Corporate News Headline
•    TCS extended its contract with Singapore Airlines to provide IT services for three years to the latter for a suite of applications used by the Singapore Airlines Group of Companies. (BS)
•    L&T has bagged orders worth Rs. 11.62 bn from different vendors for construction of factories and residential projects. (BS)
•    KEC International has secured two orders worth Rs. 2.27 bn from Power Grid Corporation for supplying power transmission equipment. (BS)
Economic and Political Headline
•    Inflation declined to 3.36% during the week ended February 14, 2009 mainly due to fall in the prices food articles like fruit and vegetables, pulses, and some manufactured items. (BS)
•    The Trade minister Kamal Nath announced reduction in customs duty under the EPCG scheme from 5% to 3%. Fixing an export target for fiscal FY10 at USD 200 bn, he said that exports had grown to USD 162 bn in 2008 and will touch USD 175 bn for FY09. (BS)
•    The President Barack Obama proposed almost USD 1 tn in higher taxes over the next decade on the highest-earning Americans, Wall Street financiers, the US-based multinational corporations, and oil companies to pay for permanent tax breaks for lower earners. (Bloomberg)