Daily News Roundup - Aug 10 2010

BHEL has bagged a contract worth Rs25.3bn from Abhijeet Infra Ltd for setting up a 1,080MW thermal power plant in Jharkhand. (BL)

Glenmark has entered into a settlement agreement with US-based Sepracor on a patent litigation suit related to the generic versions of insomnia drug eszopiclone. (BS)



Areva T&D has bagged a contract worth Rs1.1bn from Power Grid Corporation of India Ltd to set up a 765 KV extra high voltage substation. (ET)

Bajaj gears up to launch high-end Pulsars next year. (BS)

Britannia Industries Ltd will invest around Rs800mn in expanding bakery capacity at existing facilities and setting up a new unit this fiscal. (BL)

SAIL has commissioned its Rs0.4bn unit at its Salem steel plant. (ET)

Orchid Chemicals has received US health regulator's approval to sell anti-epileptic levetiracetam tablets in the American market. (ET)

Lupin has sued Ranbaxy Laboratories, which is now controlled by Japanese drug major Daiichi Sankyo, in a US court. (BS)

SBI rights issue for Rs200bn likely in fiscal quarter ending March, 2011. (ET)

GMR Airports Holding Ltd plans to raise around US$100mn to buy out the holdings of its parent, GMR Infrastructure, in the airports business. (BS)

The first 600MW unit of Sterlite Energy’s 4X600MW power plant, with Independent Power Producer (IPP) status, at Jharsuguda in Orissa is slated to go on stream next week. (BS)

Mumbai and JNPT port terminals are likely to be shut for traffic for at least a week, as containers fell off a ship after it collided with another vessel on Saturday, blocking the ports' main channel.

Macquarie SBI Investments Pte Ltd and State Bank of India have agreed to invest Rs1.25bn to pick up 19% equity stake in a proposed 540MW thermal power project in Jamshedpur, Jharkhand promoted by Adhunik Power and Natural Resources Ltd, a subsidiary of Adhunik Metaliks Ltd. (BL)

GMR Infra has received unsoliciated offers from international investors for buying its 50% stake in overseas power firm InterGen. (ET)

UCO Bank has raised its benchmark prime lending Rate by 25bps to 12.5%. (ET)

The Union Ministry of Home Affairs has asked the DoT to direct service providers to stop the operation of all 3G mobile services across the country, "particularly in Jammu & Kashmir", till the infrastructure to enable full tapping of lines is put in place. (BS)

The government diluted the guidelines on public shareholding by lowering the minimum public float requirement for state-owned enterprises to 10% against 25% prescribed earlier. (BS)

RBI has told the government to empower a committee under the proposed Financial Stability and Development Council to handle all inter-regulatory issues and financial stability, to replace the High-Level Coordination Committee on Capital and Financial Markets, a forum for discussing and coordinating policy moves among regulators. (ET)

The government has cleared 12 proposals for FDI worth over Rs23bn. (ET)

Services exports dip 8% to US$93.7bn in FY10. (ET)