Daily News Roundup

M&M creates a trust that will hold 8.7% stake in the company post merger with Punjab Tractors and Mahindra Holding Finance (ET)

RIL to sell KG oil at US$5 discount to Brent (BS)

Cipla, GSK and FDC to be affected by NPPA’s move to cut prices of three bulk drugs (ET)

RCOM plans to spend Rs300bn on capacity expansion in FY09 (BS)

BHEL wins order worth Rs9.9bn for setting-up a 500MW thermal power plant in Rajasthan (BS)

SAIL and L&T ink JV for setting up captive power plants (ET)

JSW Steel may increase capacity of its Vijaynagar plant to 16mtpa in phases (DNA)

BEL plans Rs5.7bn capex over the next two years (BS)

NMDC may raise iron ore prices by 50-55% for long-term contracts (DNA)

Ambuja Cements plans to invest nearly Rs16bn in captive power generation (BL)

Ashok Leyland sets up a JV with US-based John Deere to make construction equipments (BL)

ONGC to invest Rs350mn on expansion of Desalter plant at Nawagam near Kheda (FE)

HUL has raised prices of ‘Lux’ soaps by 5-8% in Q2 FY09 (DNA)

IOC expects its oil import cost to increase by 70% to US$45bn in current fiscal (mint)

RCOM will participate in 3G and wireless auctions (ET)

IDEA Cellular rolls out operations in Bihar (ET)

Lanco Group gets LoI to build Vizhinjam International Transhipment Terminal Port (DNA)

Dabur India’s Gulf plant will start production of personal care products by December 2008 (BL)

BEL wins Rs1bn order for voting machines from the Election Commission (BL)

Shriram EPC looks to offload 40% stake in Singapore JV (mint)

Dishman Pharma to foray into global oncology market (DNA)

Systema to invest over US$1.5bn on expansion of Shyam Telelink’s network (ET)

Polaris to buy US Insurance firm SEEC Inc in an all-cash deal (ET)

PSTL to invest Rs2bn over next 18 months to modernize 250 theaters in South India (ET)

Economic Front Page

India and France sign agreement on civil nuclear cooperation (BL)

India’s fiscal deficit at US$25bn in the first five months already at 87.7% of the full-year target for FY09 (ET)

Oil companies cut ATF prices by 5.4% (BL)

Direct tax receipts in April-September 2008 rises by 29.3% yoy to Rs1,500bn (mint)

Government is considering a proposal to increase FDI to 100% in single-brand retail and allow 51% FDI in multi-brand retail for electronic goods, computers, sports goods and watches (BS)

Petroleum Minister wants Cairn and ONGC to lay oil pipeline to Gujarat (FE)

Forex reserves increases by just US$2.2bn in Q1 FY09 (ET)

Steel prices could soften further by US$150/tone (BS)

October-December sugar supply seen at over 5.1mn tone (ET)

India’s wheat and rice production likely to grow by 7% and 8% respectively by 2012 (ET)

The mines ministry wants the export duty on iron ore to be rolled back (ET)

India’s iron ore export may fall 33% on demand slowdown from China (mint)