Daily News Roundup - Aug 16 2011

ITC Ltd is planning to enter the chewing gum market and take on multinational players like market leader Perfetti Van Melle and Wrigley’s. (BS)

Reliance Communications has increased call charges by 20% for both GSM and CDMA services in most of its operating circles. (FE)

GMR Infrastructure is looking at emerging markets in South East Asia, South America and the African continent for expanding its airport business. (ET)




Dr Reddy’s which had announced a voluntary recall of a single lot of its cholesterol lowering drug simvastatin (80 mg) from the US market has recalled more lots of the same drug of different strengths. (BS)

Essar Oil Ltd would raise up to US$1.5bn in foreign currency loans to fund expansion. (BS)

GMR Energy Ltd, a subsidiary of GMR Infrastructure Ltd, will acquire 30% stake in Indonesia’s PT Golden Energy Mines Tbk, or GEMS, for US$450-$55mn in cash. (ET)

Maruti Suzuki India Limited has cut down production for August due to the slowdown. (ET)

Hinduja Global Solutions has acquired HCCA Business Services from 3i Infotech for an undisclosed amount. (BS)

HDFC Bank has increased its lending rates by 50 basis points and deposit rates by 25-75 basis points. (BS)

The Haryana government has rejected the plea of the workers at the Manesar facility of Maruti Suzuki India Limited to form a second union. (FE)

Coal India is close to getting the government’s green light to acquire mines abroad enabling company to bid for properties in Australia, USA and Indonesia. (ET)

Jubilant Life Sciences has signed a long-term supply agreement in proprietary products business with a leading international life sciences company. (ET)

Hindalco Industries plans to raise funds through bonds for its Aditya Aluminium project in Orissa. (BL)

Apollo Tyres is planning to manufacture the premium Vredestein branded tyres in India, primarily for exports to Europe, beginning October and November this year. (BL)

Oil India Ltd signed a memorandum of understanding with Hindustan Petroleum Corporation Ltd for jointly pursuing businesses in areas of mutual interest. (BL)

Neyveli Lignite Corporation and GAIL (India) Ltd are mulling forming a joint venture to undertake underground lignite gasification projects in Tamil Nadu. (BL)

Tata Motors is looking at assembling facilities in Indonesia and Eastern Europe for rolling out its small car Nano. (BS)

The Unique Identification Authority of India has shortlisted TCS, Wipro, HCL Infosystems, Tech Mahindra and Mahindra Satyam for the contract. (FE)

Power Grid Corporation of India Ltd is exploring opportunities in African countries such as Nigeria, Kenya and Niger, for EPC contracts. (BS)

Emami is revamping its R&D centre and manufacturing facilities for its Boroplus and Zandu products in order to meet the growing demand, both in the domestic and overseas markets. (BS)

Dabur, is gearing up to enter the Indian aroma products market by expanding the portfolio of its existing air freshener brand Odonil, targeting sales of Rs3bn from the segment by 2015. (ET)
Economy Snippets

Industrial growth has risen to 8.8% in June against 7.5% in June 2010 mainly led by manufacturing and, within that, the capital goods sub-segment. (BL)

India’s service exports declined to US$11.04bn in June. Services exports stood at over US$11.83bn in May. (BS)

An empowered group of ministers cleared an additional 0.5mn tons of sugar exports, taking the total sugar to be exported in the current crop year, ending September, to almost 1.5mn tons. (BS)