In a bid to acquire a majority stake in Orissa Sponge Iron & Steel, three un-listed Indian firms have jointly made an open offer to acquire 26 percent of its equity, for Rs 300 per share.

Under the arrangement, Bhushan Power and Steel Ltd along with Titanic Steel Industries and Olympian Steel Industries would acquire stake in Orissa Sponge through open offer.

The open offer is for the acquisition of 52 lakh shares of Rs 10 each of Orissa Sponge from its existing shareholders. The offer will open on April 3 and close on April 23.

Singapore - Singapore Telecommunications (SingTel) extended its regional mobile customer base by 35 per cent, or 61 million, to 232 million subscribers, the company said Monday.

Despite stiff competition and the global economic crisis, SingTel mobile subscribers in the region reached 232 million on December 31, 2008, the company said in a statement.

The association of IT-BPO industry, NASSCOM has revised the growth projections of software and service exports to 16-17% for the financial year 2008-09 at $47 billion as compared to its earlier estimates of $50 billion. The body said that demand in the segment declined under the impact of global slowdown that led it to revise its revenue growth targets.
 

The US Food and Drug Administration (USFDA) has given its final approval to Glenmark Generics Inc. USA (GGI), the US arm of Glenmark Generics Limited (GGL), to market lithium carbonate capsules in variable strengths.

GGI will market the capsules in dosages of 150 mg, 300 mg and 600 mg.

Lithium is used for treating patients suffering from manic episodes of Bipolar Disorder. Bipolar Disorder, Manic (DSM-III) is equivalent to Manic Depressive illness, Manic, in the older DSM-II terminology.

India's second-biggest reality developer, Unitech Ltd has announced its financial results for the third quarter of current financial year, posting 74 per cent decline in net profit.

The reality giant suffered huge losses due to decline in demand following break out of global financial crisis and tight financial conditions of monetary market.

Due to the deepening recession, a decline in business from the US has been anticipated by India’s largest wind turbine maker, Suzlon Energy.  

At the sidelines of a press briefing to announce Q3 results, Sumant Sinha, COO – Suzlon Energy reported, “Currently, US constitutes around 30 per cent of our business but it may come down to 15 per cent in the next fiscal. However, we will keep exploring business opportunities in the Middle East, South Africa, Latin America, Sri Lanka and other countries where we find potential for wind power.”