Daily News Roundup - June 28 2011

Hindustan Construction Company bagged contract worth Rs18.43bn, in a joint venture with Alstom, from THDC India to construct Tehri Pumped Storage Plant in Tehri, Uttarakhand.(ET)

Glenmark Pharma USD613mn outlicensing deal with Sanofi has been approved by the US authorities and has also received an upfront payment of USD25mn from the French drug maker. (BS)

Cairn and Vedanta have announced major changes in the terms of their USD9.6bn deal, including the removal of the non-compete arrangements and associated fee, which may result in a 5.3% fall in post-tax proceeds.(ET)



TATA Motors would move the Supreme Court against redistribution of the land earlier given to it for the Nano car factory in Singur after the high court in Kolkata rejected its plea for an interim injunction to stop the West Bengal government from doing so. (BS)

GAIL India Ltd said it should be exempted from payment of fuel subsidies as it does not get any upside from rise in crude oil or natural gas price. (BS)

Toyota Kirloskar Motor launched its hatchback Etios Liva on Monday. The car is priced between Rs 3.99 lakh and Rs 5.99 lakh (ex- showroom, Delhi).

RIL and other oil exploring companies will get an opportunity to explain their position on the observations of the Comptroller and Auditor General draft report during an exit conference in July. (BS)

Trent in talks with Spanish retailer Inditex to bring fashion brand Massimo Dutti to India.(BS)

GTL and GTL Infrastructure, have roped in SBI Capital Markets to review their businesses and financial performance and obligations, a move aimed at dispelling investors’ concerns arising from the recent plunge in their stocks.(ET)

ONGC has said Essar, Great Eastern Energy and Australia-based Dart Energy have evinced interest in picking up a "significant" stake in its coal-bed methane blocks located in Bokaro, Jharkhand and Raniganj.(ET)

Tata Motors announced on Sunday the launch of the Nano compact in Nepal through the company distributor with an introductory price of the Nano in Nepal is NPR 7.98 lakh.(ET)

GlaxoSmithKline Asia has launched ‘Crocin Advance' which disintegrates faster than the standard Paracetamol tablets, thus working faster. (ET)

OnMobile Global Ltd plans to increase its footprint in India by leveraging new technologies such as 3G and video.(ET)

Tech Mahindra has selected Nigeria as the headquarters for its back office business in Africa with second year of its operations in Nigeria last week.(BL)
Economy Snippets

Planning Commission said a reasonable target for Indian economy would be between 8.2 % and 8.5 % in the current financial year.(BS)

A draft report of the Parliamentary Standing Committee on Finance is likely to conclude that there is no rationale for increasing the FDI cap in the insurance sector from 26 % to 49 %.(BS)

The government has opened a USD10bn investment window for foreign retail investors to invest directly in Indian equities through mutual funds, hoping to boost portfolio inflows.(ET)

Finance ministry has decided to allow FDI in proprietary trading, despite RBI’s opposition. RBI feels allowing foreign companies into this business may affect financial stability.(BS)