Daily News Roundup - June 1 2011

Coal India has shot down the Adani Group’s proposal to form a JV for exploiting the group’s newly acquired coal mines in Australia. (ET)

Oil India plans to spend about US$1bn to acquire oil and gas producing blocks abroad in the next couple of years. (ET)

With global copper prices expected to remain firm at $9,200 per tonne, Hindustan Copper has decided to speed up work on new mine development that aims to raise ore production by almost four times. (ET)



NMDC signed the contract for setting up the country's largest blast furnace with Tata Projects Ltd, Danieli Corus, Netherlands and Danieli Corus, India. (BL)

Eight months after signing a definitive agreement with the management of Canadian resources company CIC Energy to buy them out and take control of the Toronto-listed company, JSW Energy has backtracked from the $418mn deal.(BS)

NHPC plans to bring on stream 1,080 MW of hydropower by the end of the Eleventh Plan (2007-12). (BL)

Tata Steel has offloaded a 51% stake in group company, Tata Refractories, to Nippon Steels associate Krosaki Harima Corporation and inducted the Japanese firm as a strategic partner. (ET)

TCS said Ahli Bank QSC (Qatar) has selected its universal banking suite for its brokerage operations in Qatar. (BL)

RCOM said it has received several offers for a controlling stake in its tower arm on Tuesday. (ET)

Omaxe will raise Rs3bn of fresh debt for new projects this year, while repaying loans worth Rs6.27bn. (ET)

Havells will start selling small home-andkitchen appliances from July. (ET)

Aditya Birla Retail, the retail arm of the Aditya Birla Group, is considering to enter specialty retail segment, even as it plans to add over 160 new stores under its ‘more’ brand this fiscal at an investment of Rs3bn. (ET)

IL&FS Financial Services, investment banking subsidiary of IL&FS, plans to raise US$5bn through debt and equity in the next one year to fund infrastructure projects. (ET)

Lakshmi Vilas Bank and Bank of India hiked short-tenure deposit rates on Tuesday. (ET)

TVS group company Harita NTI along with its JV partner US-based Northern Technologies International Corporation have announced that they have signed a MoU with ITC to jointly develop and commercialize biopolymer paper products for consumer goods packaging market in India. (FE)

Sanofi-Aventis and Drugs for Neglected Diseases initiative have entered into a three-year research tie up to discover new drugs for nine neglected tropical diseases. (FE)

Sun TV Network, one of the largest TV broadcasters in the country with 20 satellite channels across four southern languages, plans Rs3Bn capex during 2011-12. (BL)

Coromandel International has acquired the entire 42.2 per cent promoters’ stake in Sabero Organics Gujarat Limited. (BS)

Saint-Gobain Glass is set to buy Sezal Glass' float glass business for Rs6.86bn. (BL)
Economy Snippets

Per capita income of Indians grew by 17.9% to Rs54,835 in
2010-11. (ET)

The government has managed to restrict the fiscal deficit to 4.7% of GDP during 2010-11, much lower than the revised estimate of 5.1%. (ET)

Mines Ministry has proposed allowing domestic exploration firms to raise funds abroad by listing equity-linked securities. (ET)

The government plans to impose penalty interest on airlines defaulting on payment of airport development fees. (ET)

DoT unveiled a new security framework that did away with many controversial clauses in existing rules such as mandating foreign equipment companies to put their software in the equivalent of a sealed envelope and submit it to the government. (ET)

Japans debt rating was put on review for a downgrade by Moodys Investors Service, adding to Prime Minister fiscal challenges after an increase in joblessness and smaller-than-forecast gain in factory production. (ET)

Indian companies have raised a total of US$15.7bn so far this year through debt securities. (ET)