Daily News Roundup - June 8 2011

Emami sets up a 10-member panel advisory board to decide succession plan. (ET)

Wipro Consumer Care has bought soap brands Aramusk and Moloy from Mumbai-based VVF Ltd for an undisclosed amount. (ET)

An independent audit of the ONGC’s overseas subsidiary ONGC Videsh (OVL) has slashed its estimated immediately recoverable or "proven" reserve by one-third. (FE)



Elder Pharmaceuticals plans to launch five products, including its top domestic brands such as calcium-loaded 'Shelcal', in Europe this fiscal in a bid to increase overseas revenue. (ET)

CESC has joined the race to acquire coal assets in Australia. (ET)

Maruti Suzuki is losing production worth Rs400mn every day due to strike by workers at its plant in Manesar in Haryana. (BS)

Maruti Suzuki may increase the waiting period for its diesel cars if the strike at its Manesar plant in Haryana continues for a longer time. (ET)

Carlyle Group and TPG Capital are among buyout firms in talks with India’s Reliance Communications for purchasing a stake in its mobile-phone towers unit. (ET)

Without waiting for assured long-term supply of LNG, IOC has decided to go ahead with its Rs45bn Ennore LNG terminal project. (BS)

Adani Enterprises plans to have a combined power generation capacity of 18,500 MW by the year 2020.(BS)

Power Grid Corp is keen to pick up equity in projects overseas and may open offices in Oman, Dubai or Kenya. (BS)

BEML Ltd has bagged an order for approx US$11mn from Myanmar for supply of a fleet of dump trucks, used for transporting loose materials, and spares.(BL)

A land row has stalled MRPL Rs120bn expansion and the project may miss the January 2012 deadline for completion. (BL)

Tata Global Beverages planning to sell about 20% stake in its international operations to strategic investor. (ET)

Hindustan Dorr-Oliver has bagged an order worth US$85mn from Konkola Copper Mines plc in Zambia. (BL)

Texas Pacific Group Capital has picked up a 15% shareholding in Shriram Properties, the realty arm of diversified financial services firm Shriram Group, for Rs4.5bn. (ET)

Sebi has passed a consent order against Shantanu Prakash, promoter and director of Educomp Solutions, for alleged insider trading.

DCB is planning to raise around Rs1.5bn through QIP or preferential issue. (ET)
Economy Snippets

The Central Advisory Board of Education has recommended free and compulsory education up to class X. (ET)