Daily News Roundup - May 31 2010

M&M makes bid to buy South Korea’s bankrupt Ssangyong Motor Corp. (ET)

Reliance Industries made fifth oil discovery in exploration block CB-ONN-2003/1, located in the Cambay Basin, about 130 km from Ahmedabad. (BS)

Reliance Power to buy three gas-based power plants from group firm Reliance Infrastructure for an enterprise value of Rs10.95bn. (ET)

Amtek Auto has acquired a 26.3% stake in group firm Amtek India from the promoters in a deal worth Rs2.15bn to consolidate business under one flagship company. (ET)

ADAG scales up stake to 15.03% in multiplex chain operator Fame India. (ET)

US Exim Bank may extend credit lines to Spicejet, for its maiden purchase of Boeing aircraft. (ET)

City Union Bank to raise Rs 1,000 cr through QIP route. (BS)

HDIL plans to launch 4-6mn square feet of residential projects in the current financial year. (BS)

Ahluwalia Contracts is looking for acquisition or tie-up with a specialised construction firm to help it become an integrated urban infrastructure company. (BS)

Essar Group plans to buy majority stake in AGC Networks from Avaya of the US for US$$44.5mn. (BS)

Dewan Housing Finance raised Rs5bn through a combination of QIP and preferential allotment of equity shares. (BS)

Uttam Galva Steel plans to commission the Wardha unit by June-end. (BS)

Alstom-Schneider plans to make an open offer to acquire 20% additional stake in Areva T&D India. (BS)

SAIL has hinted at a reduction in prices in line with the downward trend overseas. (DNA)

GTL likely to take 26% stake in Qualcomm's BWA foray. (BS)

Kingfisher Airlines repays 40% of its overdue fuel bill and agreed to give bank guarantee as insurance against default on future jet fuel purchases. (ET)

Magma Fincorp expects regulatory clearance for its general insurance venture with a Germany based company during this year. (ET)

Core sector industries expanded by 5.1% in April, a drop from the healthy 7.2% growth in March. (ET)

Foreign exchange reserves up by US$64mn to US$273bn for the week ending May 21. (BL)

Sugarcane production is likely to increase by 10% to over 300mn tons in the 2010-11 crop year. (BS)

The electrical equipment industry clocks 11.25% growth in 2009-10 compared to this, the industry grew only 2.73% last year. (BS)

DoT asked the finance ministry to give defence forces a waiver of about Rs100bn on spectrum charges. (BS)

Value of pan India broadband spectrum has reached Rs52bn at the end of the fourth day of bidding. (BL)