Tata Steel and Suzlon Energy aim to raise up to US$925mn by selling shares to international investors. (ET)
SC has referred the gas dispute between RIL and RNRL to special a special Bench. (BS)
Fiat India Automobiles, a JV between Tata Motors and Fiat, is close to finalizing a loan of US$510mn for its capex and working capital programs. (ET)
L&T plans to invest Rs15bn this fiscal in its projects relating to power, including equipment manufacturing, shipyard and port development. (BL)
NTPC was forced to shut down its 1,000MW Sipat thermal station briefly in May due to coal shortages and reported loss of generation at three other key stations - Kahalgaon, Talcher and Korba - during April-June. (BL)
LIC has exited Pfizer Ltd, selling 14.4% stake in the multinational drug-maker for around Rs3.6bn. (BL)
Bharti Airtel plans to invest around Rs750mn for setting up Airtel Service Centres (ASCs) in villages. (BS)
The Supreme Court has turned down RNRL’s plea to reject the government’s petition seeking to become an independent party in the KG basin gas dispute. (ET)
Alstom Projects has won ~Rs3.7bn contract from Bhel to supply boilers for the power plant at Krishnapatnam in Andhra Pradesh. (FE)
ONGC Videsh Ltd and its consortium partners have declined Iraq’s offer of a service contract for the Zubair oil field. (BL)
Gujarat NRE Coke plans to set up two greenfield plants of 1mtpa in Gujarat and Andhra Pradesh. (BS)
Renuka Sugars may pick up stake in NCDEX. (BL)
Punj Lloyd plans to raise US$125-150mn by placing fresh equity with institutional buyers to retire part of its high-cost debt and infuse liquidity. (ET)
The Union ministry of environment and forests (MoEF) has cleared four environment oriented projects of NALCO under Clean Development Mechanism (CDM). (BS)
Nagarjuna Construction Company Ltd has secured three orders totaling Rs7.8bn. (BL)
Cadila loses trademark case against Wallace Pharma. (BL)
Hong Kong based Li & Fung Group acquires over 26% stake in Future Group’s logistics arm Future Logistics Solutions for ~US$30mn. (ET)
Ranbaxy has received the final approval of the Canadian drug regulator Therapeutic Products Directorate to market and manufacture ‘Ran-Amlodipine tablets. (FE)
Adani Power sells 36mn shares to a founder group firm and to private equity firm 3i ahead of its July 28 IPO. (BS)
Nucleus Software plans to expand its footprint in Latin America and Central Asia. (FE)
Coca-Cola India and Hindustan Unilever are set to link compensation of their media buying and creative agencies to the performance of brands. (ET)
ONGC has hired Citigroup to advise it on a bid for Kosmos Energy’s stake in an oil field in Ghana for ~US$3-5bn. (ET)
HDFC Bank has cut its prime lending rate (PLR) by 25 bps to 15.75% from 16.0%.(BS)
Indiabulls Financial Services has mobilized US$200mn through a QIP issue. (ET)
Cairn India’s crude production from its Barmer field in Rajashtan is expected to narrow energy gap. (FE)
Essar Oil has tied up with Weizmann Forex to offer currency exchange facilities to non-resident Indians at its fuel stations. (BL)
ICL Financial Services Ltd, a subsidiary of India Cements Ltd, has acquired a 53% stake in Indo Zinc Ltd for about Rs530mn. (BL)
Kingfisher Airlines owes over Rs9.5bn to state-run oil companies as unpaid jet fuel bills. (ET)
Dish TV has announced an increase of Rs100 across all its tariff plans. (FE)
Kirloskar Pneumatic has entered the windmill gearbox manufacturing business with its foray into the gearboxes for 1MW capacity windmills. (FE)
Goa Carbon board approves formation of a wholly-owned subsidiary outside India to invest in a JV company in China to manufacture 1MTPA of calcined petroleum coke utilizing the vertical shaft kiln technology. (FE)
UTV Software to buy the remaining stake in UMP Plc for about US$195mn to integrate its movie business. (BS)
Ennore Port Ltd to raise funds by offering a small equity stake (10%) to institutions such as LIC and GIC. (BL)
The finance ministry is likely to raise the investment cap in government securities by foreign portfolio investors, or FIIs. (ET)The government plans to permit merchant power projects that allow merchant sales of up to 40% of saleable energy in case of hydel power and 15% in thermal power to get zero import duty and deemed export benefit on equipment purchase. (ET)
The Union Budget proposal to levy a 10% service tax on railway freight may see a partial roll-back. (ET)
The government plans to extend the DEPB scheme till the end of FY10. (ET)
The government has imposed anti-dumping duty of up to US$11.38 per kg on imports of viscose rayon filament yarn. (ET)
The Income-Tax Appellate Tribunal has held that anticipated losses on incomplete projects are allowable as a deduction, subject to that being calculated in accordance with Accounting Standard 7 (AS7). (ET)
Airports Authority of India proposes to charge Rs300 as development fee on local non-metro routes and Rs1,000 for international flights. (ET)
The World Bank has agreed to lend US$100mn for poverty alleviation efforts in Madhya Pradesh and another US$197mn to increase agricultural productivity of degraded land in Uttar Pradesh. (ET)