Daily News Roundup - Aug 24 2011

Tata Motors launched a new version of its premium hatchback Tata Vista with a starting price of Rs0.4mn (ex-showroom Delhi). (ET)

State Bank of India which has the lowest tier-1 equity among big banks, faces a 'crisis' next fiscal, if the government doesn't invest in a rights share sale, essential to keep lending. (ET)

Titan Industries said it was planning to enter into silver watches by the next year even as it is transitioning itself into a lifestyle retail company. (ET)



ITC opened its first retail store selling premium cigar brand 'Armenteros' in the capital as part of plans to strengthen its presence in the premium tobacco segment. (ET)

Reliance Industries has withdrawn from an offshore oil exploration block in the Sea of Oman. (ET)

Lenders to GTL Infrastructure, the troubled tower company, are in discussions with potential investors and the company over the terms under which its debt can be restructured. (ET)

In order to avoid delays in project implementation, Coal India is planning to adopt turnkey model for development of 21 washeries for beneficiation of 165mn tonnes of raw coal in the second phase. (BL)

Shriram EPC Ltd has tied up with an Israeli company for executing a Rs6.4bn order from Abhijeet Projects Ltd for providing ‘engineering, procurement, construction' services for Abhijeet's 50-MW solar thermal power plant at Jaisalmer, Rajasthan. (BL)

Strides Arcolab, the Bangalore-based manufacturer of IP-led pharma products, especially sterile injectables, has decided to move away from the US market and shift its focus to the European market with plans to file a significant number of products there. (BL)

Religare Technologies has teamed up with Airtel using Fortis Healthcare as its knowledge partner to offer 24x7 medical assistance on phone to mobile users. (BL)

Malvinder Singh and Shivinder Singh, the promoters of Religare Enterprises and Fortis Healthcare, have raised Rs14bn debt from global banking major Standard Chartered two months ago, said two sources in the know of the development. (BS)

HPCL has sought more land from the Maharashtra government to set up a new refinery, with a capacity of 9-15mn tonnes per annum (mtpa). (BS)

Hindalco Industries has decided to delay the financial closure of the Rs78bn Aditya Alumunium refinery project due to uncertain market conditions. (BS)

Larsen & Toubro's Rs46bn shipyard-cum-port project in Tamil Nadu would go on stream in December 2011. (BS)

MTNL has raised Rs5bn from various banks to repay the debts it had amassed while paying for third-generation (3G) and Broadband Wireless Access (BWA) spectrum licenses, last year. (BS)
Economy Snippets

Reserve Bank Governor D Subbarao favoured bifurcation of the posts of chairman and managing director in state-run banks, saying the experience of such a split in the private sector has been satisfactory. (ET)

Gems and jewellery exports grew at a slow pace of 5.4% to US$3.3 bn in July year-on-year. (ET)
Big power project developers won’t have to wait for a formal ‘mega’ tag for availing the duty exemption they are entitled to on imports of power equipment. (BS)

Strengthening co-operatives and involving private parties can help in improving productivity of agriculture sector, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India. (BL)

India is losing a whopping Rs180bn annually due to the dreaded foot and mouth disease (FMD) in cattle and livestock, a senior official of the Indian Council of Agricultural Research (ICAR) said on Tuesday. (ET)