23 June 2011

June 23, 2011: News headlines: Corporate, Economic and political ::clsa

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News headlines: Corporate
‰ Tata Motors has moved to the Calcutta High Court challenging a
law revoking the lease agreement for land they were allotted in
Singur. (BS)
‰ Cairn India, in a letter to the oil regulator, the Directorate General
of Hydrocarbons (DGH), and the oil ministry, has reportedly
accused ONGC of overstating gas reserves in its KG-DWN-98/2
block in the KG Basin and submitting development plan without
consulting it. (BS)

‰ M&M  will foray into the Indian premium car segment with the
launch of two SUVs from the stable of recently acquired Korean
automaker Ssangyong. (BS)
‰ Reliance Industries (RIL) has made a natural gas discovery in
the first well drilled on its D9 block in the KG basin, its partner
Hardy Oil and Gas said. (Mint)
News headlines: Economic and political
‰ SEBI  Chairman UK Sinha has said that he would make investing
hassle free for retail investors by moving to a single know-your
customer clearance for all capital market functions.  (ET)
‰ The government will reportedly raise diesel, cooking gas and
kerosene prices next month after a gap of one year. (ET)


‰ The approach paper to the XII five year plan (FY13-17) will focus
on restructuring public health schemes to make those more
effective. (BS)
‰ RBI does not see a major risk to banks’ asset quality due to higher
interest rates. (Mint)
‰ India’s engineering exports grew 119.4% YoY to US$7.8bn in May.
(BS)
News headlines: Corporate
‰ Reliance Industries (RIL) is reportedly in talks with Wadhwa
Group to jointly develop a 17acre land parcel in Bandra-Kurla
Complex that will also house RIL’s new headquarters. (ET)
‰ Tata Steel has received about US$130m in an arbitration
settlement between its UK subsidiary and a consortium of
international buyers that broke an offtake agreement with its TCP
plant in England. (ET)
‰ L&T has signed a Rs26bn concession agreement with NHAI for
widening of Baewar-Pali-Pindwara stretch in Rajasthan. (Mint)
‰ PNB will soon take a call on revising interest rates in response to
RBI’s tight monetary stance. (BS)
‰ PNB  said it may raise Rs20bn from bonds by the end of FY12.
(Mint)
‰ The Bombay High Court has reserved its judgment on the issue of
supply of reduced gas from Reliance Industries, to sponge-iron
manufacturing units. (ET)
‰ The  NMDC-Arecelor Mittal JV, to develop iron ore mines in
Senegal, has become difficult. (BS)
‰ Orissa is reportedly set to renew its memorandum of
understanding (MoU) with steel major  Posco with a one-year
retrospective effect by June 30. (ET)
‰ Chinese Auto maker Jianghuai Automobile Company (JAC) is
reportedly planning to launch commercial vehicles as well as
passenger cars in India. (BS)
‰ Ford India has zeroed in on 400 acres in Sanand taluka to set up
its second manufacturing plant. (ET)
‰ Low cost carrier, IndiGo, has signed a US$16bn deal with Airbus
to acquire 180 single-aisle aircraft. (BS)

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