Daily News Roundup - June 13 2011

GAIL is making a non-binding bid for acquiring 20% interest in shale gas assets owned by a US company; the deal is estimated to cost some US$400-500mn. (TOI)

Reliance Industries to buy Bharti's 74% stake in insurance venture with AXA. (FE)

DGH refuses to accredit three natural gas discoveries made by Reliance Industries at its KG-D6 block. (ET)

PM assures support to set up refinery at Cairn-run oilfields. (ET)



Maruti Suzuki management today accepted the demand of the striking workers of its Manesar plant to form a separate union. (BS)

CCEA may consider riders for Cairn-Vedanta deal next week. (FE)

Elder Pharma to launch 35 products in 30 months. (BS)

Aurobindo Pharma has received final approval from the US health regulator to market and manufacture Ramipril Capsules, used for treating hypertension, in the American market. (BS)

Maharashtra govt gets Ministry of Environment and Forests order for action against Lavasa, a subsidiary of HCC. (BS)

SREI Infrastructure Finance-backed Viom Networks is reported to have shown interest in acquiring Reliance Communications tower business, which is up for sale. (BS)

Vedanta Aluminium will invest about Rs100bn to complete its aluminium smelter and independent power plants at Jharsuguda in Orissa. (ET)

CARE may divest 25% via IPO to raise over Rs5bn. (ET)

HPCL Mumbai refinery to shut half of capacity for two-month revamps. (BS)

Indraprastha Gas sends notice to Regulator over grant of licences. (ET)

Atul Auto plans to invest around Rs2bn on a foray into the light commercial vehicle. (ET)

Fortis Malar is planning to hive off its hospital infrastructure (including the building and other equipment in the hospital) into a separate entity or to sell it to one of the group's existing subsidiaries. (BL)
Economy Snippets

IIP growth at 6.3% in April 2011 against 13.1% in April 2010; RBI urged to re-look tight money policy as industry output dips. (BL)

Merchandise exports registered a record 57% growth to US$26bn in May. (BL)

Inflation is expected to remain stubbornly high in the current quarter and rise further by the end of this fiscal: RBI. (TOI)

Forex reserves jumped by US$2.7bn to US$313bn for the week ended June 3 on the back of a sharp rise in the value of gold reserves and foreign currency assets.(ET)

India’s trade deficit touched a four-year high in May to US$15bn. (ET)

National Pharmaceutical Pricing Authority has proposed the formation of a centralized agency to negotiate the prices of patented medicines. (BS)

Indonesian government has, in an order, decided to link the price of coal exported from the country with a benchmark based on international prices of coal. (DNA)

DEPB scheme set to be extended till September. (FE)