Daily News Roundup -Aug 2 2010

Bajaj Auto reported a 66% jump in motorcycle sales to 2,79,781 units in July, it sold 1,68,163 units in July last year. (BS)

Tata Motors reported a 41% increase in vehicle sales to 67,799 units in July, 2010, compared to 48,054 units in the same month of the previous year. (BS)

TVS Motor sales increased by 35% to 1,63,106 units in July, 2010 as compared to 1,20,944 units in previous year. (BS)



Maruti Suzuki plans to launch CNG version of Alto, Estilo, WagonR, Eeco and SX4 in a single day in the second week of next month. (BS)

Ashok Leyland is planning to invest around Rs20bn over the next two years, both at its existing plants and in joint ventures. (BS)

Ashok Leyland entered into an agreement with UK-based bus manufacturer Optare to acquire a 26% stake for a consideration of US$7.5mn. (BS)

Crompton Greaves has offered US$400mn for the transformer division of the US-based Emerson Electric Company. (BS)

Bank of Baroda and Kotak Mahindra Bank announced increase in fixed deposit rates in the range of 25-50 bps and 25-100 bps effective from August first week. (BL)

Punjab National Bank hiked its lending rate by 75bps to 11.75%, effective from August 1, 2010. (TOI)

HCC arm, Lavasa Corporation plans to raise up to Rs20bn through an IPO. (BS)

Lupin is looking to invest Rs4.5bn on capacity expansion, ramping up sales force and launching new products in 2010. (DNA)

ICICI Bank, StanChart penalised for violation of banking norms. (BS)

US FDA approves two drugs taking Strides Arcolab tally of approved injectables to 12. (BL)

Strides Arcolab to raise US$200mn for debt recast and refinance payout. (ET)

HDIL, as part of its Mumbai International Airport rehabilitation project, has acquired a 11-acre parcel at Mahul in Mumbai for Rs1.5bn. (DNA)

Qualcomm agrees to sell 26% stake in its broadband venture to Global Holdings and Tulip Telecom, for about US$58mn. (BL)

Union Bank of India plans to set up a banking subsidiary in Britain as part of plans to expand its international business. (BS)

Tata Power, Deepak Fertilisers and Mahanagar Gas are among the companies that will get ONGC's western offshore gas at US$5.25/mBtu. (BL)

The Unique Identification Authority of India selects three consortia led by Accenture, Mahindra Satyam-Morpho, and L1 Identity Solutions, to implement the core biometric identification system for the ‘Aadhaar' project. (BL)

National Aluminium and Industrial Infrastructure Development Corporation have launched a JV company to set up an aluminium park at Angul. (BS)

Future Group may hive off financial service business. (ET)

Lanco Infra to add 2,400MW of capacity by this fiscal. (BL)

SC declines to stay a Bombay High Court order which had directed Kingfisher Airlines to co-operate with an anti cartelization probe by fair trade regulator CCI. (ET)

Promoters of Inox Leisure are not considering the sale of their stake in the company to Reliance Media Works. (ET)

PFC plans to form JV with NTPC, NHPC and PowerGrid to offer financial and technical support services to projects in India and abroad. (BS)

Adani Power successfully synchronises the third unit of 330MW at its Mundra with the grid. (BS)

Hinduja Global is aggressively looking at customer relationship management companies, both within the country as well as abroad, for acquisitions. (BS)

IL&FS Investment Managers, the PE arm of IL&FS group, plans to acquire Saffron Asset Advisors. (BS)

VIP Industries has reduced its debt significantly from Rs1.37bn in FY10 Rs400mn at the end of Q1 current fiscal. (ET)

Coal India plans to come out with its IPO between October 18-21. (BS)

R-ADAG is close to a deal with Universal Studios, US to build a US$1.5bn, 400-acre theme park and resort. (BS)

Indiabulls Infratech has bagged the 2.4 acre South Mumbai property of National Textile Corporation's Poddar Mill for Rs4.7bn. (BL)

The Centre's fiscal deficit fell by 68% to Rs401.96bn during the April-June period year-on-year, on increased revenue receipts from the auction of 3G spectrum. (BS)

Government’s tax collections rose 28.6% yoy in Apr-Jun, the first quarter of 2010-11. (DNA)

Foreign Exchange Reserves rose by US$1037mn to US$282.9bn in the week ended July 23. (ET)

The RBI and SEBI have decided to allow recognised stock exchanges to introduce plain vanilla Currency Options on US dollar/rupee exchange rate for residents. (BL)

State-owned oil firms raise ATF prices by 2.7%. (FE)

The Union Cabinet approved release of Rs48.68bn as interest subvention to public sector banks, Regional Rural Banks and cooperative banks. (BL)

Units located in SEZs are likely to retain the income tax concessions even after introduction of the Direct Taxes Code. (BS)

Action will be taken against insurance companies violating the terms of cashless health insurance policy for consumers, said IRDA. (BL)