Daily News Roundup - Aug 31 2010

Reliance Industries has acquired 14.12% stake in EIH for Rs10.2bn. (ET)

NTPC has signed a MoU with Bangladesh Power Development Board for setting up two 1,320 MW each power projects at Chittagong and Khulna in Bangladesh. (ET)

Jubilant Organosys has signed a long-term contract worth US$33mn with a US life sciences company for its custom research and manufacturing services (CRAMS) business. (ET)

Reliance Communications has set up an integrated third generation innovation laboratory to develop applications for mobile services consumers. (ET)

Pharmac, a New Zealand Government drug funder, will fully fund a brand of Quetiapine drug made by Dr Reddy's Laboratories. (ET)

Videocon is in talks with foreign entities for a 26% stake-sale in its telecom subsidiary--Videocon Telecommunications. (ET)

Union Bank of India and PNB have increased their term deposit rates by up to 1% across various maturities. (ET)

Infosys is mulling an ‘extreme offshoring’ model to help reduce its dependence on H1 and L1 visas. (BS)

NTPC may offer upto 49% equity stake to Qatar Petroleum in its gas-based project at Kerala. (ET)

M&M terminates contract with US distributor for pick-ups, three days after M&M received certification from the US Environmental Protection Agency (EPA) allowing it to sell pick-up trucks in that country. (BS)

M&M plans to separate the agri business of its subsidiary Mahindra Shubhlabh Services and merge it into itself. (ET)

GMR Infrastructure plans to unlock the value of its airport land holdings by monetising them. (ET)

ONGC said that Cairn Energy Plc required its consent besides government approvals to "consummate" the proposed sale of Cairn Energy’s stake in Cairn India to Vedanta Resources. (BS)

Gitanjali Gems plans to acquire a leading Italian jewellery house by the end of next month. (BS)

NTPC is considering a ‘strategic’ tie-up with Qatar Petroleum and picking up stakes in two coal mines in Indonesia to secure fuel supply for its power plants. (BS)

Glenmark Pharmaceuticals plans to file an application to undertake Phase I trials on its prospective pain molecule GRC 17536, in January 2011. (BL)

NALCO has started the process to extend its metals business, by looking for prime buyout targets in copper, uranium and coal in Africa and Afghanistan. (ET)

NMDC and Coal India are forming a joint venture with West Bengal Mineral Development and Trading Company to acquire one of the largest coal blocks in the country having reserves of around 19bn tons. (ET)

Videocon is negotiating with foreign companies for sale of a 26% stake in its subsidiary, Videocon Telecommunications. (BS)

Dr Reddy's Laboratories Ltd has received permission to sell Quetiapine in New Zealand from Pharmac, the drug-funding agency of New Zealand Government. (BL)

Gujarat State Petroleum Corporation Limited (GSPCL) has imported its fourth LNG cargo under the short term supply contract with Spanish company Gas Natural. (BS)

With Cairn Energy Plc voluntarily offering to meet government conditions, the Oil Ministry may find it difficult to nix its deal to sell majority stake in Cairn India to Vedanta Resources. (ET)

HUL is repositioning its staples brand Annapurna on the health platform by taking the fortification route. (BS)

The Power ministry has favoured allocation of the bulk of new natural gas output from fields like those of Reliance Industries to Reliance Power's Samalkot expansion unit in Andhra Pradesh. (ET)

The government plans to roll out the new Direct Tax Code (DTC) from April 1, 2012. (ET)

The Direct Taxes Code Bill has proposed to retain the current tax system of exemptions for SEZ notified till 2012 but imposed a 20% minimum alternate tax. (ET)

The proposed increase in exemption limits in the Direct Taxes Code (DTC) Bill will benefit an overwhelming 96% of taxpayers, who earn less than Rs0.5mn p.a. (ET)

The telecom department has turned down the armed forces demand for a permanent waiver of spectrum charges on all airwaves used by the three services, Army, Air Force and the Navy. (ET)

India will soon implement the free trade agreement (FTA) in goods with two more Asean countries -- Indonesia, Cambodia. (ET)