Daily News Roundup - Nov 10 2008

ONGC Videsh informs London Stock Exchange that it is yet to receive approvals from the Russian anti-monopoly authority for acquiring Imperial Energy Corporation.(BL)

BSNL to spin off infrastructure business into separate company.(ET)

Gujarat NRE Coke is in the process of setting up a one-million-tonne coke making plant near Krishnapatnam in Andhra Pradesh.(BL)

Adani Group says its first power plant of 330MW capacity to be operational in first quarter of 2009.(Mint)

JSW Steel to cut output by 20% in November.(BS)

Hyderabad-based Lanco Infratech has emerged as the sole bidder for the Punjab government's 1,200 MW thermal plant at Rajpura.(BS)

Corus, a subsidiary of Tata Steel, says it would cut crude steel production by about 30% till March 2009.(BL)

Sun Pharma extends Taro share purchase offer to December 19.(BS)

United Spirits to incur Rs500mn in capital expenditure.(BS)

Indian Oil Corp will shut a 120,000 barrels per day crude unit and some secondary plants at its Panipat refinery for maintenance.(TOI)

Axis Bank raises Rs15bn through NCDs.(ET)

Daiichi Sankyo concludes Ranbaxy deal; stake goes up to 63.9% in the latter. (ET)

Government asks Reliance Industries to supply LNG to Dabhol project.(Mint)

FIPB rejects Tata Investments’ plan for zero coupon bonds.(BS)

SAIL is likely to cut down production from its steel unit at Rourkela.(DNA)

Aurobindo Pharma receives final approval from the US FDA to manufacture and market Sertraline Hydrochloride oral concentrate.(BL)

Glenmark Pharmaceuticals postpones acquisition plans in the US but hopeful of clinching two out licensing deals in 2008-09.(TOI)

ONGC, SK Energy win Colombian blocks.(BS)

Reliance Industries is understood to be evaluating at least four overseas locations for setting up two plants for semiconductor fabrication and manufacturing solar grade wafers and polysilicon.(DNA)

Maruti Suzuki India plans to revamp its entire product portfolio to meet EU’s standards by 2010.(ET)

Canara Bank cuts home, auto loan rates.(BS)

BSNL says that it is looking at acquiring companies in Africa and Middle East.(DNA)

Videocon may reconsider plans for cash and carry.(ET)

Blue Dart earmarks Rs1bn capex.(BS)

Tata Motors says it will shut down its CV plants in Pune and Lucknow for six days during this month due to slump in demand.(FE)

Realty prices to fall 50%, according to chairman of SBI.(FE)

Corus to lay off 400 employees to cut expenditure.(BS)

Lupin to launch cardiac drug to tap Rs36bn market.(BS)

Elder Pharmaceuticals enters into a manufacturing and marketing agreement with Japanese pharma company, Daiwa Pharmaceuticals.(ET)

Kalpataru Power Transmission plans three more agri-logistics parks in Gujarat.(BS)

IDBI cuts benchmark PLR by 75 bps to 13.5% pa.(ET)

Telco Construction Equipment Company, a subsidiary company of Tata Motors, to have five day week till the end of November.(ET)

GM plans a rival to Maruti’s M800 model.(TOI)

Airports Authority of India plans to encash Kingfisher’s bank guarantee worth Rs700mn unless the airline comes with either cash or a plan to clear its dues within a week.(TOI)

Forex reserves declined by US$5.5bn to touch US$253bn for the week ended October 31.(BL)

Fertilizer subsidy for the current fiscal expected to decline by around Rs190bn.(BS)

Railways cuts freight charges on iron ore for export by 10-15%.(ET)

DoT is planning to ban sale of equity shares owned by Indian promoters of new telecom companies for a period of 3-5 years.(BL)

RBI to provide forex swap line to banks.(BL)

Power firms may get to sell more to open access buyers.(ET)

Index for six core sector industries increased by 5.1% in September 2008, lower marginally compared with 5.8%.(BL)

According to finance ministry, Rs131bn tax arrears mop-up doubtful.(BS)

Government to invest Rs250bn in the next six months without creating adverse impact on fiscal deficit, says Commerce and industry minister.(FE)

Prime Minister projects GDP growth at 7-7.5% next fiscal.(TOI)

Government considering a proposal to extend withholding tax exemptions on core sector ECBs.(FE)

Ship orders decline 90% in October.(BS)

India expects to earn US$840mn-US$1bn in revenues annually from a higher spectrum fee to be levied on mobile telecoms firms, says Telecom Minister.(FE)