Daily News Roundup - July 6 2011

RIL has written to DGH committing it will immediately start drilling three wells. (BS)

ONGC, which is exploring coal bed methane in eastern India, will relinquishing one block and file product sharing contract for four on which it has found gas in viable quantities this year. (ET)

Coal India Ltd's plan to import through long-term off-take contracts may not materialise before the end of this fiscal. (BL)

Mahindra Satyam is likely to sign a large global deal with Formula 1 at the forthcoming Indian Grand Prix scheduled to be held in Delhi on October 30. (BS)

Coal India Ltd is set to register an average annual growth rate of 4.3% during the current Five-Year Plan period, which ends in March 2012. (BS)

Maruti Suzuki will shift production of Swift DZire to its Gurgaon facility from Manesar. (ET)

Bajaj Finserv Ltd is planning to raise around Rs7.5bn. (BS)

Ashok Leyland reported a 4% drop in June sales at 8,009 units as compared to 8,398 units, during the same period last year. (BS)

Jindal Steel has increased its shareholding in Rocklands Richfield Ltd from 14.73% to 19.39% at the end of the twice extended open offer. (BS)

BSNL is mulling a revival in seven of its manufacturing facilities through tie-ups with private telecom players. (BS)

Century Textiles and Industries Ltd's Rs20bn upgradation and expansion programme to increase cement capacity is expected to complete by March, 2013. (FE)

Hero Motor has finalised an export strategy focusing on markets such as Latin America, Africa and South-East Asia. (BS)

Varun Industries has discovered heavy mineral sand at its mining blocks covering an area of 62.5 sq km. Madagascar, Africa. (BL)

The Airports Authority of India has encashed a bank guarantee of Rs1bn of Kingfisher Airlines after the latter failed to clear airport charges to the tune of Rs2.5bn. (FE)

Tata Coffee expects normal output this crop year beginning November. (BL)

Indian Overseas Bank has appointed consultants Deloitte Haskins and Sells to explore prospects of expanding business to 14 more centres abroad. (BL)
Economy Snippets

The government is planning to cap sale of subsidised cooking gas cylinders to each household in a phased manner, while putting in a mechanism for direct transfer of subsidy to the intended beneficiaries. (BS)

Indian companies raised US$2.65bn through external commercial borrowings and foreign currency convertible bonds in May — a rise of US$590mn or 28.6%, over US$2.06bn in April. (BS)

The Government has deferred till October the implementation of the usage of barcode technology for tracing and tracking purpose on export consignments of pharmaceuticals and drugs. (BL)