Corporate News April 10,07

>Suzlon Energy has signed a contract with Tierra Energy of Austin, Texas, the USA to provide 42 units of S88-2.1 MW wind turbine generators, for delivery in 2008. The
company raised its bid for German wind-turbine maker Repower Systems AG by 19 percent after buying about 8% stake of the company. Suzlon paid 150 euro a share for the stake in the Germany's third-largest maker of wind-power equipment, 30% owned by Areva SA.
>Bank of Japan unchanged interest rate to 0.5%
>Strides Arcolab has given their in-principle approval to acquire the entire shareholding of Grandix Pharmaceuticals (Grandix), Chennai from the existing shareholders of Grandix.
>ABG Shipyard secures major order worth Rs6.18bn from Essar Shipping & Logistics, Cyprus.
>Tata Steel - The Board of Directors of the Company will be held on April 17, 2007, to consider possible proposals for raising equity funds as part of its long-term fund
raising exercise to finance the Company's investment in the SPV (Special Purpose Vehicle) for acquiring Corns Group Plc, UK.
>Jet Airways reached an agreement to buy rival Sahara Airlines Ltd., CNBC TV-18 channel. Jet Airways agreed to buy Sahara at a price lower than its earlier offer. An
arbitration panel will hear the agreement between Jet Airways and Sahara tomorrow evening. Jet Airways offered Rs15bn ($349 million) for Sahara, compared with its earlier offer of Rs22bn.
>I-flex Solutions - Allied Irish Bank Selects i-flex as Strategic Partner for Transformation of its Retail Operations
>Results - Igate Global and KEC Infra

Economy:
>ADB President – Asia’s economy, supported mainly by robust developments in China and India, grew by 8.3 percent in 2006, and the momentum will continue in the coming years, Asian Development Bank (ADB) President Haruhiko Kuroda said here on Tuesday.
Developing Asia as a whole achieved a year on year economic growth of 8.3% last year, with China and India accounting for 70% of that growth, Kuroda said, adding that China's double-digit annual growth of 10.7% and India's buoyant expansion of 9.2 percent suggest that high growth is likely to be sustained for some time in the future..

Commodity:
Nickel, Zinc and lead rose to records and copper advanced to the highest in seven months in London on rising demand from China. Copper stockpiles in Shanghai Futures Exchange warehouses rose for a sixth straight week to their highest in almost nine months following increased imports of the metal, used in wires and pipes.
Copper price gained by 5.5% ($405), Zinc price gained by 4% ($140) and Aluminum price gained 2.8% ($75) against previous day's close.

Global Market:
Asian stocks climbed to a six-week high, buoyed by record takeover proposals in Australia for Coles Group Ltd. and Rinker Group Ltd. Hang Sang gained by 0.7% while Nikkei slipped by 0.45% against previous day's close.
European stocks approached a six-year high as takeovers lifted property and auto shares and a surge in metal prices buoyed mining companies. FTSE, CAC and Dax gained nearly 0.4% each.