Daily News Roundup - Oct 19 2010

Biocon has entered into a US$350mn strategic alliance with drug-major Pfizer for marketing Biocon’s insulin products. (ET)

Lavasa Corporation, a subsidiary of HCC Ltd, has inked a memorandum of understanding with MGM Studios to set up a theme park in Lonavala, 45 km from Pune. (BS)



Reliance Industries’ four gas pipelines, which were scheduled to be completed by 2012, are likely to be delayed. (BS)

Reliance Industries plans to actively bid for oil and gas exploration blocks, including nine new areas, being auctioned by the government. (BS)

The Supreme Court extended the stay on closure of Sterlite Industries' copper smelting unit at Tuticorin in Tamil Nadu till the second week of December. (BS)

Emami will nationally roll out a new soap and skin creams within a month to strengthen its portfolio ahead of winter, a crucial period for the personal care and healthcare major. (BS)

The board of Emami group has approved a plan to raise up to Rs50bn through debt and equity dilution. (ET)

Standard Chartered has increased its holding in Standard Chartered-STCI Capital Markets to 100% by acquiring the remaining 25.1% stake from its local partner, the Securities Trading Corporation of India (STCI). (BS)

Reliance Communications (RCom) added 2mn wireless subscribers in September, taking its total customer base to over 117mn. (BS)

McNally Bharat has won an order worth Rs212mn from Essar Projects. (ET)

Adani Enterprises will invest US$6.9bn in developing its recently acquired Australian coal mines. (FE)

Bharat Forge Ltd with diverse business interests is now aiming to get into coal mining and, subsequently, the power generation business. (BL)

Steel Strips Wheels has bagged an export order worth Rs1.5mn to supply 400 truck trailer wheel rims to a customer in the Middle East. (ET)

Rico Auto to invest Rs850mn over the next two years in setting up three new plants. (ET)

IndusInd Bank has entered into a tie-up with Moscow-based commercial bank JCB Unistream for India bound remittances. (ET)

State Bank of Bikaner & Jaipur has unveiled its plans to raise Rs8bn from rights issue. (ET)

The government has initiated investigations on a petition to impose anti-dumping duty on polypropylene imports from Korea, Taiwan and the US. (BS)

The housing regulator plans to tighten the rules governing affordable housing as it looks to ensure that projects built on subsidised priority loans are actually delivered. (ET)

An environment ministry panel is due to report the impact of a US$12bn steel plant to be built by POSCO. (ET)

The government said it would not free diesel prices from its control in hurry as the move would lead to sharp rise in price of fuel most used in the transport sector. (FE)