Daily News Roundup - July 7 2011

The Petroleum Ministry has recommended granting approval to the US$7.2bn Reliance Industries Ltd-BP Plc deal. However, a final call on this will be taken by the Cabinet Committee on Economic Affairs. (BL)

The US health regulator has imposed an import ban on products made at Dr Reddys Laboratories Mexican plant for violation of current good manufacturing practices. (BS)

Lupin has received approval from the US health regulator to market capsules, used for the treatment of high blood pressure, in the American market. (ET)



JSW Steel reported a 14% YoY increase in crude steel production to 0.57mnt tons in June. (BS)

The US Food and Drug Administration has issued a warning to Cadila Healthcare for violation of current goods manufacturing practice regulations for finished pharmaceuticals at its facility in Gujarat. (BS)

Ranbaxy Ltd has been asked by the UK Medicines and Healthcare products Regulatory Agency to recall its drugs used to treat skin infections. (BS)

The auditors of SKS Microfinance have identified 400 cases of alleged cash embezzlement, fictitious loans and unauthorised advances given by some of the employees to borrowers. (ET)

Mahindra and Mahindra rolled out the two cabin pick up called 'Genio'. (FE)

Australia’s Perdaman Industries has again moved court against Lanco Infratech seeking a restraint on the Indian major from mortgaging of Griffin Coal in future. (ET)

GMR Infrastructure’s unit GMR Airports Holding has raised Rs5.84bn through an issue of compulsorily convertible preference shares which can be converted at the time of public offer. (ET)

Punjab National Bank is set to foray into the Canadian market by setting up a subsidiary with an estimated capital of Rs1bn. (ET)

Rural Electrification Corp will seek the Reserve Bank of India' approval to raise another US$750mn overseas. (FE)

Tata Steel Ltd will use the US$1.14bn received from selling its stake in Riversdale Mining Ltd to start new projects and expand and upgrade existing ones. (BS)
Economy Snippets

Oil marketing companies have received a cash subsidy of about Rs70bn to cover losses incurred in the last quarter of 2010-11. These firms will get another Rs130bn in two tranches on July 12 and July 19. (BS)

Government’s net indirect tax receipts recorded 32% increase to Rs765bn, while gross direct tax collections rose about 23% to Rs103bn in the first quarter ending June 2011. (BS)

The Reserve Bank of India has issued draft guidelines to limit banks’ equity investments in non-financial subsidiaries and companies in order to ensure that banks do not indirectly engage in activities which are not permissible to them. (ET)

The government has proposed to bring all micro finance institutions under the ambit of the Reserve Bank of India. The central bank will have the powers to formulate policies for the sector and regulate it. (BS)