Daily News Roundup - July 26 2011

Coal India Ltd is seeking the government’s approval to acquire 30% stake in a coal asset in Indonesia. (BS)

Suzlon Energy has received an offer from German company ZF Friedrichshafen to buy its 26% in Belgian turbine gearbox manufacturer Hansen Transmissions. (BS)

Ranbaxy Laboratories has launched Letrozole tablets, used in the treatment of breast cancer, in the UK, Romania and France after the expiry of the patent held by Novartis. (ET)

Jet Airways is considering merging JetLite and Konnect into a single low-cost brand. (BS)



Lupin has signed a pact with US-based Medicis Pharmaceutical to develop multiple therapeutic compounds using the former’s formulation technologies. (ET)

JSW Steel has secured iron ore supplies from the neighbouring Chitradurga, thereby reducing its dependence on Bellary. (BS)

Shriram City Union Finance has filed a draft prospectus with the NSE and the BSE for a public issue of secured nonconvertible debentures. (BS)

Bharat Earth Movers Ltd has got 4% Value Added Tax exemption, in value terms Rs580mn, from Karnataka Government for supplying coaches to Bangalore. (BL)

Glenmark Pharmaceuticals has completed Phase-I clinical trials of its new molecule, GRC 15300, being developed for treatment of pain. (FE)

Areva T&D India Ltd's transmission business has signed a memorandum of understanding with Power Grid Corporation to provide ultra-high voltage technology for Power Grid's upcoming 1,200-kV ultra-high voltage AC national test-station at Bina in Madhya Pradesh. (BL)

Bharti-Wal-Mart, the 50-50 joint-venture between Bharti Enterprises and Wal-Mart has pumped in an additional Rs1.20bn into the company. (FE)

Force Motors has signed a licence agreement with Daimler AG, under which the latter will supply technology for the development of a multi-purpose vehicle to Force Motors. (BL)

The Corporate Affairs Ministry said it was examining the Serious Fraud Investigation Office's report on Sesa Goa. (BL)
Economy Snippets

The government’s food subsidy bill is set to rise by over Rs350bn in the current year from the over Rs600bn budgeted at the beginning of the year. (ET)

The domestic natural gas output continued to see a drop for the seventh straight month in June. The gas output fell 11.7% year-on-year to 3.975 bcm during the month. (BL)

The finance ministry has decided to reinstate the duty drawback facility for cotton yarn exports keeping in view the current situation of huge inventories with spinning mills and the contraction in demand for the item in the world markets. (FE)