Daily News Roundup - July 18 2011

Tax clouds have gathered over Axis Bank’s proposed acquisition of Enam Securities’ equities and investment banking businesses. RBI has directed the bank to revise the accounting scheme and the deal structure.(BS)

WIPRO’s 11.82bn contract with Employees’ State Insurance Corporation for IT services may be in troubled waters on account of technical problems with the government health insurer’s internet portals that have caused inconvenience to users.(ET)



Large Indian lenders SBI, ICICI Bank, PNB and IDBI Bank are acting as a pressure group to influence the functioning of the countrys largest stressed assets firm Arcil ,according to the RBI .(ET)

BHEL is planning to launch a new range of products that is not only in harmony with the policy intent to keep the carbon intensity of India’s growth regulated, but also designed to counter competition.(FE)

SAIL FPO expected to mop up `6,000 crore at current market price around Diwali, said Steel Minister Beni Prasad Verma.(BS)

PGCIL has expressed concern on the delays in power schemes, especially ultra-mega power projects.(BS)

IndiGo has hired 35 pilots from rival Kingfisher Airlines over the past six to eight months (ET)

US drugstore chain Rite Aid has alleged that Ranbaxy Laboratories is refusing to pay legal costs and cover losses for a litigation the retailer is fighting for selling Ranbaxys drugs in the US (ET)

Tata Motors global sales declined nearly one per cent in June to 89,846 units as against 90,702 units in the same month last year.(BS)

GAIL (India) Ltd plans to use its Singapore-based investment arm for LNG trading. This move will make LNG sourcing cost-effective for GAIL as it can benefit from tax implication, while the domestic consumers will get LNG at competitive rates.(BL)

TVS & Sons is bullish on the spare parts business. The company, which entered into spare parts retail business under TVS Partsmart outlets in Tamil Nadu two years ago, is spreading wings to other states and will soon open retail outlets in Andhra Pradesh, Karnataka and then in other parts of the country.(BS)

The Pimpri Chinchwad New Town Development Authority has cancelled a multi-crore project of DB Realty.(BS)

Future Ventures has bought 5.14 per cent stake in its subsidiary Indus League Clothing (ILCL) from two of its existing shareholders for an undisclosed amount. (BS)

COAL India Ltd plans to induct about 3,000 executives this year and 1,500 each over the next three years through departmental promotions, open selection and campus recruitments.(BS)

TCS says visa rejections have gone up significantly compared to a few years ago. (BS)

Castrol India Ltd has decided to close its manufacturing plant at Tondiarpet, Chennai, from August 1. (BS)

GMR Energy a subsidiary of GMR Infrastructure Ltd announced that it has reached a financial close on its flagship 800 megawatt combined cycle project at Jurong Island, Singapore. (BS)
Economy Snippets

India’s services sector exports (receipts) stood at $11.83 billion in May 2011, compared to $11.46 billion in April, according to Reserve Bank of India data.(BS)

The Indian telecom sector may be heading for tough times with Indian GSM telecom operators adding less than 10 million subscribers for the second month in a row, bringing in just 8.58 million new subscribers in June.(BS)

The Centre has allowed imports of 40,000 tonnes of natural rubber at a concessional duty of 7.5 per cent for the current fiscal. This is similar to the one allowed last fiscal.(BL)

Liquidity conditions are expected to tighten, due to government borrowing and increased demand for funds from banks as the new reporting fortnight begins this week.(BS)