Daily News Roundup - June 10 2011

Union enviorment ministry has asked Jindal Steel to respond to allegation that it had built coal washery at Raigarh in Chattisgarh without environment clearance. (ET)

GAIL India plans to spend US$2bn on acquisition. (ET)

Infosys may join race for UK government outsourcing deal. (ET)

Unity Infra to raise Rs1.5bn to reduce high cost debt. (ET)

Essar plans to raise proposed US pallet plant capacity by 75%. (ET)



Divi’s Labs plans to buy biotech research companies. (ET)

ICICI Bank has lined up an exchange offer for its lower Tier-II bonds, worth US$90mn. (BS)

Canara Bank is eyeing Rs80bn business for the financial year 2011-12. (BS)

ONGC has launched a massive exploration drive for gas extraction in Tripura. (ET)

Credit rating agency, Icra, today reduced Reliance Communications' long-term rating to LAA from LAA plus for its Rs 281.16bn long-term debt and its Rs 50 bn non-convertible debenture programme. (BS)

The strike by workers of Maruti Suzuki’s plant in Manesar is threatening to spread across the auto belt of Haryana. (BS)

Expanding its utility services portfolio to smart grid segment, Mahindra Satyam has tied up with Schneider Electric to offer micro grid solution to its customers. (BL)

Atalanta is looking for a partner ready to buy a 26 per cent stake in a mega entertainment township project it is developing at Suvali near Surat in Gujarat. (BS)

Powmex Steel, a unit of Graphite India Ltd, at Titlagarh in Bolangir district resumed production today after being shut down for three months following the death of its Deputy General Manager due to labour unrest. (BS)

Analjit Singh, promoter of Max India, is stepping down from the position of managing director, while remaining chairman. (BS)

Mjunction, the equal joint venture (JV) company held by Tata Steel and Steel Authority of India Ltd (SAIL), is scouting for acquisitions in lieu of expansion and has shortlisted two companies in Europe for the purpose. (BS)

MHS Energy Pvt Ltd announced its joint venture with Germany-based b+w Electronics Systems to provide outdoor power solutions with low maintenance costs in India. (BS)

Harison motors, an Indo-overseas techno venture has launched four models of All Terrain Vehicles (ATVs) ranging from 50 cc to 200 cc, in Pune on Thursday. (BS)

Nichrome India Limited announced the launch of its first indigenously manufactured Spanish technology Horizontal Form Fill Seal Machines. (BS)

Redox Laboratories aims to train 10,000 people in the next three years. (BS)
Economy Snippets

Finance Ministry to pare growth forecast to 8.75% (BS)

Food inflation dodged the government again, rising to a two-month high of 9.01 per cent for the week ended May 28. (BS)

Car sales grow just 7% for the month of May. (ET)

Panel headed by Prime Minister approves the draft National Manufacturing that seeks to increase manufacturing in GDP by 25% by 2025. (ET)

Thirty top pharmaceutical exporters that account for almost half of India’s drug exports worth $10 billion will meet commerce ministry representatives to formulate a growth plan for the sector. (BS)

The group of ministers (GoM) on coal, headed by finance minister Pranab Mukherjee, decided at its third meeting today to speed up clearances for eight critical infrastructure projects on a priority basis. (BS)

Rubber consumption set to outpace output. (BL)