TCS, HDFC Bank, and Axis Bank will announce their December 2009 ended quarter results today, 15 January 2010.

The government on Thursday approved the sale of a 10% stake in state-run Engineers India, the latest in a list of planned sell-offs aimed at raising funds to cut India's fiscal deficit. The government gave no details of the timeframe for the public offering or how much it wanted to raise. Before the public offering, Engineers India would issue two bonus shares for every share held, split each share and declare a special dividend of Rs 100, the government said in a statement.

Reliance Communications has reportedly got the market regulator's nod for its planned initial public offering of its tower unit. Reliance Infratel had filed with the Securities and Exchange Board of India for the IPO. The unit is likely raise up to $1 billion for a 10% stake.

Reliance Big TV, the direct to home arm (DTH) of Reliance Communications, has signed a pact with the gaming unit of UTV Software Communications to offer DTH gaming services in India. As per the agreement, UTV's unit, Indiagames, will offer gaming services on Reliance Big TV's DTH platform. Reliance Big TV will offer the DTH gaming service as part of its interactive services. Reliance Big TV and Indiagames will offer eight different games across multiple genres. Contributions from VAS, which currently account for less than 5% of BIG TV's business revenue, will double during the next fiscal, the statement said.

ITC reportedly expects to add 8-10 hotels in India in the next 3-5 years to the 110 the diversified company currently operates, as a growing economy boosts demand for rooms. ITC's hotels division would add two properties in 2010/11 at Chennai in south India and Kolkata in the eastern region, but the details of investment were not disclosed.

A group of investors led by New York-based QVT Financial, is reportedly planning to block troubled Indian drug maker Wockhardt's Rs 620 crore nutrition business divestment deal with Abbott Laboratories till all issues relating to its foreign currency convertible bonds (FCCBs) are resolved.

Power Grid Corp of India's board approved its participation in a joint venture with Nepal Electricity Authority and IL&FS for a 400 kilovolt (KV) Indo-Nepal transmission project. Power Grid will hold 26% in the firm, Power Transmission Company Nepal. Its board also approved investing Rs 38.41 crore for setting up a transmission system associated with the Simhadri-II generation project. The project will be commissioned within 18 months from the date of investment approval. The board had approved the proposals on 6 January 2010.

Hanung Toys and Textiles signed an export order worth $100 million with an unnamed US buyer to sell home furnishings. The order will be executed by December 2012, it said in a statement to the BSE.

Net profit of Rallis India rose 54.53% to Rs 24.06 crore in the quarter ended December 2009 as against Rs 15.57 crore during the previous quarter ended December 2008. Sales declined 2.29% to Rs 202.87 crore in the quarter ended December 2009 as against Rs 207.63 crore during the previous quarter ended December 2008.

Other companies that will declare their December 2009 ended quarter results today are, IDBI Bank, Shree Renuka Sugars, Indusind Bank, Development Credit Bank, State Bank of Travancore, State Bank of Bikaner and Jaipur, NIIT Technologies, UCO Bank, Escorts, Camlin, Finolex Cables, and ETC Networks.