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Friday, July 29, 2011

Daily News Roundup - July 29 2011


Karnataka Lokayukta has put JSW Steel in the dock for what it terms "getting illegal supply of iron ore" far in excess of what it was permitted. (BS)

Workers at Maruti Suzuki India’s plant at Manesar in Haryana went on an hour-long ‘tool down’ strike to protest against disciplinary action initiated against four workers. (ET)

The government is likely to resolve the crisis over payment for buying crude oil from Iran by asking Indian companies to open rupee accounts in Union Bank of India. (BS)



Tata Steel will close the defined benefit schemes it offers to employees in the UK as part of a reworked compensation framework for new recruits and is also planning to limit the contribution rate for existing members, to manage pension risks. (ET)

Tata Power said a cargo ship owned by its Singapore-based subsidiary has delivered coal for the 4,000 MW power project at Mundra in Gujarat. (BS)

Punjab National Bank has selected Metlife as its partner for a proposed foray into the life insurance segment. (FE)

Indian Overseas Bank plans to raise around Rs12bn as Tier-I capital. (BS)

Viom Networks has made a Rs75bn offer to buy out its competitor GTL Infrastructure. (ET)

The Serious Fraud Investigation Office is understood to have said that three top cement firms - ACC, Ambuja and Ultratech had formed a cartel to jack up prices and has recommended a strong action against their managements. (FE)

Hindustan Construction Company will sell 14.5% stake in subsidiary HCC Concessions for Rs2.4bn to US based investment firm Xander Group. (ET)

Dr Reddy's Laboratories will form a joint venture with Fujifilm Corporation to develop, manufacture and market generic drugs in Japan. (BL)

Larsen and Toubro said that L&T-MHI Turbine Generators has assembled and tested the performance of the 800 -MW turbine generator for Unit 2 of power plant coming up at Andhra Pradesh. (BL)

Bank of India and Canara Bank increased their base rates by 75 bps and 50 bps, respectively. (FE)
Economy Snippets

Food inflation fell to a 29-month low of 7.33% for the week ended July 16 as protein-based items saw moderation in rate of price rise. (BS)

Indian telecom companies added 59.40mn mobile users during the quarter ended March 31, 2011, taking the wireless subscriber base to 811.59mn. (BS)

SEBI in a new set of rules for takeover of companies said an entity buying 25% stake in a listed firm will have to mandatorily make an offer to buy additional 26% from public shareholders. (BL)