Daily News Roundup - July 1 2011

After a good 10 months of its announcement, the Cairn Energy-Vedanta Resources stake-sale deal has got the nod of the Cabinet Committee of Economic Affairs, but with riders. (BL)

Tata TeleServices, which had ushered in a tariff war with its per-second billing-based GSM offering two years back, has revised the rates for all new subscribers of Tata DoCoMo in every circle it operates. (BL)

Cipla would appeal the order of a United States District Court that has ruled against the sale of a product for pets, on the grounds that it infringed a patent held by Merial Ltd, a Sanofi company. (BL)



Bajaj Auto plans to launch more models of its commuter sports bike Pulsar in Indonesia and also use the KTM platform to make higher powered motorbikes for the upper end of the Indian market. (BL)

Production at Maruti Suzuki is expected to dip to a two-year low in June, as the country's top carmaker emerges from a strike at its Manesar plant and a scheduled maintenance shutdown this month. (ET)

Michelin has decided to hike prices of products by 4% effective from this Friday to offset surging rubber prices for the second time this year. (ET)

NTPC would invest around Rs66bn for setting up a coal-based power project at Kanpur, on which the work is expected to start from January 2012. (ET)

Alstom-led consortium has won a contract worth over Rs18.43bn to build India's first variable speed pumped storage hydro power plant. (ET)

Fortis Healthcare (India) will open 25 low cost hospitals in the next three years in smaller towns, specially in tier II and Tier III cities under a new brand as the firm completes a decade of operations. (ET)

Cox & Kings is looking for acquisitions in English speaking countries to expand its operations. The company is planning to raise Rs15bn through the foreign institutional investors (FII) route and has applied to the Foreign Investment Promotion Board (FIPB) to seek its approval to raise funds. (BS)

GMR is fast-tracking its proposed Rs260bn special economic zone (SEZ) in Kakinada, Andhra Pradesh. (BS)

DLF sold 400 plots worth about Rs 7bn in Gurgaon. (FE)
Economy Snippets

Food inflation dropped to a six-week low of 7.78 per cent for the week ended June 18 from 9.13 per cent during the previous week due to the combined impact of a high base last year and drop in prices of vegetables, eggs, fish and meat. (BS)

The Reserve Bank of India (RBI) said equity and preference shares could be issued to overseas parties, in cases dealt by the Foreign Investment Promotion Board (FIPB), for money payable for importing capital goods and pre-operative expenses. (BS)