Daily News Roundup - July 28 2010

RIL has bought out the loss making plant of Bombay Dyeing at just under Rs3bn. (ET)

The Government has approved RIL’s proposal to drill two more wells as a part of D1 and D3 field development plan. (ET)

JSW Steel has proposed to raise at least Rs57bn from Japan’s second largest steel maker, JFE Holdings, to give the latter a 14.99% stake in the company. (BS)



The empowered group of ministers (EGoM) on the Krishna-Godavari basin, scheduled to meet tomorrow, may consider swapping the supply of 3mmscmd KG gas to customers in the Uran region (Gujarat) with ONGC’s C-series gas. (BS)

ONGC and PetroVietnam will jointly bid for BP’s assets in Vietnam. (BS)

The government may give additional time to Cairn India for exploring more oil and gas in its Rajasthan oilfield provided the company agrees to pay levies in proportion to its stake in energy assets. (ET)

The government has forfeited a service tax claim of over Rs22bn on Power Grid Corporation. (ET)

M&M has launched the Yuvraj 215, the country's first 15hp tractor targeting the small and marginal farmer with an average landholding of two to five acres of land. (BS)

DLF is likely to bring in a strategic Indian investor in DLF Pramerica Life Insurance. (ET)

Ashok Leyland plans to import tyres to ease supply crunch. (BL)

Volvo-Eicher Commercial Vehicles (VECV), an equal joint venture between Swedish firm Volvo AB and Eicher Motors, has said that it is looking to leverage Volvo's network in emerging and India-like markets to sell Eicher branded products. (BL)

Mahindra Holidays & Resorts Ltd is planning to foray into the budget resorts category by investing around Rs2.5bn in increasing its inventory by around 500 rooms. (BS)

Future Group’s Kishore Biyani has joined the race to take over the assets of cash-strapped Vishal Retail Ltd. (BS)

SpiceJet plans to order 30 Boeing aircraft for US$2.7bn, which will be delivered between 2014 and 2018. (BS)

Opto Circuits has fully acquired US-based Unetixs Vascular Inc for a cash consideration of around US$9.7mn. (BL)

Century Textiles and Industries received shareholders permission to re-enter shipping business. (ET)

Kingfisher Airlines has sought a two-year moratorium on all its loan repayments. The airline has also decided to convert Rs4bn worth unsecured loans and preference capital from the UB group into equity during this financial year. (FE)

RBI revised it’s GDP forecast for India from 8% to 8.5%. (BS)

In its first quarterly monetary policy review for FY11, RBI lifted the repo rate by 25bps to 5.75%, and the reverse repo rate by 50bps to 4.5%. (BS)

The RBI discussion paper on banking licences is expected to refrain from taking a firm view on the possibility of permitting industrial houses and corporates to float banks. (FE)

India has signed five agreements with Myanmar to invest in sectors such as agriculture, live stock development, fisheries, mining, construction, engineering and power generation in that country. (FE)

The government is likely to ask all departmental enterprises and agencies, such as the National Highways Authority of India (NHAI), to dispense with the system of tender-based appointment of internal auditors. (BS)

The Government has said that GSM operators owe Rs 4.5bn in the form of outstanding payments and charges towards spectrum and licence fees as on March 31, 2010. (BL)

Oil companies will pay an interim price of Rs 27 per litre for ethanol, which they will buy from the sugar mills for doping in petrol. (FE)