Tatas pull out of Singur; to look at ‘Nano’ relocation.(BL)
ACC announces cement production for September 2008 up by 7.7% YoY.(FE)
Ambuja Cements says September output increased by 8.4% YoY.(BL)
Reliance Industries to start test runs of its new 29mn tonne refinery soon.(BL)
Larsen & Toubro has picked up a 4.2% stake in Kalindee Rail Nirman Engineers.(ET)
MRPL says its capacity expansion to 15mn tonnes by opening a new refinery unit would be delayed by a year to October 2011.(FE)
Hindustan Motors to launch new commercial vehicle.(BL)
McLeod Russel India to buy 100% equity in Phu Ben Tea of Vietnam.(TOI)
Eli Lilly forms JV with Jubilant Organosys for drug development.(FE)
Aban Offshore secures a contract worth US$241mn in Malaysia for deployment of rig deep driller.(BL)
Emami revises the open offer price by further 10% for acquisition of a share of Zandu Pharmaceuticals Works.(FE)
Daiichi Sankyo-Ranbaxy Laboratories deal gets government approval.(TOI)
Xchanging, the UK based BPO, announces its intention to acquire 75% stake in the Bangalore-based ITES firm Cambridge Solutions in a cash-cum-share deal valued at UK£83mn.(ET)
Indian Oil Corp. import bill may go up by 17.6% in current fiscal.(BL)
Food Corporation of India announced it has procured a record 2.4mn tons of rice this year.(ET)
Powergrid Corp. to set up 70,000km transmission system in 5 years.(FE)
Indian Oil Corp-Oil India arm to scout for oil assets in CIS, African countries.(BL)
Reliance Industries demands oil bonds and upstream assistance to restart its petrol pumps.(ET)
SCI to purchase four capesize ships with an investment of Rs16bn.(BL)
BSNL in talks with Apple and BlackBerry to launch the service in India on its own network. (ET)
Exim Bank of India has cleared a Rs2bn concessional loan for the Rs10bn Zambia power project, for which Tata Africa Holdings has been selected as the private sector partner.(ET)
Sun Pharmaceuticals has extended its tender offer for all shares of Taro Pharmaceuticals till November 7th.(ET)
Eicher Motors truck and bus sales fall 34% YoY in September.(BL)
Bharti Airtel, Reliance Communications and BSNL to save significant amounts as government cuts license fees by 20-33% for players whose services cover over 95% of the residential areas in a state.(ET)
BSNL has opposed the merger of loss-making ITI with itself.(BS)
Reliance Industries is mulling the merger of its different formats to make its retail arm more efficient. (ET)
Consolidated Constructions receives orders worth Rs15bn.(BL)
Sesa Goa plans to explore business opportunities in ports and infrastructure sector. (ET)
Cairn India asks Centre to assure Rajasthan the point of sale for the crude from its Barmer oil field would remain in the state and warned any uncertainty in this regard could affect production schedule.(ET)
Tata Motors working on a smaller version of ‘Ace’, its offering in the light commercial vehicle segment.(Mint)
Reliance Globalcom is restructuring its business under four vertical to further penetrate the global communications market. (BS)
Dr Reddy’s diabetes drug may be delayed.(Mint)
Allahabad Bank defers its rights issue.(BL)
Tata Motors might look at Gujarat as the location for setting up the mother plant for the Nano car project.(BL)
Karnataka government offers Tata Motors immediate possession of 500acres of land to set up a factory to build the ‘Nano’ car.(ET)
ITC sets up wind energy project in Tamil Nadu.(BL)
2G spectrum allotment to GSM operators like Bharti Airtel, Vodafone Essar and Idea Cellular may require payment of a one-time fee for the radio frequencies with a retrospective effect. (ET)
Cotton procurement is likely to hit a record this year with Cotton Corporation of India likely to purchase 5-10bn bales due to a hike in minimum support price.(BS)
Economic Front Page
Banks to get interest for delayed return of farm debt waiver sums.(BL)
Forex reserves dropped by US$153mn to touch US$292bn.(BL)
Import of sensitive items monitored by the government increased by 11.2% in April-July 2008.(ET)
WPI rose 11.99% for the week ended September 20.(BL)
Assets Under Management for MFs declined by 2.8% in September.(FE)
Ministry of finance may extend sovereign guarantee to Japan’s US$125mn soft loan for preparing project report for Delhi Mumbai Industrial Corridor.(ET)
The Limited Liability Partnership Bill may be passed in the forthcoming parliamentary session.(BS)
Government and SEBI may ease some of the restrictions imposed on foreign portfolio investors last year regarding PN curbs at a board meeting today.(ET)
Maharashtra cuts ATF sales tax.(BL)
Steel imports increase 50% in first six months of current fiscal.(BL)
Government asks sugar mills to now sell sugar from the second buffer stocks according to a quarter-wise schedule.(ET)
Government is likely to widen the service tax net to increase indirect tax collections.(DNA)
Insurance bill, which seeks to raise foreign direct investment cap in the sector to 49% from 26%, is likely to be introduced in the forthcoming session of Parliament.(ET)
Telecom operators set to approach the DoT demanding that the 20-33% cut in license fee be applicable to all players and not just to those operators whose services extend to over 95% residential areas in a state.(ET)
Government mulls dual pricing for diesel.(TOI)
Concerned over the rising fertilizer subsidies, Chemicals and fertilizer minister seek early gas connectivity for fertilizer units to augment domestic output and reduce import dependence.(ET)
Government mulls pricing coal-liquid blocks.(DNA)
Government looking at building a third airport at Navi Mumbai.(BS)
Health Ministry moves a cabinet note seeking a complete ban on foreign investments in the tobacco sector.(ET)