News Capsule (07 Aug 10)

The Federation of the Indo-Israeli Chambers of Commerce (FIICC), on August 6, bestowed the ‘Businessman of the Decade’ honour upon Ratan Tata, who heads the $71-billion Tata empire.

The foreign institutional investors (FIIs) were net sellers of Rs 312.06 crore in futures and options segments on Friday.

Reliance Industries Ltd, which on Thursday announced its third shale gas asset acquisition in the US this year for Rs 1,800 crore, will leverage the technological acumen gained from operating those assets to aggressively bid for shale gas assets in India.

The insurance giant AIG on Friday reported a $538 mn loss in the second quarter due to charges related to selling assets to repay the federal government bailout.

Life Insurance Corporation of India (LIC) plans to invest Rs 2,00,000 crore across asset classes in FY 11, up from the Rs 1,92,000 crore last fiscal.

Indiabulls Real Estate today bagged National Textile Corporation’s 8.3 acres of prime mill land in Mumbai for Rs 1,505 crore, more than double the reserve price.

The foreign exchange reserves grew by a healthy $1.25 billion to $284.18 billion for the week ended July 30, helped by a robust rise in the foreign currency assets.

Engineering services firm Geometric Ltd is looking to buy a USD 10 million firm in the US or Germany by March 2010 and has closed in on a couple of prospective candidates, a top official said on Friday.

Fortis Healthcare plans to double revenue from international operations to Rs 150 crore in FY11, Chief Executive Bhavdeep Singh told reporters on a conference call on Friday.

The Hinduja Group is in advanced stages of reviving the 1,040 MW Vizag power plant. Hinduja National Power Company is the special purpose vehicle for the Vizag power project.

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