Daily News Roundup - Aug 30 2010

Tata Motors has entered into an understanding with IndusInd Bank for financing its range of passenger vehicles. (BL)

GMR Infrastructure said it has withdrawn a proposal to raise Rs50bn by issue of securities. (BL)



Borosil has sold its 18 acre industrial plot in Mumbai for Rs8.3bn. (BL)

Royal Enfield, a unit of Eicher Motors, is planning to double annual capacity to 0.1mn units in 2-3 years. (BL)

Power Grid is among the three firms shortlisted by Nigeria to manage electricity grid to be constructed at a cost of US$3.5bn. (BS)

Lupin’s generic tuberculosis drug ethambutol tablet has been included by the WHO in the list of pre-qualified medicines. (BS)

ABG Shipyard sold a 4.7% stake in Great Offshore for Rs645mn through open market transactions. (BS)

HPCL plans to sell 23% of its stake in HPCL-Mittal Energy through an initial public offer. (BS)

Cairn India is looking at an incremental output of 300mn barrels of oil a day from its oil fields in Barmer, Rajasthan. (BL)

DB Realty is in talks with private equity firms for selling 20% stake in its Bandra Government Colony project. (DNA)

Tata Steel has signed a MoU with Thailand’s Sahaviriya Steel Industries, setting the scope of a possible deal for sale of its Teesside Cast Products facility for around US$500mn. (DNA)

Rcom is planning to rope in strategic partners for its infrastructure and technology innovation unit for 3G business and is in discussions with global players like Motorola and HP. (FE)

HPCL to add another 800 retail outlets in the next few months, taking its total fuel dispensing stations to 10,100. (FE)

Nocil to go ahead with Dahej project, will invest Rs 2.5bn. (ET)

Oil India is likely to form a joint venture with a US-based shale gas company to acquire shale gas assets globally. (ET)

Government may cut the size of rights issue sought by SBI for raising Rs200bn. (BS)

PFC to divest up to 20% stake through public issue. (BS)

SCI is likely to launch its FPO in December offering a 20% stake. (BS)

HCL Infosystems to invest Rs3bn over three years. (BS)

TCS signs Rs1.3bn e-gov contract with MP govt. (BS)

Indian economy is likely to clock a growth rate in the range of 8.9% to 9.4% in Q1 FY11, almost the pace recorded three years back. (TOI)

Key infrastructure industries (core sector) registered a sluggish growth of 3.9% in July. (TOI)

Finance Ministry rejects demand for hike in iron ore export duty. (BS)

Govt to allow export of surplus cotton only. (BL)

Tea imports to India fell by 10.9% to 9.2mn kg in the first six months of the current year. (BS)

Pulses prices to fall below Rs 60/kg on higher output. (BS)

Oil companies set to hike petrol prices by up to 70paise/litre (ET)

Shale gas exploration acreages to be available from next year (BS)