State-run Power Finance Corporation has informed that the Board of Directors of the Company at its meeting has given approval to participate in the equity of Power Exchange India Ltd (PXI) up to 7% share capital of PXI not exceeding Rs 1.75 crore.

PXI is a company promoted by NSE and National Commodity and Derivatives Exchange (NCDEX), for setting up power exchange to provide electronic, transparent and neutral platform for trading of electricity.

Apart from this, PFC may also participate as a Professional Clearing Member in PXI.

Unitech, India's second-biggest real estate developer, has informed that the Department of Telecommunications (DoT) has issued the letters to its telecom subsidiaries for the allotment of 4.4 MHz of spectrum in the 1800 MHz GSM band in Gujarat and Uttar Pradesh (West) Service Areas.

With this allotment, Unitech has been allotted intial spectrum in 12 service areas out of the 22 circles.

Earlier this month, the company received spectrum in Maharashtra, Mumbai, Punjab and Uttar Pradesh (East) service areas.

India's leading car manufacturer Maruti Suzuki plans to launch its all new compact sedan, A-Star, by mid November in the domestic market.

With the launch, India will become the first country to drive this car designed and developed by the company as a global strategic model. Swift, Sx4 and Grand Vitara were among the other world strategic models that the company had launched in India earlier.

The latest car will be Maruti Suzuki's seventh model in the A2 segment, which will compete with rival car models like Hyundai i10, Tata Indigo CS, Swift among others.

Kernex Microsystems India Ltd has informed that it has won a bid for a contract, which is valued at US$ 16.05 million from an Egypt-based firm.

In the month of May, the company participated as prime bidder in a bid for execution of 136 Level Crossing developments for Egyptian National Railways (ENR).

The company received a communication from its local representative in Egypt, reporting that Kernex has won the bid. However on receiving the official intimation from ENR, the contract will be signed.

Global wire and cable solutions provider for the power and telecom industry, Sterlite Technologies Limited, has received an order worth Rs 254 crore from Power Grid Corporation of India (PGCIL).

Under the contract, the company will supply Sterlite's ACSR Moose power conductors to Power Grid Corp.

As per PGCIL's requirement, about 60% of the contract value would be executed within this year.

JPMorgan Chase, a leading global financial services firm has informed that it has acquired all deposits, branches, assets and certain liabilities of Washington Mutual's banking operations from the Federal Deposit Insurance Corporation (FDIC) for around $1.9 billion.

However, the transaction excludes senior unsecured debt, subordinated debt and preferred stock of Washington Mutual's banks.