Tuesday November 10, 03:58 AM

Source: Indian Express Finance

Corporate Notes

By fe Bureau
Sunil Mittal writes to DoT secy over 3G auction Bharti Airtel (BHARTIARTL.BO : 281.35 -7.4) s chairman and managing director, Sunil Mittal, has urged the department of telecommunications to mandatorily conduct auctions for four slots of 3G spectrum even in those circles where currently spectrum is available only for two slots. Mittal s letter to the DoT secretary is in the backdrop that Delhi and Gujarat have spectrum only for two slots and if auctions are conducted only for two slots, it would create scarcity value in these circles leading to higher price, which would be detrimental for the operators as well as consumers in these circles. Mittal has suggested that auctions be conducted for all the four slots and the remaining be put on a waitlist and accorded the spectrum once the defence forces vacate it. MRF (MRF.NS : 5915.95 0) labour dispute The Supreme Court in a special leave petition filed by MRF Ltd and MRF Arkonam Workers Welfare Union, stayed the judgment of the Madras High Court which had directed the state government/commissioner of labour to conduct an exercise as per the code of discipline to ascertain which of the two unions is the representative union of the workmen at the Arkonam Factory of MRF Ltd. Citi offloads Polaris stake Orbitech Ltd, part of the beleaguered Citibank group, continues to offload its stake in the Chennai-based mid-cap software firm Polaris Software Lab Ltd. Orbitech sold an additional 2.25% stake in Polaris in two tranches through the bulk door window of the NSE (^NSEI : 5082.55 +30.1) since October. The Citi arm had sold close to 4% stake in Polaris in the open market in various tranches during the last quarter. With the latest stake sale, the combined stake of Citibank entities in Polaris has come down to 37.66%. Tata Motors (TATAMOTORS.BO : 649.45 +13.35) plant shut Tata Motors said it will shut its commercial vehicle manufacturing plant in Pune for three days from November 13 to 15 due to shortage of a critical engine component. Supply of fuel injection pump from one of our vendors has been affected due to the fire in Jaipur, Tata Motors spokesperson said. NLC s power project Neyveli Lignite Corporation said the board of directors at a meeting held on October 26, 2009 has accorded approval for the proposal for setting up of a 50mw capacity wind power project in Tamil Nadu and also for proceeding with the issue of tenders for setting up of the above project on total turnkey basis. L&T bags order Larsen & Toubro (L&T) said it has bagged order worth Rs 1,635 crore from Madhya Pradesh Power Generating Company Ltd (MPPGCL) for engineering related works at Shree Singaji (Malwa) thermal power plant. The scope of work includes designing, engineering, manufacturing of coal handling and ash handling plant at coal-fired power plant in Khandwa district of Madhya Pradesh, L&T said. Sundaram capacity Sundaram Brake Linings, part of the TVS group, has informed the stock exchanges on Monday that the company has decided to increase the production capacity of friction materials by 3,000 tonne from existing 20,000 tonne. The total expenditure involved will be Rs.21.50 crore. KEC bags order KEC International Ltd has won a distribution order worth Rs 132 crore in Maharashtra. The order comes from the Maharashtra State Electricity Distribution Co Ltd for electrification works under Infrastructure Plan Phase-IIA Project on a single point responsibility Turnkey basis in Palghar, Maharashtra. RComm, Atom pact Reliance Communications (RCOM.NS : 173.85 0) said it has entered into an agreement with Financial Technologies Group firm Atom Technologies for using its mobile financial solutions. The partnership would allow RComm users to access a secure platform for making payments using Reliance mobile, RComm said. Our pact will set the ground for RComm to pitch in the mobile-commerce market, RComm head (product, mobile data and content services) Anil Pande said. Aurobindo gets FDA nod Aurobindo Pharma (AUROPHARM.NS : 785.95 0) has received final approvals from the US Food & Drug Administration (USFDA) for two abbreviated new drug applications Cefotaxime for injection in the strength of 1g, 2g and Cefotaxime for injection in 10g (pharmacy bulk pack) dose.