Daily News Roundup - Sep 27 2011

The Ministry of Defence has decided to put on hold the JV of MDL with Pipavav Shipyard till a policy on JVs is put in place by the government. (BS)

DB Realty is in talks with major real estate companies for joint developments in two of its prime properties in the Mumbai which are valued around Rs30bn. (BS)

Goldman Sachs has invested about Rs10bn in ReNew Wind Power. (BL)



The SBI is pushing forward with its plans to expand its retail division in the UK by entering the mortgage market for the first time. (BL)

Dr Reddy's Laboratories Ltd said the proposed deal to acquire prescription portfolio of JB Chemicals in Russia and other CIS countries was terminated. (BL)

ITC Ltd's Paperboards and Speciality Papers Division is awaiting land allotment from the Andhra Pradesh Government to go ahead with a planned Rs30bn expansion project adjacent to its existing pulp and paper mills complex in Bhadrachalam . (BL)

JSW Steel has cut production at its Vijaynagar plant to 30% of original levels on the back of a stoppage of iron ore supply. (BL)

BHEL will go ahead with its FPO once the market conditions improve. (BL)

The government has allowed change of majority ownership of the SEZ promoted by DLF Ackruti Info Parks, but the foreign investor will have to seek security clearances from the appropriate authorities. (FE)

Unitech Wireless has initiated a rights issue of Rs82bn to secure long-term funding. (FE)
Economy Snippets

Karnataka steel industry body moves SC over iron ore supply disruption. (BS)

The finance ministry is planning to reduce the STT as well as a reduction in stamp duty on ‘futures and options’ and currency derivatives. (BS)

A new economic and trade policy with a flexible visa regime for suppliers and professionals with China is expected to be unveiled soon. (BL)

Credit flow to the agricultural sector is likely to touch Rs5200bn this fiscal, substantially exceeding the Budget target of Rs4750bn, the Nabard Chairman said. (BL)

Government reviews options to put Divestment on track to meet its budget target of Rs400bn. (ET)