Daily News Roundup - Aug 12 2009

Tata Motors is close to securing the £340mn loan from the European Investment Bank (EIB). (BL)

Tata Steel cuts long product prices. (BS)

ONGC Videsh Ltd. (OVL) is in talks with three Russian companies Rosneft, Lukoil and Gazprom for acquiring a substantial stake in YPF, the Argentinean arm of Spanish oil major Repsol YPF SA. (ET)

HUL is offering VRS to about 200 people as it moves to optimise resources in an increasingly competitive scenario. (ET)

Sterlite Industries and Grupo Mexico have both revised their bid for the assets of bankrupt US copper mining firm Asarco. (ET)

DLF to raise Rs7bn for metro project. (BS)

BHEL will set up a JV with Maharashtra State Power Generation Company (Mahagenco) to set up a supercritical thermal power plant with a maximum capacity of 1,500 MW at Latur in Maharashtra. (ET)

Maruti gets 700 acres for R&D unit at Rohtak. (BL)

GMR consortium to build first phase of outer ring road in Chennai. (BL)

Aurobindo Pharma gets USFDA nod for migraine drug, Sumatriptan Succinate. (BL)

Strides Arcolab ready to supply swine flu drug, can deliver 1mn capsules within 3-5 days.(BL)

Ranbaxy’s anti-migraine drug gets USFDA nod. (BL)

Oil Minister says RIL-RNRL gas pact flouts government authority. (BS)

Apollo Tyres plans a capex of Rs9bn to more then double its capacity at the Chennai plant. (BS)

Manappuram General Finance and Leasing Ltd (MAGFIL), is planning to raise around Rs2.5bn from the capital market and a loan of Rs30bn from banks. (BS)

PTC Financial Services, a subsidiary of Power Trading Corporation, is mulling to raise Rs15bn by divesting 26 per cent of the promoters’ stake by FY11. (BS)

Gujarat NRE Coke to commission its NSW mine soon. (BS)

Belgium-based Wabco, a global technology leader, has entered into a supply agreement with commercial vehicles manufacturer Ashok Leyland. (BS)

The Government has allowed Maytas Ventures to give up its bio-tech SEZ in Hyderabad. (ET)

Era Infra Engineering is looking to raise Rs5-6bn by issuing fresh shares through a qualified institutional placement. (ET)

Government’s policy on public-private partnership in the education sector will be finalized in four weeks, Rs100bn investment likely. (BL)

Sugar prices in the wholesale markets crossed the Rs30/kg mark, since the beginning of this month, prices have increased over 25%. (BL)

GSM mobile phone operators in India added 9.48mn users in July. (BS)

FM ups direct tax target to 8% for the current fiscal. (BS)

Retail food prices are up by 32% yoy in June-July period. (BS)

The Indian economy will grow by more than 6% and there is no need to press the panic button despite a fear of drought, says Finance Minister Pranab Mukherjee. (ET)

Government is rolling out a massive plan to build 5mn dwelling units in five years across 400 towns and cities. (ET)

Maharashtra's sugar commissionerate estimates that 41mn tons of sugarcane will be available for crushing in the forthcoming season. (ET)

Disinvestment proceeds, pegged at Rs100-150bn for FY10, will be used for infrastructure development and not towards bridging fiscal deficit. (ET)