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Corporate Highlights - Educomp Edureach has received the Letter of Intent (LoI) on March 9 from the Director Education (Secondary & Higher Secondary Education), Government of Maharashtra for the implementation of ICT@Schools Project - Phase 2 in two regions - Nasik and Latur. The total worth of the order is Rs 67.93 crore. Educomp's information and communication technology (ICT) Division Edureach has added 540 government schools to their existing portfolio of 10,550 schools under ICT implementation across India.

• Power Finance Corporation (PFC) plans to raise Rs 5,300 crore from infrastructure bonds that opened on February 24. Under the bond issuance, an investor can avail up to Rs 20,000 rebate in the taxable income in the current financial year under section 80CCF of Income Tax Act, 1961. The bonds offered will be in maturities of 10 years and 15 years with a buyback option after five and seven years respectively.

• Steel Authority of India (SAIL) has started the process of developing Chiria reserves in Jharkhand and also appointed a global consultant to prepare detailed project execution report. Steel Authority of India (SAIL) has already initiated the process for development of seven million tonne per annum capacity mechanised mine with state-of-art technology.

• TPG and Shriram Group today announced that they have closed the transactions to acquire the wholesale & franchise and the retail undertaking of Vishal Retail. TPG will invest Rs 200 crore into TPG Wholesale to fund the turnaround of its business and future growth. These transactions are the result of Vishal Retail’s debt restructuring, which started in November 2009 under a CDR process led by SBI on behalf of certain lenders of Vishal Retail.

Economic Highlights

• India's tyre exports grew by over 17% year-on-year to 29.19 lakh units during April-September 2010. During April-September 2009, the country exported 24.81 lakh units tyres. During the first half of the fiscal, a total number of 571.99 lakh tyres were produced as against 446.33 in the corresponding period last fiscal.

• India's power output rose an annual 6.78% in February, slower than the previous month, due to coal and gas shortages at some plants. Electricity generation last month was 65.47 gigawatts (GWs), down from 71.42 GWs in January 2011. In January, electricity generation rose an annual 9.29%, when coal-based plants generated 49.75 GWs, an annual growth of 8.56%.Coalbased power generation grew by 5.83% in February from a year ago as 32 power stations had coal stocks of less than 7 days compared to 27 in January. Generation by thermal plants, fired by coal, gas and liquid fuel, grew around an annual 3.81% compared with a growth of about 6.64% a year ago.