Daily News Roundup - June 15 2010

Reliance Communications has decided to demerge its telecom tower business -Reliance Infratel. (BS)

Strides Arcolab has received the nod from the US Food and Drug Administration for the sumatriptan succinate injection, used to treat patients suffering from migraine attacks. (ET)

HCL Technologies has signed an outsourcing agreement worth US$110mn (~Rs5.1bn) with Singapore Exchange for five-years. (BL)



Godrej may transfer some of the landholdings held by its subsidiary Godrej Agrovet to another group firm for developing real estate projects. (ET)

At least four large public sector banks expect to set their base rates between 7.5% and 8.5%, the range indicated by the SBI. (BS)

Jaiprakash Associates is close to acquiring a controlling stake in the fertiliser division of Duncans Industries. (ET)

UCO Bank plans to raise ~Rs5bn via FPO route in July. (ET)

Kalanithi Maran has launched an open offer to acquire a controlling stake in SpiceJet. (FE)

ONGC Videsh , the overseas investment arm of ONGC, has farmed out 30% participating interest in CPO-5 block of Colombia to Petrodorado Energy Ltd. (BL)

BSNL launched 3G mobile services in Pune, the first city in its western zone, which covers Maharashtra (excluding Mumbai), Goa, Gujarat, Madhya Pradesh and Chattisgarh. (ET)

M&M is reported to begin carrying out due diligence on Ssangyong Motor in coming days. (ET)Dr Reddy's earnings may take a hit on US court order. (BL)

Kalanithi Maran of Sun TV Network will spend close to Rs12.2bn for a controlling interest in SpiceJet, if his offer to acquire a further 20% stake in the airline is fully subscribed to. (BL)

Tata Tea is stepping up its presence in Pakistan and Bangladesh and aims to capture atleast 10% of the packaged tea market in both countries over the next two years. (ET)

Mahindra Satyam, which is undergoing a restatement of accounts, has sought additional time from the Company Law Board to file the required financial results by September-end. (ET)

The construction of the 1.5mtpa alumina refinery project of Utkal Alumina International Limited (UAIL), a Aditya Birla group company, in south Orissa’s Rayagada district is set to be commissioned in July 2011. (BS)


WPI Inflation has inched to 10.16% for the month of May. (ET)

Life Insurance Corporation is in initial discussions with housing finance regulator for offering reverse mortgage services to its customers. (ET)

The Oil ministry has approved the sale of 10% government holding in consultancy firm Engineers India. (ET)

The government has approved the increase in provisional levy on sugar prices for the ongoing October-September sugar season, raising it by around Rs4 a kg from the last season’s average provisional price of Rs13.06. (BS)

Fitch Ratings has raised the outlook on India’s long-term local currency to stable from negative on expectations that India’s debt will come down, therefore reducing pressure on India’s local currency ratings. (ET)

The Indian Sugar Mills Association (ISMA) claimed that the country would have stocks of almost 5mn tons at the start of the new 2010-11 season. (BL)