The government has formally has sought a stay on the Bombay High Court order that directed Reliance Industries to supply gas to RNRL at US$2.34 mBtu. (ET)
George Soros’ hedge fund Quantum has hiked its stake in Educomp Solutions, to nearly 6%.(BL)
TCS targets US$3bn in revenues from BPO in five years.(BL)
Jindal Steel & Power plans to acquire a thermal coal mine in South Africa for around Rs3.5-Rs4bn. (ET)
The government will consider a strategic sale of Maytas Infra, if the board makes a recommendation. (ET)
The government asks Natco Pharma to recall its breast cancer drug Albupax from the market within two weeks. (ET)
JP Associates raises Rs10bn through issue of non-convertible debentures to Standard Chartered India. (ET)
JP Associates plans to raise another Rs10bn through NCD route in the October-December quarter. (ET)
Tata Motors may pay Rs3bn for JLR’s breach of contract with Ford. (ET)
Unitech Wireless gets both national and international long distance licences. (ET)
DLF plans to raise Rs9bn via selling its wind energy business. (ET)
Reliance Infrastructure emerged as the highest bidder to develop and operate small airports at Nanded, Latur, Yavatmal, Baramati and Osmanabad in Maharashtra. (ET)
THE ADAG Group plans to set up a 5mn tonne integrated plant and a grinding unit in Maharashtra with an investment of Rs22.5bn. (ET)
Pfizer hikes its stake in its Indian arm, Pfizer India, from 41.2% to around 72% through its open offer. (ET)
Goa Carbon plans to set up a manufacturing unit in China jointly with annual capacity of 1mn tonne. (ET)
The government has penalized Kingfisher Airlines with a fine of Rs260mn for delay in payment of taxes. (ET)
Amtek Auto gets the approval from its shareholders for raising about Rs8.5bn through the issue of securities, including bonds and depository receipts. (ET)
Financial Technologies sells 5% stake in MCX-SX at Rs35 per share to IFCI for Rs2.5bn. (ET)
Omaxe arm enters into an agreement with Allahabad Development Authority for the development of a township in Allahabad on a proposed area of 1,535.12 acres. (ET)
The Essar Group enters into discussions with the UAE’s Dhabi Group, for investing in the telecom portfolio of its African assets. (ET)
Air India may have to pay a penalty of Rs1.25bn to Boeing and Airbus for deferring and canceling earlier orders for buying aircraft from them. (ET)
Vedanta plans to invest up to Rs700bn by 2011-12 in power projects. (ET)
ICI India plans to invest Rs2bn in a greenfield paint plant in South India. (ET)
Novartis will challenge a decision by the Intellectual Property Appellate Board that said its cancer drug Glivec was not patentable. (ET)
Wyeth in talks with the government to include its pneumococcal vaccine, Prevnar in the country’s national immunisation programme. (ET)
HDFC Bank plans to open 300 branches this fiscal, taking its total number of branches to over 1,700. (ET)
Maytas Infra sells stakes in in Cyberabad Expressway Pvt Ltd and Hyderabad Expressway Pvt Ltd to Terra Projects Ltd. (BS)
Adani Power may not develop its planned projects at Dahej and Kawai. (BS)
Exide Industries may exit its associate company in Australia, Ceil Motive Power Pty Ltd. (BS)
Corporation Bank plans to foray into the non-life insurance business and is in talks with a foreign player for a joint venture. (BS)
Sobha Developers is looking to raise Rs12bn by selling part of its land parcels in a bid to reduce its outstanding debt.(DNA)
Anil Ambani, Chairman of Reliance ADAG, plans to list his group’s media and entertainment arm, Reliance BIG Entertainment.(BL)
Indian Oil Corp to buy Cairn crude oil at a discount to Nigerian Bonny Light.(BS)
United Spirits to set up more distillation plants at Rs12.5bn.(BL)
CLB allows withdrawal of 4 government nominees from Mahindra Satyam board.(BL)
GVK Group has confirmed participation in the fresh bidding for the Rs121bn Hyderabad Metro Rail Project.(BL)
MTN seeks US$3.5bn to fund Bharti Airtel deal.(TOI)
Dolphin Offshore plans to rope in a partner for its proposed Rs4bn greenfield shipyard to be commissioned in Jafrabad, Gujarat.(BL)
Realty companies in India may get to keep all foreign funds for 3 yrs. (ET)
Foreign exchange reserves fell by US$560mn to $264bn for the week ended July 10.(BL)
India says no to legally binding emission reduction targets.(BL)
FDI limit in print media may be raised.(BL)
No-delivery period for share transactions will be removed for all corporate actions if a recommendation made by SEBI’s Secondary Market Advisory Committee is adopted.(BL)
Government of India filed a petition before the Supreme Court urging it to quash the 2005 agreement underlying the division of assets between the Ambani brothers.(DNA)
Centre’s customs duty revenues declined 37% yoy in April-June 2009 period.(BL)
Five domestic airlines owe Rs22bn to oil PSUs.(BL)
The cost of bank loans for hospitality firms may decline, with RBI proposing to keep such loans out of what is considered to be banks’ commercial real estate exposure.(Mint)