MORNING NOTES

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Corporate News

􀂄 BHEL announced that it has entered into an agreement
with Madhya Pradesh Power Generation Company
(MPPGCL) for jointly setting up a thermal power project in
the state. - BS

􀂄 Honeywell India stated that it will set up a technology centre
with an investment of $34 million (Rs 157 crore) to expand
global research capabilities. - BS

􀂄 Pratibha Industries announced that it has bagged an order
worth Rs 294.30 crore from UP Jal Nigam. - BS

􀂄 Wockhardt announced that it has received the final approval
from the US Food and Drug Administration (FDA) for
marketing Nicardipine HCI injections in 25mg/10 ml
strength, used in the treatment of hypertension. - BS

􀂄 Lakshmi Mittal has pulled out of a project to develop an oil
field in Kazakhstan in partnership with Oil and Natural Gas
Corp (ONGC) and is looking for buyers for its stake in another
company in the Central Asian nation. - BS

􀂄 Steel Authority of India (SAIL) has achieved a breakthrough
in the impasse over Chiria iron ore mines, with Jharkhand
recognising and agreeing to renew the mining leases to
meet the company's current needs. - ET

Macro Economic News

􀂄 Direct tax collections rose sharply in many of the small cities
in April-October 2009 in contrast to the bigger ones where
they either declined or grew at low single-digit rates. - ET
Global Cues

􀂄 Singapore said its economy will expand next year after
exiting the deepest recession since independence in 1965,
adding to evidence of a regional recovery that’s prompted
some policy makers to start removing stimulus. - Bloomberg

~R`MONEY