Daily News Roundup - May 26 2011

Income-Tax Department has slapped an additional demand of Rs5.47bn on DLF. (BL)

Wipro’s infrastructure engineering division has tied up with EADS’ subsidiary to manufacture engineered components for the aerospace and defence sector. (ET)

RIL to be free to price gas for non-core users. (ET)

DLF has appointed advisers to prepare a strategy for sale of its hotel portfolio. (BS)



DLF has said it will increase prices of its properties in selective locations to minimize the impact of rising input costs. (BS)

TCS has tweaked its management structure by creating eight stacks of related operating units and reducing the number of direct reports to the CEO. (BS)

Land acquisition problems and delayed forest clearances have held up 120 proposed transmission projects of PowerGrid and several state utilities. (ET)

Rising coal prices may derail GVK’s Hancock bid. (ET)

Bank of India's board has approved the proposal to raise funds of ~Rs77bn by issuing 180mn fresh shares. (BS)

Kotak Mahindra Bank has raised fixed deposit rates by upto 50 bps on select maturity. (BS)

Glenmark has entered into an agreement with Triax and Astellas to resolve a patent infringement case in US. (ET)

Crompton Greaves to set up Rs1.35bn transformer unit in Brazil. (BL)

IOB ropes in E&Y to evaluate setting up software subsidiary. (BL)

Godrej Appliances is planning to set up its third manufacturing plant in south India. (BS)
Economy Snippets

Telecom Department wants space spectrum to be made available only to a clutch of licensed users through the competitive bidding route. (ET)

Trai has asked DoT to give license-wise reasons for considering only 15 cases out of 69. (ET)

The RBI has asked banks not to extend loans against Indian depository receipts issued by foreign companies. (BS)

The government is set to end the reservation currently available for public sector companies in allocation of mines. (BS)