Daily News Roundup - Oct 23 2009

Infosys co-founder and chairman, Narayana Murthy, sells company’s shares worth ~US$37mn to start a VC fund. (BL)

Tata Steel and MMTC forms a JV for acquisition, development and operation of mines and procession of minerals and metals. (ET)

Pfizer approaches several Indian drug makers for possible alliances. (ET)

BHEL to set-up solar voltaic plant in Hyderabad for Rs5bn. (FE)

JP Associates and JSW Steel urge RBI to relax rules governing repayment of foreign borrowings. (ET)

Wipro bags 10-year outsourcing contract for Delhi airport. (BS)

Aditya Birla Group inks pact for Rs15bn Orissa port. (BS)

Essar Group firm raises Rs42.8bn through private placement of its zero-coupon bonds. (BS)

BSNL and MTNL are planning to set-up a SPV with Delhi-based Vavasi Group to participate in JV for Russian and western European telecom operations. (ET)

Government defers decision on Jet Airways proposal to raise US$400mn. (ET)

MTNL shortlisted for Zambia’s Zamtel. (ET)

Petronet LNG to buy 10% in Dahej project (BS)

Jubilant Organosys to raise Rs5bn through equity and related instruments and hive-off its application polymers and consumer products divisions. (FE)

Rico Auto facing daily production loss of 25%. (BS)

KEC International bags orders worth Rs4.7bn. (FE)


Inflation for the week-ended October 10 touched a 20-week high of 1.21%. (BS)

DoT comes under CBI scanner for alleged ‘criminal conspiracy’ on award of telecom licences in 2008. (ET)

RBI has asked banks to stop relying on bulk deposits. (ET)

Finance Ministry has issued a notification to scrap the 70-80% import duty on all varieties of rice. (ET)

Centre has replaced statutory minimum price (SMP) for sugarcane with a higher fair & remunerative price (F&RP). (ET)

Government has cleared 26 FDI proposals worth Rs13.6bn. (BS)