Daily News Roundup - May 25 2010

Hindalco Industries plans to raise about Rs75bn of debt under the project finance route to achieve financial closure for Mahan Aluminium, its new factory project. (BS)

Standard Chartered Plc has raised around Rs3.7bn by roping in six anchor investors for its Indian Depository Receipt (IDR) issue. (BS)

Bharti Airtel raised Rs88bn from a six-year syndicated loan to pay for third-generation (3G) spectrum. (BS)

Bajaj Auto will continue to pursue its broad plans with the Austrian bike manufacturer KTM Power Sports AG, including a gradual increase of its stake in the performance bike making company. (BS)

BHEL has signed a memorandum of understanding with National Oil Well Varco, a US-based oil and gas drilling equipment firm, to build 35 AC (alternating current) deep land drilling rigs in phases. (BS)

Novo Nordisk has sued Lupin to prevent it from launching the low priced version of its patented diabetes medicine sold under the brand Prandimet in US. (ET)

Essar Shipping Ports & Logistics Ltd's 30mtpa bulk terminal at Hazira commenced commercial operations with the berthing of the first supramax vessel - M.V. Malavika having a capacity of 53,000 dead weight tonnage (DWT). (BS)

HCL Infosystems is understood to have pipped TCS to clinch an e-governance contract from the Madhya Pradesh government. (BS)

TCS may be hit by UK's £6.25bn cost-cut for 2010-11, a possible £2bn cuts in IT, suppliers and property. (BS)

Biocon has announced a long-term supply agreement of fidaxomicin, an active pharmaceutical ingredient (API), for US-based biopharma company Optimer Pharmaceuticals. (ET)

Tata Chemicals Ltd plans to raise Rs4bn through a preferential allotment of shares to Tata Sons to part finance the capacity expansion of its fertiliser plant in Babrala in Uttar Pradesh. (BL)

Madras Cements Ltd plans to invest Rs6.3bn to expand its cement production capacity. (BL)

BOC India plans to invest Rs15bn to set up separation plants across India by 2012. (ET)

Reliance MediaWorks along with two other ADAG group firms, acquired 0.33% stake in Fame India, taking their combined holding in the multiplex chain to 14.84%. (FE)


Companies setting up industrial parks will be able to avail of the tax benefits available to the scheme for another year as the finance ministry has extended the 10-year tax holiday by an year. (ET)

The Union petroleum minister have said that a final decision on price hike would be taken by the empowered group of ministers at its meeting to be held in Delhi on June 7. (ET)

The auction for broadband wireless access (BWA) spectrum on the first day itself saw bids up by 34% over the base price. (BS)

Fresh trouble between the defence ministry and the Department of Telecommunications (DoT) over spectrum could delay the launch of third generation (3G) telephony services in the country by March next year. (BS)

India’s three leading GSM operators challenged the recommendations of the telecom regulator on second generation (2G) pricing before the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). (BS)

The commerce and industry ministry is likely to propose 100% foreign direct investment (FDI) in multi-brand retail. (ET)