Daily News Roundup - July 28 2011

Vodafone Essar and Idea Cellular have raised tariffs by around 20% in select circles as well. Vodafone hiked tariffs in three circles-Delhi, Gujarat and Andhra Pradesh, and Idea raised tariffs in two circles of Delhi and Gujarat. (BS)

Infosys dismissed allegations by Jay Palmer, one of its American employees testifying before a US senate subcommittee on alleged misuse of B1 visas by Infosys. (ET)

Glenmark Pharmaceuticals has received US$15mn from US-based Salix Pharmaceuticals for upgrading the manufacturing facility for HIV-associated diarrhea drug Crofelemer. (BS)



Indian Oil Corporation has raised US$500mn through international bonds. These bonds will have tenure of 10 years and be utilised for meeting part of the company’s capital expenditure requirements. (BS)

Essar Projects, a part of the Essar group bagged a US$320mn engineering, procurement and construction contract from Jurong Aromatics Corporation in Singapore. (ET)

Cadila Healthcare Ltd has signed a share purchase agreement with ICICI Venture to acquire 100% shareholding of Finest Procuring Solutions Ltd, which in turn holds cent per cent shareholding of Bremer Pharma GmbH of Germany. (BL)

Punj Lloyd Group announced winning Rs3.30bn order for process facilities and utilities at an upcoming crude oil storage cavern of Indian Strategic Petroleum Reserves Limited. (BS)

Cox & Kings Ltd has decided to buy UK’s Holidaybreak for £312mn. (ET)

ING Vysya Bank Ltd and Development Credit Bank announced a 50-basis point increase in their base rates and prime lending rate. (BS)

Reliance Power Transmission's arm Talcher-II Transmission Company has served a force majeure notice to electricity distribution utilities in Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Orissa. (BL)

Orient Paper has decided to spin-off its cement business as Orient Cement. (FE)

Engineers India Ltd expects HPCL-Mittal's joint venture Bathinda refinery to start processing crude from next month. (BL)
Economy Snippets

Bank credit grew by just 1.92% (Rs759bn) till July 15, according to Reserve Bank of India data. (BS)

Iran has temporarily cut its oil export to India by 90,000 barrel per day because of technical problems in that Iran’s oil terminals. (ET)

The Finance Ministry is planning to reduce the lock-in period for long term infrastructure bond, in order to make it more attractive. (BL)

The Financial Stability and Development Council has pitched for immediate establishment of infrastructure debt funds in the country. (BL)