9-Sept-08 Headlines

Headlines for the day

Corporate News Headline
BEML bagged a contract worth Rs. 310 mn from Railway Board for design, manufacturing, supply, and commissioning of two rakes consisting of 18 units of stainless steel AC EMU coaches. (BS)
Pratibha Industries secured an order worth Rs. 447.5 mn for design and construction of 11.5 km water supply project from Delhi Jal Board. (BS)
Ashok Leyland and Nissan signed an agreement with the state government for setting up a manufacturing facility here to roll out 1.90 lakh light-range vehicles. (BS)

Economic and Political Headline
The RBI has decided to increase the cap on advance remittances up to USD 500,000 without a bank guarantee, against the previous limit of USD 100,000 towards the import of services. (ET)
The Foreign banks are expecting that new RBI governor, Mr. D Subbarao would give them more leeway in picking up stakes in local private sector banks next year. (ET)
In its most dramatic market intervention in years, the US government seized two of the nation´s largest financial companies, taking direct responsibility for firms that provide funding for around three-quarters of new home mortgages. (WSJ)