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Monday, July 29, 2013

Daily News Roundup - July 29 2013

Emami Ltd is scouting for acquisitions to strengthen its market position, for which it is ready to use cash reserves of Rs3bn and leverage its borrowing potential, according to company Managing Director Sushil K Goenka. (ET)

Woodland is aiming to take its turnover to Rs10bn this fiscal as it expands its retail presence in the country and adds more products to its portfolio. (ET)

Dena Bank said it has sought Rs20bn capital infusion from the Central government to support its future loan growth as the tier-I capital of the Bank fell below 8 % by the end of June quarter, a top official said. (ET)

Tata Power has sought "certain waivers" from lenders to ensure further disbursements of loans to the 4,000 MW Mundra plant, the country's first operational ultra mega power project. (ET)

Tata Steel, has set its sights on the Indian iron ore assets of one of Britain's largest independent steel trading companies - Stemcor. (ET)

After securing approval of the Madras High Court, Vedanta Resources is now hoping to complete the much-delayed merger of Sesa Goa and Sterlite Industries within a month after getting a favourable verdict from the Bombay High Court as well, a senior company official said (ET)

The consortium of 27 banks has deferred plans to recast Rs 70bn loan extended to the troubled Electrosteel Steels due to differences over terms of the proposal, including fresh capital infusion and corporate guarantee that promoters are supposed to bring to the table. (ET)

Walmart has stopped its lobbying with US lawmakers on India-specific issues, after continuously seeking their support for about five years to facilitate its entry into the high-growth Indian market. (BS)

SpiceJet is in advanced stage of discussion with a potential investor for stake sale and expects the negotiations to be concluded soon. (BS)

The Odisha Power Generation Corporation (OPGC), a joint venture between the Odisha government and the US based utility major AES, has kick started its 2 X 660 Mw expansion project, comprising unit 3 and 4 of its 420 Mw Ib Valley power complex, with the issue of work order in favour of BHEL and BGR Energy Systems ltd. (BS)

The Securities and Exchange Board of India has said that Jet Airways and Etihad Airways should enter into a Commercial Cooperation Agreement only after culmination of the Shareholder Agreement as the former appears to give an "upper hand" to Etihad on commercial matters and was also one of the conditions for making investments. (BL)

Sundram Fasteners, plans to spend Rs1bn this year on expanding capacities and developing new products. (BL)

Lack of demand for electricity may impact viability of the upcoming 2X300 MW Chandrapur thermal power station of CESC Ltd. (BL)

Economy Snippets
The government has received a Rs17.7bn investment proposal from a domestic company for the manufacturing of telecom products.(ET)

Production of pulses might reach another record in 2013-14, as sowing of the crop this kharif season has been 80 % more than in the same period last year.(BS)