Daily News Roundup - July 27 2011

Comptroller and Auditor General of India rejected Reliance Industries’ claim that it was not given enough time to respond to observations relating to its KG-D6 gas field. (ET)

Hindustan Petroleum Corporation is planning to raise US$300mn in the second half of the current fiscal and has appointed Bank of Tokyo-Mitsubishi, State Bank of India and Sumitomo Mitsui Banking as advisors. (ET)

Cairn India has decided to seek shareholders’ nod on the government’s riders for approving the deal. (BS)

Tata Teleservices announced "unification" of two divisions offering services based on CDMA and GSM raising fears of job cuts. (ET)



Mahindra Aerospace and Mahindra Satyam signed a memorandum of understanding for a trade partnership with the Eurocopter Group. (BL)

Cox & Kings is in talks to acquire UK travel firm Holidaybreak, which provides residential outdoor education and adventure trips for school children. (ET)

Walt Disney Co plans to buy the rest of UTV Software Communications it does not own and delist the company in a deal potentially valued at US$454mn. (BS)

United Phosphorus has acquired 51% stake in the Brazilian firm DVA Agro Brazil for US$150mn. (ET)

Jindal Saw will invest US$600mn over the next two years to expand its capacity and buy stakes in firms based in the Middle East, the US and the European Union.(ET)

Tata Steel, JSW Steel and Jindal Steel and Power Ltd are three private players that SAIL has roped in to form a consortium to bid for Hajigak mines in Afghanistan. NMDC and RINL are the State-owned companies in the consortium. (BL)

The home affairs committee of the House of Commons of UK has asked HCL Technologies to provide information about its relationship with Rupert Murdoch's News International. (ET)

Everonn announced the launch of master resource centre in Chennai. (FE)
Economy Snippets

RBI raised the repo rate for the 11th time, by 50 basis points to 8%. The reverse repo was raised by the same amount to 7%. (BS)

The government is expected to soon appoint a highpower committee headed by the Cabinet Secretary for fast-track clearance of overseas asset buys by PSUs without going to Cabinet. (ET)

Government may decide on allowing more sugar exports after September. (ET)

The Commerce and Industry Ministry has restored the incentives on export of cotton and cotton yarn following a sharp fall in domestic and international prices of the commodities. (BL)