Daily News Roundup - June 10 2010

SBI plans to raise Rs200bn through a rights issue by the end of the fiscal year. (ET)

Reliance Industries is likely to enter the telecom space when the opportunity arises. (ET)

S&P lowers Bharti long-term corporate credit rating to BB+ from BBB-. (BS)



Reliance Power buys three mines of the Sugico group in Indonesia. (ET)

Bharti Airtel to set up separate tower companies in each of the African nations where it is present. (ET)

Fortis Healthcare board gives nod to raise Rs27.5bn through fresh issue of securities and also increase its borrowing limit to Rs60bn. (ET)

Power Grid may sell 20% to public that could raise Rs80bn, which may be equally split between the government and the company. (ET)

HCL Tech is expanding its infrastructure footprint in Brazil by setting up a multilingual service desk. (BS)

Bombay High Court has approved the merger of Fem Care Pharma with Dabur India. (BS)

Ishtitmar Capital World has decided to convert bonds of SpiceJet into equity shares to sell them in the open market. (ET)

Pipavav Shipyard is all set to construct a new dry dock in Gujarat, which is expected to be the world’s biggest dock. (ET)

Dr Reddy’s has got tentative approval from US regulators for asthma drug. (ET)

French power generation and rail transport major Alstom ties up with Bhel to jointly bid for Rs14bn Chennai Metro Rail Project. (ET)

Air India to ground 15% of its flights if its employees don’t withdraw their plan to strike work from June 11 midnight. (FE)

Hyundai strike ends, production resumes. (FE)

GE to make life sciences equipment in India in 2 yrs. (FE)

Mother dairy plans to roll out a chain of exclusive retail outlets to market entire range of its product across India. (BS)

The Government would list 35 public sector companies over the next five years, the move would generate about Rs1500bn in revenues for the Centre. (ET)

Bank borrowing from Central Bank crosses Rs600bn for third consecutive day at 5.25%. (ET)

Government may modify new public holding rule. (BS)

Automobile sales grew 30% at 12mn units as compared 9mn units for the same month a year ago, highest-ever sales jump since 1996. (FE)