Daily News Roundup - Aug 18 2010

The government has told Cairn Energy that its deal with Vedanta Resources will go through only after a formal proposal to the government is made and all clearances are obtained. (BS)

Mahindra Satyam has won its tax dispute with Upaid after the Supreme Court of the State of New York gave a favorable decision. (BS)



ADAG is close to acquiring a 26% stake from Indiabulls Financial Services in Indian Commodity Exchange. (BS)

TCS said it may double its workforce in China over the next year. (ET)

HPCL is looking at buying fuel retail assets of Royal Dutch Shell in Africa. (ET)

Suzlon may set up plant to produce rotor blades in Brazil. (ET)

Cox & Kings Ltd issued Global Depository Receipts (GDR) at Rs569.20 per share yesterday, amounting to US$65mn. (BS)

Strides Arcolab is understood to be firming up plans to raise around Rs4.5bn through a QIP issue. (BS)

Ennore Port Ltd is planning to raise around Rs4bn through private placement of shares to part finance expansions. (BS)

Crompton Greaves said that its subsidiary, CG Holdings Belgium, has entered into a MoU with the EIC Group of Saudi Arabia to set up a second JV to consolidate its business in the EPC segment in West Asia. (BL)

In a bid to cash in on the growing demand for data hosting from the enterprise segment, Bharti Airtel is investing close to Rs5bn for ramping up its data centre business. (BL)

Bharti Airtel plans to invest US$10mn in its newly acquired telecom network in Seychelles. (FE)

Coal India Ltd seems to be closing in on acquisition of three coal mines in Australia, Indonesia and the US. (BL).

Government plans to sell a part of its stake in MMTC through follow-on public offer in the current fiscal. (ET)

RPG Life Science has launched its third vertical, Impulse, to focus on the growing cardio metabolic segment of pharmaceutical business. (ET)

TVS Motors plans to spend as much as Rs1.5bn to add capacity and develop new products. (ET)

Zylog Systems India has launched the wi5 IBS in Tamil Nadu, Andhra Pradesh and Karnataka. (FE)

Dhanlaxmi Bank is planning to raise the number of ATMs to 1,000 in this fiscal. (FE)


The country’s exports rose 13.2% last month to US$16.24bn, compared to US$13.62bn in July last year, but lower than US$19bn in July 2008. Imports, meanwhile, jumped 34.3% to US$29.17bn in July, compared to US$19.62bn in 2009-10. (BS)

Government may allow higher foreign investment in Asset Reconstruction Companies (ARCs). (ET)

The government has allowed export of cotton with effect from October 1 without the required licences. (BS)

Cement prices in Andhra Pradesh, in particular, and southern markets, in general, continue to be on the lower side due to increased supply and slow pick-up in demand. The price range of cement now is between Rs 135 and Rs 160 a bag (ex-godown).(BS)