classified under "other assets," said an analyst.
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