MORNING NOTES

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Corporate News

􀂄 ONGC Videsh (OVL), the foreign arm of ONGC, will pick up
11% stake in the Venezuelan field Carabobo-1, while other
two Indian partners Indian Oil Corp (IOC) and Oil India (OIL)
will have 3.5% stake each - ET

􀂄 Hinduja Ventures's board has approved the acquisition of
pharma firm IDL Speciality Chemicals and also decided to
enter into an MoU to that effect. - ET

􀂄 Mahindra & Mahindra (M&M)t will foray into the motorcycle
segment with a full range of products by this year even as it
will take a final call on continuation of its joint venture with
French car maker Renault within the next 45 days. - BS

􀂄 Tata Teleservices entered into a franchisee agreement with
retail giant Future Group to offer GSM mobile telephony
services under a new brand-- T24 to tap the loyal customer
base of the Kishore Biyani firm - BS

􀂄 Ruchi Soya has approved the amalgamation of Palm Tech
India Ltd (PTIL) with itself with effect from April 1, 2009. As
part of the merger, the shareholders of Ruchi Soya would
received 25 shares in PTIL, while PTIL shareholders would
receive 19 shares in Ruchi Soya - BS

Macro Economic News

􀂄 India's food grain output may fall by 7.5 percent this year
after the weakest rains in nearly four decades, according to
a government forecast, driving up prices in the South Asian
nation - ET

Global Cues

􀂄 January sales at U.S. retailers climbed more than
anticipated, while consumer confidence unexpectedly fell
this month from a two-year high, showing a recovery in
household spending may be gradual.Retail purchases
increased 0.5 percent, the third gain in the past four months
- Bloomberg
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R`MONEY