Market roundup

COMPANIES

• United Phosphorus acquires Argentina's ICONA for $10 million
• Pawan Hans to start city heli-services
• Pantaloon in JV with Axiom Telecom to distribute mobile handset
• Tata Metaliks in ductile pipes JV with Japan's Kubota Corp and Metal One

• Kamal Nath supports new WTO compromise proposals
• Centre to assist Nabard raise funds
• Government may ease subsidy burden of oil produces
• Redeploying agricultural labour could lead to double-digit growth: Arvind Panagariya
• Inflation rate holds steady at 4.27 per cent

• Dow down after benchmark high

• Forex reserves touch $219 billion
• RBI invests 27.6 per cent of forex reserves in sovereign bonds

• Kenwood, Sparx to acquire 25 per cent in Matshusita's JVC for ¥30 billion; report
• Rain Calcining completes $595 million acquisition of CII Carbon of US
• China starting more flights to India by October
• Court revives shareholder lawsuits over Vioxx against Merck
• ArcelorMittal to acquire automotive steel business of French company
• China hikes interest rates for a fifth time since April 2006

• Director quits Dow Jones over board's endorsement to Murdoch's bid
• Indian innovators get Lockheed Martin Award