Daily News Roundup - June 14 2010

Reliance Industries discovered more oil at an onland site in Gujarat’s Cambay Basin, raising the potential of the exploratory fields it has been drilling. (ET)

The management of Reliance Industries has told its board that it has identified power, telecommunications, financial services and pharmaceuticals for investments in the near future. (ET)



US court granted a motion seeking a preliminary injunction to block the launch of Dr Reddy’s Labs generic version of Sanofi-Aventis' anti-allergic drug, Allegra D24. (BS)

Reliance Industries will acquire Infotel Broadband Services for Rs48bn, marking the re-entry into the telecom market. (BS)

Tata Technologies, the engineering and design subsidiary of Tata Motors has been selected by US-based Genovation Cars to design and build a prototype of an electric car for it. (BS)

Orchid Chemicals plans more buyouts in the US and Europe. (BS)

Jubilant Organosys plans setting up two 10,000 tons per annum units each to make Niacinamide and 3-Cyanopyridine at its upcoming special economic zone (SEZ) at Bharuch in Gujarat. (BS)

The government approved infusion of Rs62.11bn in five public sector banks, Bank of Maharashtra, Central Bank, UCO Bank, IDBI Bank and Union Bank. (BS)

Welspun India plans to invest Rs3bn to streamline its two production facilities to enhance output of products. (BS)

Apollo Tyres announces a lockout at one of its factories, in Kerala’s Thrissur district, resulting in an estimated daily loss of Rs30mn. (BS)

PowerGrid Corporation firms up an investment plan of Rs810bn over the next 8 years to set up transmission networks, including the evacuation of power from upcoming projects in some neighbouring countries. (BS)

Nalco is set to finalise the terms of its joint venture agreement with two foreign partners for a Rs180bn smelter and power plant project in Indonesia within next couple of months. (BS)

India's national authority on clean development mechanism has approved Adani Power’s two power projects to draw carbon credits worth Rs2.9bn annually. (ET)

The Bombay High Court refused to grant any interim relief to Tata Power, which challenged the Maharashtra government’s memorandum and the state committee’s recommendation to maintain status quo, by supplying 360 Mw power to Reliance Infrastructure, through a writ petition. (BS)

Infosys Technologies is looking at small acquisitions in France and Germany to expand footprint in the region. (BS)

Dhanalaxmi Bank plans to raise Rs3.5bn through a QIP by the third week of July. (BS)

Sun TV owner Kalanithi Maran bought a 37.7% stake in SpiceJet from its promoter. The equity share is expected to be in the price band of Rs45-50. (ET)

Renuka Sugars is all set to acquire Brazilian firm Equipav SA Açúcar e Álcool in its second attempt. It will pay around Rs11.5bn, 25% lower than what it had quoted in February. (ET)

Eicher-Volvo JV to invest Rs2.88bn in a new engine facility to be located at Pithampur in Madhya Pradesh. (ET)

Jindal Steel and Power has submitted its bid to acquire 60% stake in African steel maker Zimbabwe Iron and Steel Company. (ET)

ABG Shipyard is in talks to acquire bauxite mines in the West African country of Sierra Leone. (BL)

ABG Shipyard proposes to set up a joint venture with Sierra Leone Exploration Mining Company. (BL)

The Visakhapatnam Port Trust signed three major agreements with Sterlite Industries, SAIL and Essar. (BL)

HCC has evinced interest in developing the Kalpasar project and has prepared a draft proposal and submitted it to the state government. (BS)

Industrial production surpassed all predictions to grow 17.6% in April. (ET)

The Reserve Bank of India asks companies in the real estate sector to restructure the deals they have cut with foreign investors. (ET)