Daily News Roundup - June 8 2010

Cairn India to commission its 590km heated crude oil pipeline, from its Barmer field near the Gujarat coast in early next month. (BS)

Tata Steel has bought an additional stake in Canadian mining firm New Millennium Capital for around Rs892mn raising its stake to 27.4%. (ET)

NTPC has readied a war chest of around Rs1,600bn for the next five years even as it closes in on a coal mine in Western Australia to source fuel for its power projects. (BL)

SpiceJet has applied afresh for permission to operate in the growing route of Colombo. (BS)

GSPC through its subsidiary GSPC Gas Company Limited has reached to around 1,50,000 PNG domestic customers as well as daily gas sale of 3 mmscmd in the Gujarat. (BL)

Andhra Bank is likely to buy back its shares from the open market soon. (BL)

Maytas Infra has won a contract worth Rs1.85 billion to build part of a metro rail network in Gurgaon. (FE)

Reliance MediaWorks along with two other ADAG firms has acquired a further 0.25% stake in Fame India, thereby increasing their combined holding in the multiplex chain to 15.3%.(ET)

Sequent Scientific to invest Rs1.5bn in expansion plans, which include foraying into new therapeutic segment and setting up of greenfield facilities. (ET)

NTPC to make changes in its bidding process for sourcing equipment that will cut down overall project cycle and prevent delays in completion of projects. (ET)


Banks raised nearly Rs620bn on a net basis on Monday through the two liquidity-adjustment facility (LAF) operations conducted by the RBI to tide over the liquidity crunch. (BS)

The Board of Approval for Special Economic Zones will consider 41 proposals on Tuesday for withdrawal or extension of formal approval and for full or partial de-notification as firms drop SEZ plans on slowdown, tax worries. (BL)

The Empowered Group of Ministers on petroleum pricing postponed the politically sensitive decision of freeing auto fuel prices from government control. (BL)

The government has set up a Technical Advisory Group for Unique Projects for creating an effective tax administration and financial governance system, through reliable secure and efficient IT projects, laying the ground for major structural reforms. (ET)

The government’s revenue from the sale of spectrum for 3G and broadband wireless access is set to cross Rs1000bn with a pan-India bid for BWA touching Rs106bn on the 12th day of the auction. At this bid amount, the government will earn ~Rs320bn from the sale of BWA spectrum alone. (ET)

The government will invest US$376mn to develop environment-friendly urban transport in the country. (ET)

The RBI is considering a proposal put forward by profit-oriented microfinance institutions to allow them to be business correspondents of banks for financial inclusion. (ET)