Daily News Roundup - Oct 13 2010

Coal India IPO price band has been fixed at Rs225 and Rs245 per share. The company plans to mop between Rs142bn and Rs155bn from the IPO proceeds. (BS)

Tata Motors has successfully completed its qualified institutional placement of shares aggregating US$750mn. (ET)



Bajaj Auto said it has hiked the prices of almost all of its models by up to 2% with effect from October 1. (ET)

Axis Bank has received RBI nod to set up a subsidiary in the UK. It has also got the central bank's permission to upgrade its presence in Shanghai from a representative office to a branch. (BL)

Cairn India Ltd raised Rs22.5bn through sale of bonds. (BS)

Jaiprakash Associates has entered into an agreement with M/s Dighi Port Limited for setting up a port based cement grinding plant in Kutch district, Gujarat. (BS)

Lanco Infratech said its arm Lanco Kondapalli Power Pvt Ltd has received loan worth Rs18.3bn from a consortium of banks and financial institutions. (FE)

Dr Reddy's Laboratories is facing a patent infringement law suit filed by Eli Lilly in a US court on its Abbreviated New Drug Application (ANDA) on generic version of Gemzer (gemcitabine). (BL)

Dabur Ltd’s Dubai subsidiary has completed the acquisition of Turkey’s leading personal care products company, Hobi Kozmetik. (BL)

Punjab National Bank said it hopes to complete the acquisition of the Kazakhstan-based Dana Bank by the end of current fiscal. (FE)

Fortis Healthcare to acquire key subsidiaries of Hong Kong-listed Quality Healthcare Asia for ~Rs8.8bn (HK$1,541mn). (BS)

The US-based global pharmaceutical giant Pfizer Inc has filed a second suit against Lupin in US. (FE)

Shipping Corporation of India filed the DRHP with the SEBI for raising Rs13bn. (FE)

Core Projects and Technologies has joined hands with Gujarat Knowledge Society to impart job-oriented skill up-gradation courses to students from various disciplines in colleges across Ahmedabad and Surat districts. (BS)

Suzlon plans to raise upto Rs50bn from the secondary market and also increase its borrowing limit to Rs100bn. (BS)

Educomp Solutions announced that it has inked an agreement with Chinese firm China Distance Education Holdings, through its Singapore subsidiary AsknLearn. (ET)

LIC HFL Financial Services, a subsidiary of LIC Housing Finance, has on tied up with United India Insurance for distribution of non-life products of the latter. (BS)

Diamond Power Infrastructure said that it entered into an agreement with Skoda (India) (SIPL) and Schaltech Automation (SAPL) for execution of contracts in the power transmission distribution business in India up to 400 kv. (ET)

IIFCL issued sanction letters to Union Bank of India for its first ever takeout finance transaction. (BL)

TT Logistics has announced the launch of its custom-bonded trucking division. The company proposes to invest around Rs200mn in the new venture. (BS)

Vivimed Labs has received in-principle approval from the Union ministry of commerce and industry for a sector-specific special economic zone in Srikakulam district of Andhra Pradesh. (BS)


IIP for the month of August, 2010 slipped to a 15-month low of 5.6% yoy, partly on account of a decline in capital goods output and effect of a high base. (BL)

IRDA may not be able to force promoters of insurance companies to proportionately dilute their stakes in case of an initial public offering as there is no legal provision that empowers the regulator to interfere with shareholder agreements. (BL)

The Union government has threatened to cancel coal block allocations to eight companies. (BS)

The government is likely to announce the relaxation norms regarding contiguity of the large-scale special economic zones in the next meeting of the Board of Approval on October 21. (BS)

The commerce ministry has suggested its finance counterpart to impose anti-dumping duty of up to $547 per tonne on import of phenol from Japan and Thailand. (ET)