Daily News Roundup - May 24 2011

The government is likely to divest 5% equity in BHEL as part of the exercise to raise Rs400bn from disinvestment during the current financial year. (BS)

Aditya Birla, JSW Steel, and Jindal Steel and Power are among firms shortlisted to bid for Australian coal explorer Bandanna Energy as part of a sale. (BS)

BHEL’s Bangalore-based Industrial Systems Group (ISG) has bagged Rs391mn orders from Tata projects. (BL)



Indian Oil Corporation inaugurated their Lube Oil Base Stock facility at their Tondiarpet plant. (BS)

Indian Oil Corporation has begun with the process of automation of its retail stations in the country to improve services. (BS)

Sesa Goa it is yet to receive an investigation report from corporate fraud probe body SFIO. (BS)

The Supreme Court refused to vacate the Bombay High Court order, which restrained Cadila Healthcare from making and selling hemoglobin enhancing drug 'Hb Tone' for trade mark infringement, as alleged by a local manufacturer. (BS)

Aurobindo Pharma has received a warning letter from the US health regulator with regard to its antibiotics manufacturing unit in Hyderabad. (BL)

Mahindra Satyam will hire nearly 17,000 people this fiscal as business sentiment improves for the country's IT industry. (BS)

Satyam Computer Services has approached the government, seeking denotification of its special economic zone at Visakhapatnam following transfer of land to Indian Navy. (BS)

Bajaj Electricals is upbeat on its engineering and projects business and is eyeing Rs10bn from this segment. (BS)

Pratibha CRFG JV, a joint venture between Pratibha Industries and China Rail First Group has bagged Rs4.67bn order from Delhi Metro Rail Corporation. (BS)

Jubilant Life Sciences has re-paid nearly Rs9bn ($202mn) for redemption of outstanding overseas bonds. (BS)

Hinduja Group is keen to venture into the aerospace business and will make an announcement over the next three months. (BL)

Super Religare Laboratories (SRL), part of the Fortis Healthcare group, has withdrawn its IPO prospectus filed with market regulator SEBI due to a change in the shareholding pattern of the company. (BS)

Yash Birla Group has entered into the infrastructure space, after acquiring Kolkata-based Aircon Engineering Services. (BS)

Gujarat NRE Coke's Australian subsidiary, Gujarat NRE Coking Coal will increase production to 2.5mn tons by March 2012 from the current 1.5mn tons. (BS)

Core Projects & Technologies is set to acquire UK-based educational consulting services firm ITN Mark for about US$25mn. (ET)

JB Chemicals & Pharma is selling its overthe-counter business in the erstwhile Soviet region and three brands in India to Johnson & Johnson for RS11bn. (ET)
Economy Snippets

The finance ministry is seeking expeditious auction of spectrum in the hope that a windfall like last year will bail it out of the difficult fiscal situation it has landed in early on in the financial year. (ET)

The I&B Ministry has endorsed recommendations of the Telecom Regulatory Authority of India to raise the FDI ceiling for DTH TV, internet protocol TV and teleport to 74% from 49%.(ET)

The government is formulating a policy to "pool" international and domestic coal prices in order to ensure uniformity in the rates of the essential raw material across the country. (BS)

The government has eased rules for incorporating not-for-profit companies, by giving the Registrar of Companies the power to directly issue licences. (BS)

A Reserve Bank of India panel suggested a new Financial Holding Company (FHC) structure to allow business conglomerates to operate banks, insurance companies and NBFCs as subsidiaries through an umbrella organisation. (BL)

The government will take a final view on lifting the export ban on wheat and non-basmati rice after assessing foodgrains requirement under the proposed National Food Security Act. (BS)