Daily News Roundup - Aug 13 2010

M&M named lead bidder for SsangYong. (ET)

Maruti to launch automatic transmission variant A-Star. (ET)

RBI approves merger of BOR with ICICI with effect from August 13, 2010. (ET)



Parliament approved a bill for the government to reduce its holding in SBI to 51% and help it raise capital. (ET)

The SBI top management has signalled that a hike in the prime lending rate (PLR) was round the corner. (BL)

ONGC proposes to invest Rs6.5bn to set up a wind power project in Rajasthan. (ET)

Vedanta in talks to buy into Cairn India to fuel new business. (ET)

BHEL to invest over Rs5bn to set up 2 manufacturing units. (ET)

NMDC is looking at partnering with Japan-based Kobe Steel for acquiring stake in an iron ore project in Australia. (ET)

Tata Steel raised US$350mn in debt for working capital. (ET)

The telecom regulator said mobile number portability (MNP) will be implemented nationwide from Oct 31. (ET)

IOC plans to set up a Rs28.5bn coker unit at Haldia refinery. (BL)

Mr Atul Sobti said he was stepping down as CEO and Managing Director of Ranbaxy Laboratories because of differences with the management. (BL)

R-Power plans 25% stake sale to raise Rs90bn. (BS)

NMDC has acquired the entire private land required for its proposed Rs150bn steel plant at Jagdalpur, headquarters of the Bastar division. (BS)

Tulip Telecom Ltd will invest ~Rs4bn in FY11 to set up telecom infrastructure. (ET)

Bharati Shipyard plans to invest Rs2bn for the expansion of its Dabhol and Mangalore shipyards. (ET)

Nagarjuna Construction has bagged orders worth ~Rs7bn. (FE)

TVS Motor will bring back the Flame, the 125 cc motorcycle that was at the centre of a patent litigation between the company and Bajaj Auto two years ago. (BL)

IDBI Bank has increased retail deposit rates by 25-75 basis points across different maturities. (BL)

Indian Overseas Bank (IOB) is targeting 15% growth in deposits in the Thiruvananthapuram region, in the short-term, over the March 31 level. (BL)
Food inflation shot up again to double digit at 11.40%. (FE)

June IIP at 7.1% is below estimates. (ET)

Indirect tax collections in the first four months (April-July) of this financial year jumped 46% to Rs962bn. (BS)