Daily News Roundup - June 29 2010

RIL announced its seventh discovery in the 635 square-kilometre block, CB-ONN-2003/1 (CB 10 A&B), in the Cambay Basin, about 130 kilometres from Ahmedabad. (BS)

SBI to announce its base rate today; hints at fixing it at 8%. (ET)

Tata Motors plans to raise Rs47bn through a combination of instruments to meet capital requirements and cut debt. (BS)

ITC is setting up another unit at its existing paper mill in Bhadrachalam at a cost of Rs10bn to add a paper plant of 0.2mtpa capacity. (BS)

PowerGrid Corp would invest Rs580bn for setting up network to facilitate evacuation of electricity from power surplus states to others. (FE)

ITC plans to extend its Vivel personal care range to deodarants and talcs. (BS)

NTPC plans to raise a syndicated loan of US$300mn to finance its ongoing capacity addition initiatives. (BS)

Plethico Pharmaceuticals has joined hands with US retailing giant Wal-Mart for supplying its nutritional products to US consumers. (ET)

IDFC has received the shareholders’ approval to raise Rs35bn and also to double its borrowings to Rs800bn. (BS)

Reliance Infrastructure to borrow around Rs26bn for the Bandra-Worli-Haji Ali Sea Link project in Mumbai. (ET)

Essar Steel has acquired the UK based steel processor Servosteel for an undisclosed amount. (ET)

IndusInd Bank to raise upto Rs10bn through share sale. (ET)

NTPC has rejected a proposal for pooling of gas prices for the power sector. (BS)

Pantaloon Retail to receive Rs4bn in lieu of convertible warrants issued to promoters. (ET)

Crompton Greaves through its subsidiary CG Power Systems USA Inc opens its transformer unit in US. (BL)

M&M may set up aircraft financing arm in Australia. (BS)

Tube Investments shifts China plant to Chennai. (BL)

CCCL has bagged contracts totaling Rs1.8bn for constructing 10 elevated stations for Chennai Metro Rail project. (BL)

Strides Arcolab plans to raise up to US$100mn through various financial instruments, also plans to hike the borrowing limit to Rs25bn. (ET)

PowerGrid to invest Rs 58-k cr on transmission network it plans to invest Rs 550 bn for adding 37,000 MW (FE)

IRDA has ordered life insurers to offer customers a guaranteed return of 4.5% per annum on pension and annuity plans as part of its new, tighter norms. (ET)

Finance Minister has hinted that the RBI may not increase key policy rates before its next monetary policy review due on July 27. (BS)

Growth in six key infrastructure sectors decelerated for a consecutive month to 5% in May, as output in coal, cement and finished steel slowed. (BS)

Mobile phone firms in India added 16.3mn new users in May taking the total wireless user base to 617.5mn. (ET)

The government is believed to be in the final stages of formulating a gas allocation policy, which is likely to give preference to new power plants over expansion projects. (ET)