HOT MARKET NEWS :* INFRA : Govt approves eight road projects worth Rs108bn in three states of Jammu & Kashmir, Karnataka and Haryana* BANKS : rpts Govt is considering a proposal to increase its stake in select PSU banks where it holds close to 51% stake as part of recapitalisation scheme* TATA STEEL : swaps $875mn worth bonds due to mature in 2012 by longer dated convertible bonds redeemable in 2014 giving it more time to pay bk its debt

Hot Market News    * ECONOMY : Sept IIP #s to be announced today.. BBG consensus for 7% growth vs 10.4% growth in Aug.. The six core infrastructure inds (contribute ~ 26% to the overall IIP) grew 4% in Sept vs 7.8% in Aug* MSCI : In the latest index revamp announced last night, Housing Development & Infrastructure Ltd (HDIL) along with Suzlon (SUEL) replace Glenmark Pharma (GNP) & PowerGrid Corp (PWGR) in the MSCI India index

Market News * PUNJ LLOYD : wants to increase its highways portfolio in India.. looking to participate in projects covering 2,000-3,000Kms over the next six months*  MOSER BAER : plans to invest $5bn in next 10 years to expand its solar photovoltaic mfring facilities over the next 10 years* TECH SECTOR : Nasscom, Indian software services body, expects the sector to regain double-digit growth from April

HOT Stock Market News

* DISINVESTMENTS : PM yday annd a bold disinvt policy that cud see unlisted cos  with a positive networth divest part of govt holdings to raise cash that will  be used for social spending.. target to raise Rs600bn via disinvts

* BANKS : RBI not to allow banks to include loan write-offs while calculating  the loan-loss coverage ratio

* PNB : cuts rates on auto loans by 50bps and waives off processing fees