Top News Headlines:

􀂃 The board of Tata Steel is set to empower the group chairman and
managing director to take a final decision on the proposed revised
acquisition of Corus. The meeting may enable the management to take
the bid up to 600 pence per share. (ET)

􀂃 ICICI Bank has taken a hit on loans given against warehouse receipts. The
fraud unearthed in the quarter ended December 2006 is estimated at
around Rs 1bn.5bn. (ET)

􀂃 HPCL is in talks with Total of France and Kuwait Petroleum to take them
on as partners in the Vizag refinery in Andhra Pradesh. Total may pick up
a stake in the expansion of the refining capacity of the Vizag plant,
adjacent to the existing refinery. (ET)

􀂃 Reliance Industries (RIL) has surprised analysts with an impressive 58%
increase in Q3 PAT to Rs 28bn, compared with Rs 1.8bn in Q3FY06. (FE)

􀂃 Pantaloon Retail India has entered into a joint venture with US-based
Staples Inc and its new business unit, Future Office. (Hindu)

􀂃 Bharti Airtel has announced an investment of over US$2bn (Rs 90bn) in
2007-08 to expand its network, but wants state-run BSNL to share
infrastructure. (The Statesman)

􀂃 Nicholas Piramal has reported a consolidated net profit of Rs 555mn for
the third quarter ended December 31, 2006 as against Rs 96.8mn in
Q3FY06. (BS)

􀂃 Ranbaxy Laboratories is considering setting up a special purpose vehicle
(SPV) for launching a bid on Merck’s generic business. Merck is looking to
sell its generics division, in a deal that could be valued at US$5.2mn. The
generics business clocks revenues of around US$2.5bn and if Ranbaxy is
able to acquire it, the Indian company’s revenues could nearly triple to
around US$3.8bn. (ET)