Daily News Roundup - July 9 2010

R-Power raises Rs131bn debt for Andhra UMPP. (BS)

Bajaj Auto and the Renault-Nissan alliance today signed a MoU to produce the ultra-low-cost car which is likely to hit India and overseas market by 2012. (BS)

Bharti Airtel will expand its submarine cable offerings globally to target business opportunities in over 100 countries by 2013. (ET)

United Spirits to host seven fashion tours across India. (BS)

Jindal Power Limited, a subsidiary of JSPL, has decided to change the site of its proposed 1,320MW power plant in Angul district to avoid use of irrigated land for the project. (BS)

L&T Infrastructure Finance Company, a subsidiary of L&T, received the status of ‘Infrastructure Finance Company’ from RBI. (BS)

IOC said there will not be any revision in the oil price hike if global crude oil prices do not fluctuate wildly. (ET)

Axis Bank looking to sell all its 4,200 ATMs to third-party service providers. (BS)

Power Trading Corp is in talks with private equity fund SAIF Partners to sell up to 11% in unlisted unit PTC Financial Services (PFS). (ET)

Suzlon Energy has got an order from HPCL for a 25.5MW wind power project at Akal in Jaisalmer district of Rajasthan. (BL)

Godrej Consumer Products has completed the acquisition of Argentinian hair care company Argencos for an undisclosed amount. (ET)

Top managers from the private sector may soon be invited to apply for running state-owned telecom companies BSNL and MTNL. (BS)

HCL Infosystems acquires 60% stake in Dubai-based IT services and solutions company, NTS Group, for an estimated US$6.5mn. (BL)

The Network 18 Group is creating two new listed entities to simplify its holding structure and realign its businesses into broadcast and emerging media. (BL)

Jubilant Organosys demerges non-pharma business. (BL)

Titagarh Wagons acquired an ailing French freight car and rolling stock manufacturing company for Euro12.5mn. (BL)

Biocon plans to launch drugs in eye-care segment. (BL)


CCEA has granted a 3-year drilling moratorium to 30 deepwater block production-sharing contracts (PSCs) signed under various rounds of exploration till the fifth round of NELP, where drilling commitments are pending as on January 1, 2009. (BS)

The rate of wholesale food inflation fell for the second consecutive week to 12.6% for the week ended June 26. (BS)

India to grow at 9.5% in 2010, says IMF. (BS)

Passenger vehicles to register 12-13% growth in 2010-11, as per Siam. (BS)

Centre to award 100MW solar projects by August. (BS)

Imports of telecom equipment into India could face further delays as the Centre has just expanded the list of ‘core equipment’ that will now require mandatory security clearance. (ET)

Government will spend around Rs1.2bn in the next two years for an ambitious healthcare programme to prevent, detect and control the spread of cancer, diabetes, heart ailments and stroke. (ET)

National Bank for Agriculture and Rural Development will refinance crop loans worth Rs400bn in the current fiscal. (ET)

The government said that Indian accounting standards will converge with International Financial Reporting Standards (IFRS) by 2011, even as issues like fair value and depreciation are being ironed out. (ET)