Daily News Roundup - June 29 2011

NTPC has started operations of the first super critical 660 MW unit at Sipat plant in Chattisgarh. (ET)

SAIL, BHEL and RINL have decided on a joint venture for building an integrated manufacturing unit for electrical and silicon grade steel. (BL)

ITC Ltd is planning to foray into dairy and beverage. It is also looking to take its various food and personal product brands global in the next five years. (BS)



Mahindra Navistar Automotives Ltd, a 51:49 joint venture of M&M Ltd and International Truck and Engine Corporation would expand its current full-scale dealerships from 35 to 100 across India in the next two years. (BL)

While Tata Motors approached the Supreme Court for stay on Singur land distribution, the West Bengal Government has challenged the "maintainability" of the automaker's writ petition before the Calcutta High Court. (BL)

Jubilant Life Sciences said its US-based arm has entered into an agreement with Janssen Pharmaceutica NV to deliver pre-clinical candidates in the area of neuroscience to the Belgium-based firm. (BS)

Development Credit Bank is likely to raise up to Rs3bn through a qualified institutional placement in the next three-six months. (BS)

IndusInd Bank plans to open about 400 branches over a period of three years. (ET)

UTV Software Communications Ltd is likely to invest Rs1-2.5bn each in the two ‘broadbased’ channels it is planning to launch this financial year. (BS)

ABG Shipyard has won a Rs9.7bn contract from the Indian Navy taking its order book to about Rs148.9bn. (FE)

Emami it is scouting for acquisitions in the healthcare space to expand the footprint of its hospitals business in the country. (FE)

National Aluminium Company will decide on buying stake in an Indonesian coal mine by July-end after going through the due diligence report. (FE)

DoT has set up a committee to find ways to have better synergies among BSNL, MTNL, ITI C-DoT. (BS)
Economy Snippets

The Central Board of Excise and Customs said that tax rates under the proposed Goods and Services Tax regime in India is likely to be between 16-20%. (BS)

THE government fixed aquota of 1.7mn tons of sugar for the month of July, out of which millers have been allowed to sell 1.5mn tons in the open market and the rest to be sold through public distribution system. (BS)