Daily News Roundup - July 30 2012

Reliance puts on hold investments in exploration as Govt delays approvals. (BL) Cairn India plans to spend over US$600 mn over the next two years to further enhance output from its Rajasthan oilfields. (BL) Ashok Leyland will be sewing up at least three overseas joint ventures in the next two to three months, as it looks to consolidate its presence in new geographies. (BL) Suzlon has redeemed in cash the two June series of foreign currency convertible bonds (FCCBs) totally valued at US$360 mn. (BL) Petronet LNG is in talks to set up a Rs.35bn power plant adjacent to its upcoming LNG import facility at Kochi in Kerala. (BL) Facing multiple constraints on the home turf, Tata Power is scouting for opportunities in international markets to maximise returns and minimise risks. (BL) Biocon is altering its product commercialisation strategy by eyeing to partner with many regional players rather than joining hands with a single global pharma major. (BL) The Central Bureau of Investigation (CBI) has said incumbent telecom operators Bharti Airtel and Vodafone India were given additional spectrum beyond 6.2 MHz, up to 10 MHz, in undue haste in January 2002. (BS) Indian Oil Corporation will set up its first refinery outside India with an investment of up to Rs.200bn in Sri Lanka. (BS) At a time when the flow of corporate loans heading for recast is surging, two financial services entities — DCB Bank and IFCI — have opted to exit from the Corporate Debt Restructuring (CDR) forum. (BS) Lupin and Novartis have entered into a marketing alliance under which Lupin would sell Novartis’ asthma drug, Onbrez, in India. (BS) With more and more consumer goods companies rushing to tap the rural markets Godrej Consumer Products have warned that rising cost of living may lead to a decline in rural sales in the short-term. (ET) United Spirits Ltd has initiated a total overhaul of its business structure, with a strategic shift in focus from mass selling brands to premium brands. (ET) Sesa Goa is targetting to produce 10 mn tonnes of iron ore in the first phase of production from Liberia's Western Clusters project on the back of higher-than-estimated reserves.(ET) Lupin is looking to acquire brands and technology firms to increase reach in the US market as the company aims to grow sales by over 20 % in the world's most lucrative drug market over the next two years. (ET) Economy Snippets "Insufficient rainfall has only added to the woes of the Indian economy grappling with high inflation rates," said the Confederation of Indian Industry (CII) in a statement. (BL) As the chances of another drought loom large, industry body CII has called upon the government to immediately delist perishables from the APMC list and give farmers the freedom to sell the produce directly.(BS) The Government is planning to approach the Supreme Court to seek the extension of August 31 deadline for completing the auction of 2G spectrum freed from the cancellation of 122 telecom licences in February.(ET) There is a case for the Reserve Bank to slash key policy rates in its July 31 monetary policy review to give a boost to industrial growth, industry body Assoham said today.(ET) The Food Corporation of India, has increased the prices of wheat being sold to bulk consumers by 10 per cent to Rs 1,285 a quintal, a top official said. (BL)