Daily News Roundup - Aug 26 2011

SREI Infrastructure Finance plans to raise US$1bn through an infrastructure equity fund that would invest in areas such as roads, power and ports. (ET)

Tata Power plans to invest around Rs10bn over the next three years to lay its own cable network in Mumbai for power distribution.(ET)

L&T Construction said it has bagged Rs7.97bn orders in building and factories segment. (ET)



US-based Blackstone Group has acquired 7.12% equity in Monnet Ispat & Energy for US$50 million sources close to the development said. (ET)

Cipla said it is expecting to scale up its revenue by over six times to Rs150-200bn by 2020 and assured shareholders the promoters have no plan to divest their stakes. (ET)

The Chairmen and Managing Directors of Neyveli Lignite Corporation and Bharat Heavy Electricals Ltd, met today at Tuticorin, Tamil Nadu, to discuss the pain points in the projects that BHEL is putting up for NLC. (BL)

Mahindra Satyam has tied up with Oracle to bring in its Oracle Exadata Database Machine to smoothen the integration process as it assimilates its work with Tech Mahindra. (BL)

India’s power sector will witness a new era in the transmission segment when Power Grid Corp will launch a 1,200-Kv ultra-high voltage (UHV) test station along with experimental lines in Bina, Madhya Pradesh. (BS)

Pantaloon Retail plans to open a store every day during the current quarter and is expecting retail space shortage in the near future. (BS)

Manappuram Jewellary Ltd (MJL) plans to increase the number retail showrooms to 50 by the end of this financial year and double it a two to three years. The group has earmarked Rs30bn for expansion. (BS)

Coal India Ltd (CIL) is set to lose production of 40,000 tonnes of coal a day, following an order from the Jharkhand government to close 22 mines operated by its subsidiary, Bharat Coking Coal Ltd (BCCL). (BS)

Reliance Life Insurance, part of reliance Capital, is open to dilute a "small" stake to banks. (BS)

Low-cost carrier IndiGo plans to dedicate 15-16 per cent of its fleet for international operations by March 2012. (BL)

The US$8-billion China Steel Corporation (CSC), the largest integrated steel maker in Taiwan, along with its co-investors, will invest US$178 million in a new plant to produce electrical steels in Bharuch district of Gujarat. (BL)

BMW said it has increased annual output from its Chennai plant to 11,000 units with the start of second shift from June. (ET)
Economy Snippets

The Reserve Bank on Thursday warned of difficult days ahead, saying inflation will remain at elevated levels for some more time while the economic growth rate will moderate in the current fiscal. (ET)

The scheduled introduction of benchmark prices — called HBA Index — by Indonesia beginning September 23, may not impact bulk of the users of Indonesian coal in India. (BL)

The Telecom Regulatory Authority of India has asked mobile operators to clarify why they have increased tariffs. (BL)
Swiss authorities have confirmed that the amendment to the Double Taxation Avoidance Agreement with India is on track to be completed by the end of the year. (BL)