Daily News Roundup - Jan 28 2011

The promoters of Cipla, India’s second-largest drug maker by sales, are in negotiations to sell their stake to a global buyer. (ET)

L&T may sell stake in its infotech subsidiary after failing to turn it into a bigger business. (ET)

ONGC has discovered shale gas at the Barren Measure shale, at Icchapur, near Durgapur, West Bengal. (BL)



SAIL proposed Rs80bn FPO likely to hit capital market in the current financial year. (BS)

Reliance Power plans to expand four large coal-fired power projects by 50% to generate an additional 8,000MW of power, which may be sold at more attractive merchant rates. (ET)

Ranbaxy Laboratories president and CFO Umesh Sethi has quit. (ET)

PFC’s follow-on issue likely by April-May 2010. (ET)

A joint venture firm between NTPC Ltd and Nuclear Power Corporation of India Ltd has been incorporated. (BL)

Reliance Infra has commissioned the first line of a double-circuit, power transmission line connecting Solapur and Karad in Maharashtra under the Western Regional System Strengthening Scheme. (ET)

M&M plans to launch a compact sport-utility vehicle on the Xylo platform in the first half of this year. (BL)

M&M has launched in the Kerala market the Xylo D2 mDI CRDe variant in Diamond White colour. (BL)

Jet Airways has shelved its idea of starting a cargo airline, at least for now. (BL)

Kingfisher to add 8 aircraft by October to arrest slide in market share. (ET)

Oil India will relinquish two exploration blocks in Libya. (BS)

HCC’s lavasa project gets six more weeks to pacify MoEF’s. (BS)

Cummins India has entered into an agreement to sell its exhaust business. (BL)

Central Bank of India has launched e-stamping services in Delhi. (BL)

Syndicate Bank has tied up with private insurer Tata AIG Life Insurance to launch its micro-insurance scheme. (BL)
Economy Snippets

Food inflation rose to 15.6% for the week ended January 15. (BL)

The Central Government is likely to give its nod to nine IT-related projects of the Andhra Pradesh Government, involving a total investment of Rs25bn, on a cost-sharing basis. (BL)

The Government has revived a proposal that seeks to give Indian companies easier access to the US equity markets through ADRs. (ET)