DAily News Roundup - Aug 25 2011

Reliance Portfolio Management Services, a part of Reliance Capital Asset Management, plans to raise over Rs.15bn from the domestic market to invest in real estate projects around the country. (ET)

Tata Power, expects the federal government to review the tariff structure for Ultra-Mega Power Projects (UMPP) as coal prices have risen. (ET)

Tata Power , part of the diversified Tata group, is looking for power projects outside the country to sustain its growth. (ET)



Indian Oil Corp (IOC) has introduced the nation's first petrol pump with self service refuelling facility as is prevalent in several developed nations. (ET)

L&T Construction on Wednesday said it has secured new orders worth Rs 1,340 crore in building and factories segment during the second quarter of this fiscal. (ET)

Tata Chemicals on Wednesday said its UK-based subsidiary has signed an agreement to acquire 30.6 per cent stake in Canadian potash miner EPM Mining Ventures. (ET)

At least 22 mines owned by Coal India, the world's biggest coal miner, face closure over environmental concerns in Jharkhand, potentially suffering an output loss of up to 40,000 tonnes a day, officials said on Wednesday. (ET)

ONGC Videsh Ltd (OVL), the overseas arm of state-run Oil and Natural Gas Corporation (ONGC) that has interests in nine producing overseas assets, is looking to scale down financial dependence on the parent company. (BS)

Air India (AI) has decided to again recognise the Air Corporation Employees Union (ACEU) that it banned last May following a strike. (BS)

TCS, is setting up a greenfield business process outsourcing (BPO) centre in Ahmedabad that can house 2,000 people. (BS)

Tata Steel's plans for marketing a new ultra-high strength steel for the automotive industry gained impetus on Wednesday after a European patent court revoked a rival's patent. (BL)

SAIL expects to add 1,000 new dealers to its rural distribution network over the next seven months. (BL)

HCL Technologies plans to set up a BPO delivery facility in the Philippines by the end of its current financial year ended June 2012. (BL)

Ford Motor Company has started developing a global small car to be manufactured at its new Sanand facility, people with knowledge of the development told ET . (ET)

US-based off-road vehicle-maker Polaris Industries today forayed into the Indian market with plans to set up an assembly facility within the next five years as it looks to clock revenues of up to $400 mn from the country by then. (ET)
Economy Snippets

The Petroleum and Natural Gas Regulatory Board (PNGRB) has written the chief secretaries to smoothen the process for the city gas distribution (CGD) companies. (ET)

The National Highways Authority of India (NHAI) hopes to exceed its annual target of 7,300 km road projects by 13 per cent to 9,000 km for the current financial year — almost double of what it had awarded last year. (BS)

In a move which should help consolidation in the telecom sector, the department of telecommunications (DoT) has asked the Telecom Regulatory Authority of India (Trai) to formulate details of an exit policy for service providers wishing to quit. (BS)

With four years left for the implementation of Basel- III norms, banks in India would have to gear up for the phased transition from the next financial year. While the overall adaptation of new norms would not be difficult, some banks in India may face hurdles in meeting capital requirements, said Reserve Bank of India (RBI) Deputy Governor Anand Sinha. (BS)