Daily News Roundup - Aug 14 2009

Tata Motors plans to spend ~Rs80bn over the next three to four years on capital expenditure and product development. (ET)

The Government will offer its 49% stake in Bharat Aluminium Company (Balco) to Sterlite Industries for ~Rs20bn. (ET)

HDFC has reduced home loan rates by 50bps to 9% in the Rs3-5mn segment. (ET)

Suzlon Energy plans to divest either fully or partially its stake in its Belgian subsidiary, Hansen Transmission International. (BS)

The PM has formed a four-member core committee of Ministers to monitor the Government’s stand on the KG D6 block gas dispute between RIL and RNRL in the Supreme Court. (BL)

L&T and Bhel bid for the boiler-turbine-generator supply order for Maharashtra State Power Generation Company’s proposed 1,980 mw thermal power plant in Koradi in Nagpur. (ET)

Indraprastha Gas signed the Gas Sale and Purchase Agreement with RIL for supply of 0.308 mscmd from KG D6 block at US$4.2/mBtu at the landfall point. (BL)

IOC is planning to take the number of its auto LPG outlets from the current 230 to 300 by the year-end. (BS)

Britannia Industries seeks shareholder’s approval for a proposal to enhance borrowing limit to Rs20bn. (ET)

IndusInd Bank raises Rs4.8bn through QIP issue. (ET)

Great Eastern Energy Corporation plans to raise Rs4bn through IPO to finance development of coal bed methane block in Raniganj, West Bengal. (ET)

Aditya Birla Nuvo is in talks with global private equity players Blackstone, Carlyle and KKR to sell shareholding in its proposed holding firm for its financial services business. (BS)

Suzlon’s shareholders have approved the proposal of fund raising plan of up to Rs50bn through issuance of securities both in domestic as well as overseas markets. (ET)

Grasim Industries has bought 4.08% stake in its subsidiary UltraTech for Rs1.72bn. (ET)

United Bank of India plans to set up a housing finance subsidiary, after its IPO hits the market by December-end or January next year. (BS)

Renuka Sugars gets nod to buy excess stake in NCDEX. (ET)

Unitech has sold over 6,000 units in the residential space since April, 2009. (BL)

IIFCL plans to raise US$500mn through its UK based subsidiary. (ET)

ONGC is yet to decide on bidding for Spanish oil firm Repsol’s Argentinean arm. (FE)

Dabur India eyes acquisitions in Africa. (BS)

Usha Martin gets carbon credits worth Rs44mn. (BS)

FIPB asks MHA to speed up inquiry into Telenor’s proposal of increasing stake in Indian telecom joint venture Unitech Wireless. (BS)

Bajaj Auto to focus on dual brand bike strategy. (BL)

Godrej Consumer may acquire some of Sara Lee Corp’s international businesses, including the US company’s stake in its Indian JV. (ET)

Corporation Bank has raised Rs1bn through issue of tier-I bonds. (BL)

Orchid Chemicals has received the final approval from US FDA for its drug Sumatriptan Succinate tablets. (FE)

Dr Reddy’s has launched Strea Professional, the company’s first product in the non-invasive aesthetics segment in India. (FE)

Sun Pharmaceuticals will re-file application for Taro tender offer under Hart-Scott-Rodino Act on account of expiration of waiting period on August 12. (FE)

Private equity firm, Sequoia Capital has bought 6% stake in BPO firm eClerx Services from Burwood Ventures for ~Rs400mn. (ET)


The annual rate of inflation touched a 33-year low of -1.74% for the week ended August 01, 2009. (ET)

RBI will allow banks, at least in the current financial year, to deduct floating provisions from gross non-performing assets (NPAs) to arrive at net NPAs. (BS)

The Government has decided to set up a group of ministers to review taxes on aviation turbine fuel. (FE)

The seasonal rain deficit has worsened to 29% as on August 12 amid fresh rains over east and east-central India. (BL)

RBI has set up a financial stability unit (FSU) to conduct macro-prudential surveillance of the financial system on an ongoing basis. (BS)

The Government has approved the continuation of a centrally sponsored scheme for supporting alternative systems of medicines, ‘Ayush’ at a cost of Rs6.5bn. (ET)

Tax liability for resident foreign firms is likely to go up post new Tax Code. (FE)

Standard and Poor’s (S&P’s) have raised its India’s growth rate forecast by 30bps to 6.3% for the current fiscal on the back of improving global and domestic economic scenario. (BS)

India’s engineering exports fell by ~21% yoy to US$3.33bn in June 2009. (ET)