Daily News Roundup - July 19 2011

Lupin Ltd is considering selling its unit that markets medicines in India (ET)

JSW Steel is likely to take production cuts at its 10 mtpa steel plant at Toranagal in Bellary district of Karnataka owing to severe shortage of iron ore, the key raw material to make steel. (BS)

Polaris Software Ltd forayed into Bangladesh market by launching a joint venture company along with Bangladesh-based public sector Bank Sonali Bank Ltd. (FE)



NTPC may be forced to drop the proposed 1,600 MW (2 X 800 MW) supercritical thermal power project at Katwa in West Bengal, if the Mamata Banerjee-led State Government fails to solve the land tangle.(BL)

Pratibha Indsutries' latest order wins take its order book to over Rs 56bn, which results in the order book growing a hefty 31 per cent over that in June last year. (BL)

Tata Motors is planning assembly of more Land Rover models in India. (BL)

Over 12 Kingfisher Airlines flights were grounded at the country’s four major airports for two hours after HPCL refused to supply fuel due to non-payment of dues.(BS)

State-run Power Finance Corporation plans to raise Rs 220bn through issuing infrastructure and tax-free bonds, among others, during the current financial year. (BS)

Infosys Limited is vying for land in Gujarat. N R Narayana Murthy will meet Gujarat Chief Minister Narendra Modi on Tuesday to discuss setting up of a campus in the state. (BS)

Motherson Sumi Systems Ltd has executed the binding agreement with Cross Industries for acquiring 80 per cent stake in €1.36-billion German auto component maker Peguform. (BL)

Reliance Industries Ltd has received USD2 billion from BP as part of USD7.2 billion for acquiring participating interest in the Indian company's 23 oil and gas blocks in the country.(BL)

iGATE-Patni has signed a USD30-million contract to provide managed IT infrastructure service operations to forest products company Weyerhaeuser NR.(BL)

Rolta has acquired the public safety and emergency response company ACLS Systems for an undisclosed amount.(BL)

Private equity funds Apollo Global Management and ICICI Venture are planning ajoint venture non-banking finance company to lend for asset purchases, an easier option for the US firm to exploit the growing financial services sector(ET)
Economy Snippets

The business confidence of medium, small and micro enterprises (MSME) is at an all-time low, according to CII's Business Confidence Index (BCI) for the July-September 2011 quarter.(BL)

Import of sensitive items during 2010-11 was Rs 706.56bn up 7.8 per cent from Rs 65.565bn during the previous fiscal.(BL)

Gold in Mumbai hit a fresh high of . 2,350 per gram, raising fears that demand for the yellow metal could take a knock if prices consolidate at current levels.(ET)