Daily News Roundup - Nov 9 2010

Reliance Industries telecom arm, Infotel is in talks to borrow an additional US$1.5bn to fund roll out of operations and buying equipment. (ET)

Glenmark Pharmaceuticals is close to becoming the first Indian company to develop an original novel chemical entity (NCE) to treat diseases. (BS)



Indian Oil Corp has hiked petrol prices by Rs0.32 per litre with immediate effect. (BS)

Power Grid sets US$27bn capex target for 2012-2017. (ET)

Glenmark Pharma partners – US based Napo Pharmaceuticals and Salix Pharmaceuticals have completed phase –III trials for the Crofelemer drug in US. (ET)

GVK Power and Infrastructure has signed an agreement with 3i India Infrastructure Fund, to raise about Rs12bn, offering a 21.1% stake in GVK Energy Ltd, a wholly-owned subsidiary of GVKPIL. (BL)

Amara Raja Power, a subsidiary of the Amara Raja group, launched a swift battery charger, offering a comprehensive power solution which reduces turnaround time to just four weeks from three months. (BS)

ONGC, GAIL, SAIL, and Indian Oil Corporation are among the companies which have been invited by NTPC Vidyut Vyapar Nigam to submit bids for developing solar projects under the first phase of the National Solar Mission. (BL)

Hindalco Inds. has stopped copper cathode production at its Dahej plant in Gujarat due to the breakdown of cooling tower of Sulfuric Acid Plant- 3 of the copper plant. (BL)

Vedanta Resources is facing hurdles to raise funds for its US$9.6bndeal to acquire Cairn India. (FE)

HCL Technologies has signed a deal with Novotech to enter life sciences market in Australia. (FE)

Titan set to add 100 stores in three years. (FE)

Timex plans to bring in more luxury brands to India. (FE)

Coal India will enter MSCI indices, including the MSCI India, from November 22. (BS)

The Company Law Board has allowed IL&FS-owned Maytas Infra to induct on its board four nominees of Saudi Arabia-based real estate company Saudi Bin Ladin Group. (BS)

India and the US are working to jointly set up a US$10bn infrastructure debt fund to finance large road, port and railway projects through public-private partnership. (BS)

The government has disbursed agricultural credit of Rs897bn in the quarter ended June — 24% of the target of Rs3.8tn for the financial year. (BS)

The Reserve Bank of India has called for ‘clear demarcation’ of responsibilities of various regulatory authorities, even after the government settled for a watered-down version of the proposed Financial Stability and Development Council (FSDC) following its objections. (BS)

The state steel and mines department has targeted to renew 150 cases within the next 12 months. (BS)

CAG (The Comptroller and Auditor General of India) submits report on 2G auction to finance ministry. (FE)