STOCK NEWS 08 SEP 2010

Maruti Suzuki India at its 29th Annual General Meeting held on Tuesday, 7 September 2010, said it will invest Rs 1,925 crore for setting up its second plant at Manesar, Haryana, to take annual production capacity to 1.75 million units from the present 1.2 million units. The expansion will be funded by internal accruals.

Larsen & Toubro (L&T)'s subsidiary, L&T Infrastructure Finance, is reportedly targeting a disbursement of Rs 5,000-5,500-crore in the current fiscal ending March 2011.

Housing Development Finance Corporation on Tuesday reportedly extended its dual-rate housing loan scheme for new customers till 30 September 2010 after hiking the interest rate by 25 basis points.

Sun Pharmaceutical Industries reportedly said the Supreme Court of Israel has unanimously dismissed the appeal by Taro Pharmaceutical Industries of the previous ruling by the Tel-Aviv District Court holding that the Israeli special tender offer rules do not apply to the tender offer by Sun's subsidiary, Alkaloida Chemical Company Exclusive Group, to purchase all outstanding ordinary shares of Taro for $7.75 net per ordinary share in cash. The Court also lifted its temporary order that prohibited the closing of the offer prior to its ruling.

Bharat Heavy Electricals (Bhel) is reportedly entering the financing business by floating a non-banking finance company along with a strategic partner to finance power projects.

State-run oil marketing firms may see action on reports petrol and diesel prices across the country have risen by 9-13 paise a litre with effect from Tuesday midnight, after the government decided to increase the commission to petrol pump dealers.

Karur Vysya Bank has fixed 18 September 2010 as record date for 2:5 bonus issue.