Daily News Roundup - July 4 2011

ICICI Bank has raised its base rate by 25 bps to 9.5% with effect from Monday. (BS)

TCS will look at expanding its market share in emerging market like Latin America and West Asia. (BS)

United Spirits has acquired additional 19.99% stake in Karnataka-based Sovereign Distilleries for an undisclosed amount. (ET)

Cauvery Asset (Karaikal) of ONGC has exceeded its oil production target for the first three months of this financial year. (ET)



MOIL’s proposed ferro alloy joint ventures with Steel Authority of India and Rashtriya Ispat will be operational within two years. (ET)

NTPC has shut down one of its four 500 MW thermal power generation units at Kanhia in response to a closure notice by Orissa State Pollution Control Board following the power major's faulty fly ash management plan. (FE)

Vodafone Plc agreed to acquire the Essar’s 33% stake in Vodafone Essar for US$5.46bn, both also agreed to share the burden of the withholding tax that they have agreed to pay under protest. (BS)

Dish TV has hiked prices of Set top boxes by Rs 200 per unit with effect from Jul 1. (FE)

Jindal Steel & Power Ltd has evinced interest on setting up a captive port in Ganjam district. (BS)

The Union coal ministry has threatened to de-allocate the coal block allotted to Bhusan Power and Steel Ltd for inordinate delay by the company to develop the block. (BS)

BHEL’s plan to float a NBFC has been delayed as the board of has asked CRISIL to incorporate some changes before finalising the contours of the NBFC proposal. (BS)

Jaypee Group’s Rs70bn Karcham Wangtoo hydro power project in Himachal Pradesh is expected to be operational by August 15, much ahead of schedule. (BS)

NHPC plans to raise about Rs20bn in the current financial year, mostly from the domestic market. (BS)

ITC’s Paperboards and Speciality Papers Division plans to expand its manufacturing capacity by 0.1mtpa at an investment of Rs6bn. (ET)

Wockhardt has received tentative approval from the US health regulator to market Olopatadine hydrochloride eye drops in the American market. (BS)

Adani Power has raised Rs40.8bn debt for its 1,320 megawatt power plant at Tiroda in Maharashtra. (ET)

The commissioning of the Rs300bn Paradip refinery project of IndianOil may be delayed. (BL)

Eight companies, including Tata Steel, Central Warehousing Corporation and Container Corporation of India, have sought Indian Railways’ permission to set up freight terminals to transport third-party cargo. (FE)
Economy Snippets

Merchandise exports rose by 56.9% annually to US$25bn in May. Imports were also up by 54.08% to US$40.9bn in May. (BS)

The TRAI will send out teams to conduct check on the procedure followed by top mobile phone companies while dealing with mobile number portability requests. (ET)

The Reserve Bank of India has allowed banks to buy loans from Non-Banking Finance Companies to meet their priority sector target. (BL)

Investors seeking government approval for Foreign Direct Investment will now have to obtain electronically generated unique number from the concerned authorities before filing requests with the Foreign Investment Promotion Board. (BS)