Daily News Roundup - July 5 2010

Shareholders of RNRL will get one share of Reliance Power for every four shares held by them, the board of directors of both the companies decided, while approving the merger of RNRL with RPower. (BL)

Ranbaxy Laboratories transfers its research division for new drugs to Japan’s Daiichi Sankyo. (ET)

Tata Motors' CV sales rise 33% YoY in June. (BL)

Reliance Power is likely to apply to the government for allocation of natural gas. (BS)

GAIL (India) is in the process of laying a 2,500km natural gas pipeline covering Karnataka, Kerala, Tamil Nadu and Maharashtra at a cost of Rs100bn. (BL)

Uflex is all set to make forays into Africa with its state-of-the-art plant in Egypt starting production this month. (ET)

Glodyne Technoserve has completed the acquisition of the US-based technology company DecisionOne from its shareholders for US$104mn.(ET)

Strides Arcolab has convened an extra-ordinary general meeting on July 23 to seek approval from shareholders for raising equity worth nearly US$100mn. (ET)

Crisil has upgraded the debt instruments of ICICI Bank to ‘stable’ from ‘negative’. (ET)

SREI Infra in talks to raise PE fund up to Rs46bn. (BS)

Marico to rejig Kaya Clinic outlets to cut losses. (BS)

General Motors plans to file its nearly US$20bn IPO in mid-August. (BS)

The RBI hikes reverse repurchase rate to 4%, from 3.75% and Repurchase rate is increased to 5.5%, from 5.25%. (ET)

Prime Minister Manmohan Singh says the government is working towards a regulatory and policy framework, which will be attractive enough to absorb investments worth US$120bn in the aviation sector by 2020. (BS)

The Finance Ministry indicated that the revised Direct Taxes Code draft may stick to denying tax sops to special economic zones. (BS)

Mutual funds industry witnesses the worst ever fall in assets under management in June 2010. (FE)