Daily News Roundup - Aug 12 2010

Reliance Industries is planning to resume the sale of treasury shares held by its Petroleum Trust. (BS)

Government has asked the Supreme Court to reject the petition of Tata Power against coal diversion by Reliance Power. (BS)



SAIL may offer Posco majority stake in JV. (ET)

NTPC signed a long-term fuel supply agreement with Singareni Collieries Company Limited (SCCL) for supply of coal to NTPC Ramagundam Super Thermal Power Station for 20 years. (BS)

M&M in pole position for Korea’s SsangYong Motors as Renault-Samsung pulls out. (BL)

PFC may diversify into power insurance, advisory and rating services business. (ET)

JSW Steel in talks with steel makers for floating a JV for acquiring overseas coking coal properties. (ET)

Ashok Leyland has bagged a US$26mn order from a Srilanka based companies for supplying 1000 buses. (ET)

Wirelss TT Infoservices, the telecom tower JV between Tata Teleservices and Quippo Telecom Infrastructure has sold nearly 11% stake to Macquire SBI Infrastructure fund. (ET)

Tata Motors electric indica, ace in Europe. (BL)

SAIL plans to revive fertilizer corp’s Sindri unit. (BL)

BPCL is working on five year strategy called ‘Dream Plan’ , targets refining capacity of 50mn tons. (BL)

Shipping Corporation of India to sale 20% stake via a follow on public offer. (BS)

Bombay Dyeing is unlikely to go ahead with the plans it had with LT to develop land in Mumbai. (BS)

Bombay dyeing to get debt free in next few years with greater focus on real estate business. (ET)

Essar Shipping would consider a proposal for the restructuring of its businesses. (BS)

Karuturi Global is planning to raise around Rs1.7bn to fund its future business growth in agriculture. (BS)

Amara Raja arm to expand power management business. (BL)

SREI Infra likely to foray into banking. (BL)

RBI paper mulls stiff bank entry norms. (ET)

Government to spend an additional Rs680bn in 2010-11 for payments including the oil subsidy and social sector schemes. (ET)