Daily News Roundup - June 16 2010

Cairn India has started selling crude oil from its Mangala oil field in Rajasthan to private sector Reliance Industries and Essar Oil using a heated oil pipeline. (ET)

ONGC has said that its Assam asset is losing production due to ‘infinite' shut-down of Numaligarh Refinery Ltd, a subsidiary of Bharat Petroleum. (BL)



Oil regulator Petroleum and Natural Gas Regulatory Board has approved the tariff that GAIL India will charge from consumers for moving natural gas through its two main trunk pipelines. (ET)

Reliance Infratel has all but approved a merger deal that could see its tower assets combine with smaller rival GTL Infrastucture in exchange for Rs150bn in cash and a significant stake in a new entity for shareholders of its parent company. (ET)

Tata Motors is contemplating a price hike of the new Nanos in the region of Rs5,000-15,000 from August-September this year. (ET)

M&M will hold negotiations with former JV partner Renault for reforming the Logan platform and making it usable for applications other than passenger cars. (BS)

Larsen & Toubro, one of the contenders for NTPC's Rs250bn bulk tender, asserted that there was no technical irregularity in its bid. (FE)

Bank of India raised Rs10bn through bonds. (FE)

Fortis Healthcare is yet to decide on its course of action to respond to Malaysian fund Khazanah’s offer to take control of Singapore’s Parkway Holdings. (ET)

Dr Reddy’s said that the US court injunction on the launch of Allegra D24 in America will hit its revenue targets. (ET)

Cipla plans to acquire a significant minority stake in two biotech companies, one each in Goa and Shanghai, for US$65mn. (ET)

Gammon Infrastructure entered into a memorandum of agreement for acquisition of an entity, which is setting up a 250MW coal-based power plant in Western India. (FE)

Rallis India plans to spend Rs1bn over the next 12-18 months towards acquiring new equipment and the launch of various products. (BL)

Aban Offshore is close to either hiring or buying a drill ship to complete the job in Venezuela. (BL)

Strides Arcolab has received the USFDA approval for a drug taken for acute migraine attacks. (BL)

Emami is in the final stages of acquiring a manufacturing unit of an FMCG company in Egypt for ~Rs1bn. (BS)

Shriram Transport Finance Company’s new equipment finance subsidiary, Shriram Equipment Finance Company, will commence operations from September 1, 2010, with an initial capital of Rs500mn. (BS)

JK Lakshmi Cements plans to invest ~Rs1bn to set up ready mix- concrete plants in Mumbai, Gujarat and North India. (ET)

DQ Entertainment entered into an exclusive broadcasting agreement with Sun TV Network for the provision of animation content. (BL)

Falcon Tyres plans to set up Rs5.5bn greenfield project in Uttarakhand to produce tyres for two- and three-wheelers. (BL)

The government has okayed the sale of a 10% stake each in state-run Coal India and Hindustan Copper, that could raise around Rs150bn. (ET)


The government has allowed industrial units to shift from one SEZ to another after approval from the apex authority, the board of approvals. (ET)

The central government will consider including 28 new cities in the Jawaharlal Nehru National Urban Renewal Mission. (ET)

Imports of milk, food grains, edible oils and pulses, considered sensitive for domestic producers, surged by 40.5% in 2009-10 to Rs655bn. (ET)

The government has constituted a group of ministers headed by the finance minister to examine the provisions in the new Mines and Minerals Development and Regulation Bill 2009 that aims to reform the mining sector and attract investments. (ET)

The government today proposed relief for individuals, companies that pay MAT and entities using the provisions of the Double Taxation Avoidance Agreements in the revised draft of the Direct Taxes Code. (BS)

The revised discussion paper on the Direct Taxes Code has proposed to tax the income of foreign subsidiaries of Indian companies and has also suggested that a company incorporated outside India will be taxed only when its management is taking decisions in India. (BS)

The domestic airlines flew 4.8mn passengers in May, an increase of ~22% over the same period last year. (BL)