Daily News Roundup - Aug 5 2011

Havells India announced its entry into the domestic appliances market with an aim to garner sales of Rs5bn from the segment in the next four years. (ET)

ONGC plans to commence oil and gas production from the Krishna Godavri basin in a month and start pumping hydrocarbons from another block in the offshore region next May. (ET)

Tata Steel said it will invest £7mn at its Hartlepool mill in the United Kingdom to enhance the welding and material handling capability. (ET)




Cox and Kings has got the Foreign Investment Promotion Board (FIPB) approval to raise its foreign equity by 10 % to 53.94 %, from 43.81% and company recently got the FIPB approval to raise Rs7.5bn from foreign markets. (BS)

Bombay Dyeing has planned to open a new retail counter every day in this year to boost its revenues. (BS)

Cummins India is setting up a global technology centre in Pune for their research and development projects which will accommodate over 2500 engineers. The company is investing around Rs3.37bn for this centre. (BS)

Sun TV Network is planning to launch five more channels this fiscal and to invest Rs1.5-1.6bn on acquiring movie content. (BS)

Financial Technologies has settled its dispute with the NSE in the Bombay High Court, as both the parties filed consent terms on August 3. (BL)

TalkTalk Telecom Group Plc, a UK-based provider of fixed line broadband and voice telephony services to consumers and business users, has selected Wipro BPO as one of its strategic partners for its outsourced contact centre operations. (BL)

Everonn Education Ltd will invest nearly Rs1.5bn in the current financial year to expand its footprint in virtual and technology-enabled learning solutions in schools and colleges. (BL)

Linc Pen & Plastics is considering selling a minority stake to the Mitsubishi Pencil Company based in Japan. (BL)

Jyothy Laboratories today said it has acquired 1.76 per cent more stake in Henkel India, increasing its total shareholding in the company to over 71.60 per cent. (ET)

Kraft Foods plans to split into two publicly traded companies, with one concentrating on snacks like Oreo cookies, Trident gum and Cadbury chocolates while the other focuses on the North American grocery business which include Kraft cheese and Maxwell House coffee. (ET)

BMW is upbeat on its new electric car initiative which kicked off with the recent unveiling of the i3 and i8 concepts in Frankfurt. These cars are due to hit the market in 2013-14. (BS)
Economy Snippets

The Lok Pal Bill, introduced in the Lok Sabha, seeks to establish the institution of the anti-corruption watchdog by inquiring into allegations of corruption against the prime minister but only after he demits office. (BS)

With passenger cars consuming about 15% of the diesel, the Government today indicated that it might do away with the subsidy enjoyed by such vehicle owners. (FE)

Foreign direct investment during April-May 2011 has registered 77 % rise at US$7.78 billion, from US$4.39 billion in the corresponding year-ago period. (BL)

After dropping to a 20-month low in mid-July, food inflation inched up to 8.04 % for the week ended July 23 on expensive onion, fruits and milk. (FE)