Daily News Roundup - Aug 3 2010

Maruti Suzuki has raised prices of all its models, except Alto, by up to Rs7,500 owing to sharp increase in its input costs. (ET)

L&T has secured an order worth Rs65bn from Jaiprakash Power Ventures for a 1,980MW power plant in Uttar Pradesh. (ET)



BHEL expects to outstrip its revenue target for 2012 and become an Rs500bn company. (BL)

Tata Steel has suspended work on Mount Nimba, West Africa’s largest iron ore deposit due to an environmental report from United Nations Educational, Scientific and Cultural Organisation. (BS)

The Lok Sabha passed the State Bank of India (Amendment) Bill 2010, which seeks to, among other things, reduce the statutory minimum shareholding of the Central Government in the bank to 51% from the current level of 55%. (BL)

Emaar MGF Land plans to cut its initial public offering (IPO) to about Rs20bn, half the size it announced earlier this year. (BS)

Adani Enterprises is likely to buy Australian firm Linc Energy's coal assets in Queensland for about Rs42bn. (ET)

NTPC has set a target to install 128,000 megawatts of power generating capacity by 2032. (ET)

Everonn Business Education Limited (EBEL) is planning to open 500 Indigrow Institute of Professional Studies (IIPS) centres by 2015 with an investment of Rs10mn in each centre. (BS)

Bilcare is set to buy the plastic film-making unit of petrochemical company INEOS for Rs6.07bn. (ET)

Aurobindo Pharma received approval from the US Food and Drug Administration to sell generic ulcer medicine ranitidine syrup in the US market. (ET)

Mcleod Russel has decided to set-up a blending unit in Dubai which would cater to the global market requirements. (ET)

HCL Tech has bagged order worth Rs10bn from the Madhya Pradesh government to set-up food coupon based targeted public distribution system. (ET)

PFC is likely to approach the government for fresh equity issuance. (ET)

REC to borrow upto Rs280bn including US$1bn external debt for funding power projects. (ET)

Corporation Bank has raised its prime lending rate by 50bps to 12.5% effective from August 2, 2010. (ET)

Videocon is setting up a TV manufacturing unit at Manamadurai in Tamil Nadu with an investment of Rs15bn. (ET)

McLeod Russel is planning a blending facility in Dubai to cater mainly to West Asian and Commonwealth of Independent States (CIS) markets that prefer standardised multi-origin blend. (BL)

Deep Industries has received a hiring services contract worth Rs115mn for a period of five years at a property run by ONGC. (ET)

M&M sales volumes for the month of July were up 24.3% at 28,049 units. (ET)

India's defence forces will soon have a pan-India wireless broadband network. (ET)

India's exports for the month of July rose 30% to US$17.7bn, imports were up 23% yoy at US$23.8bn (ET).

The Supreme Court has asked private telecom companies, which are members of the Cellular Operators Association of India, to submit their revenue sharing details to the Comptroller and Auditor General (CAG) within two weeks. (BL)