Daily News Roundup - Aug 2 2012

Nirma Ltd’s proposed merger with Saurashtra Chemicals Ltd (SCL) has been given a go-ahead by the Competition Commission of India (CCI). (BL) DLF said that it is targeting to raise around Rs.30bn from sales of its 17.5 acre prime land in Mumbai and the deal is expected to close this quarter. (BL) Tulip Telecom Ltd has got a Rs.0.87bn order from the Unique Identification Authority of India (UIDAI) for hosting data centre space(BL) Uninor said that it will auction its business and assets in a bid to get maximum possible returns for its investors (BL) Indian Overseas Bank (IOB) is planning to raise US$500mn by issuing bonds to overseas investors in a month’s time. (BL) L Capital Eco Ltd will invest Rs1.08bn in lieu of equity stake in PVR Ltd, boosting the theatre chain’s growth plans in the cinema exhibition and in-mall retail space. (BS) Shoppers Stop is increasing the share of its private labels, holding consumer events and correcting merchandise mix at Crossword book stores to improve its top line and margins. (BS) TVS Motor Company today said a fire had broken out at its largest manufacturing facility at Hosur last week and the company is in the process of restoring normalcy. (ET) Rural Electrification Corp Ltd has received Reserve Bank of India approval for an up to US$750m offshore debt financing, according to a senior finance official from the company. (ET) After Oil Ministry veto IOC ONGC and BPCL have decided not to press for acquiring Asian Development Bank's stake in Petronet LNG Ltd. (ET) India's advertising regulator has told consumer goods major Hindustan Unilever to stop mentioning its Kwality Walls brand as 'ice cream' in certain advertisements following a complaint by top ice-cream brand Amul. (ET) IRB Infrastructure said it has been awarded an order worth around Rs.24bn from National Highways Authority of India (NHAI). (ET) In a significant breakthrough in the investigation into the recent violence at Maruti Suzuki’s Manesar plant, 10 leaders of the plant’s disbanded union were arrested by the Haryana police. (BL) Economy Snippets The Government has finally allowed foreign direct investment (FDI) from Pakistan in all sectors, barring defence, space and atomic energy.(BL) Merchandise exports in June fell 5.45 % year-on-year to US$25.06 bn.(BL) Growth of eight core industries slipped to 3.6 % in June against four % in May, on the back of contraction in natural gas, fertilisers and steel output. This will impact overall economic growth, given that agriculture might also remain lacklustre due to a weak monsoon.(BS)