ONGC has struck oil and gas in three new blocks - KG basin off the Andhra coast and Charada-3 offshore block in Cambay basin and Matar in Vadodara district in Gujarat. (ET)
Indian telecom players Bharti Airtel and Reliance Communications have joined the race to acquire the African business of the Kuwait-based Zain Group. (BS)
Bhel has bagged Rs1bn order from IOC for setting up a captive power plant at the latter’s Barauni refinery complex. (ET)
NTPC to get gas from Reliance at US$4.2/mBTu. (BL)
The Central Electricity Regulatory Commission has allowed NTPC to hike tariff of electricity generated from the Kayamkulan plant in Kerala. (FE)
Hotel Leela to exit from offshore casino in Goa. (BS)
GMR Infrastructure has allotted 13mn fully paid up equity shares of Rs2 each at a premium of Rs113 to IDFC Infrastructure Fund - India Development Fund on preferential basis. (BS)
Jindal Saw bagged orders worth Rs10bn for supply of large diameter pipes and ductile iron pipes in domestic and export markets, which are to be executed by March, 2010. (BL)
ABB received an order of Rs0.6bn to provide the electrical infrastructure for modernisation of Kolkata airport. (BL)
NTPC to buy 44.6% stake in Transformers and Electricals Kerala Ltd (TELK), from the Kerala Government. (BL)
Nagarjuna Construction has secured orders worth Rs3.6bn for infrastructure related works. (FE)
Union Bank of India reduced its benchmark prime lending rate (BPLR) by 25 bps to 11.75%, effective from July 1. (BS)
Maruti Suzuki expects to maintain about 10% sales growth in June sales. (ET)
Emami paves path to list reality biz post-revamp. (BL)
IFCI is exploring options to rope in a strategic investor by issuing convertible instruments or by facilitating the acquisition of shares from existing partners. (BS)
United Bank of India is planning an initial public offering (IPO) by December 2009 to raise around Rs4bn. (BS)
IDBI has reduced interest rates on deposit by 25-50bps across various maturities. (ET)
HCC’s shareholders have approved fund raising plan of Rs15bn. (FE)
TCS management has announced that the company will not change its forex positions. (ET)
HUL has hiked trade margins and offered incremental margins of 4-5% to bigger distributors to regain market share and drive volume growth. (ET)
Nacil is working on plans to reduce its expenditure on Air India staff by Rs5bn a year. (FE)
Rolta to buy back bonds worth US$150mn. (BS)
DS Kulkarni Developers plans to go ahead with its Rs40bn multi-service SEZ in Pune, despite its overseas partner pulling out of the venture. (FE)
The BK Modi group plans to raise ~US$1bn in an initial public offering after scrapping a share sale in Dubai. (BS)
Aircel has begun negotiations to sell its 12,000 mobile telephone towers as it requires funds for a US$5bn expansion plan to be pan-India operator by the end of 2010. (ET)
Renault puts India car plans on the fast track, plans to produce cars in its Chennai plant by 2011. (BL)
Texmaco plans to raise funds through equity and debt to finance its proposed heavy engineering projects. (BL)
The three-year lock in clause, aimed at preventing owners of companies which acquired telecom licenses in 2008 from making windfall profits, is likely to stay. (ET)
The Government may increase petrol price by Rs2 a litre and diesel by Re1 per liter unless excise duty on the two fuels are cut to nutralise the impact of firming international oil rates. (ET)
The Government has recommended imposition of a special duty on import of crankshaft from China. (ET)
The Government plans to link the royalty on iron ore to market prices, discontinuing the fixed rates system. (FE)
Irda has proposed to make a tie-up between a life insurance and a general or health insurance company mandatory for any policy that combines health insurance and pure term life insurance. (BS)
Investment in airport infrastructure is expected to go up to Rs45.9bn by 2013 from Rs25.5bn in 2008. (FE)
The Maharashtra state government is drafting debt waiver scheme of Rs3bn to cover three lakh farmers. (ET)
Overseas borrowings by India Inc increased by 65% mom to US$494mn in May 2009. (ET)
The Karnataka State Industrial Investment Development Corporation is likely to float tenders towards ~Rs57.7bn high speed rail link project in the next three months. (FE)