Daily News Roundup - June 2 2010

Reliance Industries, freed from its non-compete agreement with the ADAG that barred it from investing in high-growth sectors, is likely to make its first big-ticket investment in coal-fired power plants. (ET)

After 19 months of announcing a relocation of the Nano plant from Singur in West Bengal to Sanand in Gujarat, Tata Motors is set to roll out the world's cheapest car from its new abode. (BL)

Japanese auto major Nissan Motor Company today said it may partner with Hinduja Group flagship firm Ashok Leyland for launching a global compact car in India. (ET)

Macquarie-SBI was in advanced negotiations with GMR Infra to invest US$100mn in the latter’s airports division. (BS)

NTPC’s Kaniha power plant is presently reeling under a super critical condition, with coal stock of about 0.2mt which would last for only three days. (BS)

Singareni Collieries Company Limited, which is setting up a 600MW in Jaipur mandal of Adilabad district, would place orders for the power plant equipment from BHEL in July. (BS)

Axis Bank has cut the interest rate on fixed deposits of two years to 30 months by 25 bps to 7.0% and on 30 months to three years maturity by 50 bps to 7.0%. (BS)

Bank of Ireland has shortlisted HCL Technologies and IBM for an outsourcing contract potentially worth over US$600mn, replacing incumbent vendor HP, which had signed a seven-year deal with the bank in 2004. (ET)

Reliance Infrastructure won Rs29.6bn project from the NHAI for the six-laning of the 180-km Delhi-Agra road. (ET)

Reliance Power plans to invest close to Rs100bn to ramp up the capacity of its 220-MW Samalkot project in East Godavari district of Andhra Pradesh to 2,400 MW. (BL)

Suzlon Energy plans to repay its debt by raising funds through rights issue of 2 equity shares for every 15 shares held at Rs63/share. (ET)

Unitech has ended its joint venture with its Mumbai partner Omkar Group for slum rehabilitation projects. (FE)

Etisalat DB, the joint venture between UAE's Etisalat Group and Indian real estate firm DB Group, announced the soft launch of its mobile services in 15 circles. (BL)

India’s exports increased by 36.2% to US$16.8bn in April, the sixth consecutive month of growth. (ET)

As the government cut duties and stepped up public expenditure, its fiscal deficit rose by 24.9% to Rs4.1trn in 2009-10 compared to the year ago period. (ET)

The government has agreed to allow import of Chinese-made telecom gear, certified by international security audit firms such as Canadas Electronic Warfare Associates, US-based Infoguard and Israels ALTAL Security Consulting, till a dedicated certification centre and test lab is in place. (ET)

On the lines of the 3G spectrum auction, competition for BWA is hotting up, with the bid for pan-India licence touching Rs79.4bn on the seventh day of the auction. (ET)

The Delhi High Court has asked telecom companies to submit their account books to the Comptroller and Auditor General of India. (ET)

The power ministry plans to allow 15-year KG gas pact for new power plants. (ET)

The government is considering to provide greater autonomy to 12 top state-owned ports by converting them into corporates to help them compete better with international players. (FE)

With more SEZs becoming operational, the Centre will consider on June 8 framing rules that would allow migration of units from one SEZ to the other. (FE)

The government is considering to price domestic coal on par with global rates, a move which may increase the cost of the raw material and fuel rise in power tariff. (FE)