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Thursday, July 09, 2009

Daily News Roundup - July 9 2009


Government is likely to be made an intervener in the RIL-RNRL case at the Supreme Court. (BS)

DLF sold its 50% stake in a commercial project in Mumbai, a JV with Akruti City, for Rs2bn to US based real estate developer. (ET)

IOC, HPCL and BPCL are expected to report Rs50bn loss on the sale of diesel, petrol and kerosene during Q1 FY10. (BL)

Tata Steel is on schedule to complete its Jamshedpur plant expansion to 10.5mt by 2010. (FE)

Tata steel plans to save Rs20bn this fiscal by increasing efficiency and cost cutting at its plant. (ET)

SAIL has cut prices of long steel products by 5%. (ET)

Coal India has sent notices of cancelling linkages to 19 companies including Hindalco, L&T and SRF amongst others. (ET)

The legal roadblock in selling the residual 29.5% stake in Hindustan Zinc has been removed with the withdrawal of the petition filed in the Supreme Court. (BS)

M&M plans to roll out diesel trucks in US. (ET)

DoT may impose a fine on Bharti Airtel for offering services to a number of subscribers in Delhi without proper verification. (BL)

TDSAT dismisses RCom’s application for GSM spectrum. (BS)

Educomp has opened the bidding for its US$100mn QIP. (BS)

CLB approved the allotment of fresh Satyam shares to Tech Mahindra on a preferential basis. (FE)

Gammon India received approval from the High Court for the merger of its subsidiary Associated Transrail Structures with itself. (BL)

GVK Power raised Rs7.2bn through placement of shares with QIB. (BL)

Government proposes IPO’s of NHPC in August and OIL in September. (FE)

Marico Bangladesh, an arm of Marico, plans to raise Rs90mn through an IPO. (BL)

Kingfisher Airlines plans to raise funds either through a rights issue or a follow on public offer if the FDI policy on investment in the sector remains unchanged. (BL)

Yes Bank plans to raise US$300mn by the end of this fiscal. (FE)

IndusInd Bank plans to raise US$100mn. (FE)

Bharat Electronics has exited the retail sale of set top boxes and will now focus on developing high end set top boxes for institutional buyers. (BL)

UTV Global Broadcasting Ltd (UGBL) and Dish TV have signed an agreement to broadcast UGBL’s English business news channel UTVi on the latter’s platform. (FE)

Lupin, Matrix Laboratories and Unichem Laboratories have come under the European Union Competition Commission scanner for an alleged understanding with global players to delay the launch of the generic version of Servier’s perindopril. (FE)

Galderma Laboratories, JV between Nestle and L’Oreal, and New York University have sued Lupin for infringing the patent rights of one of its main drugs, Oracea. (BS)

Elder Pharmaceuticals has earmarked Rs400mn investment to set up its network in villages. (BS)

Sobha Developers plan to raise Rs2.5bn during the current financial year through private placement or sale of land. (BL)

CERC plans to issue power trading regulations over the next couple of months. (FE)

Toshiba Corp, Japanese power and electronics major, announced that it would set up an Indian company to provide EPC services for power projects. (BL)

GE, the supplier of 9FA turbines to Dhabol, signed a comprehensive service and rehabilitation agreements with Ratnagiri Gas & Power Pvt Ltd. (FE)

Moser Baer has stopped some processes for manufacturing PV panels because of excess capacity and inventory build up. (BS)

BSNL shelves its plans to hive off its tower and other related infrastructure in a new entity. (ET)

Telecom operators will not get any spectrum unless the government finalizes a spectrum pricing policy. (FE)

Board of Approval which clears SEZ projects will meet next month to approve fresh proposals. (FE)

Power ministry proposed that 15% of the unallocated quota from the central sector will be sold through the exchanges. (FE)

29 coal projects meant for the power sector are awaiting environmental clearances. (FE)

Centre plans to enhance its nuclear power capacity to 6,700MW by the end of 2011. (FE)

Government plans to amend the I-T law to curb black money transactions in the property market. (BL)

NHAI plans to invite bids for 38 projects on a PPP model in FY10. (BL)

June automobile sales grew by 14.3% yoy. (BS)

Power ministry has asked for 40 units of gas from KG basin for its power plants. (ET)

Government to buy RBI’s stake in NABARD and NHB for Rs15bn. (ET)

Government plans to setup a coal regulatory body, with entry of private players in coal mining. (ET)

India’s June exports drop 29% yoy. (ET)