Reliance Industries said that it will not be able to divert gas meant for NTPC’s Kawas and Gandhar power plants to any other unit due to constraints in pipeline transporting the fuel. (BS)
ONGC Videsh, IOC and Oil India have proposed an investment of US$5bn to bring to production a massive gas field they discovered in offshore Iran in the next 3-4 years. (BS)
Reliance Gas, part of Reliance Industries, IOC and Adani Energy are among 8 companies that have bid for building city gas distribution networks in 7 cities. (BS)
NTPC will soon float a tender to procure equipment for 11.6GW supercritical thermal power units as a part of the 100 day program. (BS)
Bharti-MTN will take atleast 4 months for regulator and other approvals. (BS)
Spanish firm Gamesa and Danish company Vestas in race to buy Suzlon stake in Hansen. (ET)
Tata Power plans to discontinue the supply of power to Reliance Infrastructure’s Mumbai distribution area from April 1, 2010. (BS)
Tata Power to set up plant in Netherlands. (BL)
State government asks Maharashtra Electricity Regulatory Commission to look into Reliance Infra’s power tariff hike. (ET)
GAIL plans to invest upto Rs75bn for laying Dhabol-Bengaluru and Kochi-Kanjirkkod-Bengaluru-Mangalore pipelines. (BS)
Reliance Infrastructure plans to raise funds by issuing securities to QIBs (BS)
ABG Shipyard to revise its offer price for GT Offshore next week. (BL)
Moody’s warns that Indian banking system’s asset quality could come under strain. (BL)
Corus Group, subsidiary of Tata Steel, announced to cut 2,045 fresh jobs mostly in 3 of its plants in UK. (BS)
Glenmark Pharmaceuticals’ subsidiary has received US regulatory approval for marketing and distribution of Alclometasone Dipropionate Cream. (FE)
Government ropes in ex-Infosys chief Nandan Nilekani to steer National ID card project. (ET)
Infosys, TCS and Wipro may win UID orders. (ET)
Dabur completed Fem Care Pharma acquisition. (BS)
Sobha Developers in talks with PE firms to raise funds for the development. (ET)
Areva T&D bagged a Rs12bn order from JSPL for a power project. (BS)
IOC will shut its 160,000 barrel a day Mathura refinery for about a month from today for planned maintenance. (BS)
Indiabull Financial Services plans to raise US$200mn by issuing equity shares, fully convertible debentures or placement with QIB. (BS)
Pfizer has increased its tender offer price to Rs830/share, 23% increase over the original offer. (BS)
Novartis AG has hiked its stake to 76.42% in its Indian subsidiary Novartis India. (BS)
Azim Premji-owned Zash Investments sends legal notice to Subhiksha’s current and former directors over their alleged failure to perform their duties. (ET)
BHEL to build power plant for IOC. (BL)
The revenue department has raised objections to an application by United Breweries (Holdings) Ltd seeking approval to raise Rs7.1bn by issuing fully convertible equity warrants to FirStart Inc, a company owned by Mr. Vijay Mallya’s mother. (BS)
Tata Communications bagged a voice services outsourcing contract from British Telecom for a period of 5 years. (BS)
IDBI Bank cuts lending rate by 25 bps. (BL)
Kriloskar Brothers is looking to acquire companies in the US, UK and East Asia in the fluid handling solutions space. (BS)
Inflation remains in negative territory for the second consecutive week at -1.14% for the week ended June 13. (BS)
RBI may tighten prudential norms for banks to provide a cushion for financial soundness. (BS)
Government has announced anti dumping duty on imports of phosphoric acid and Diethyl Thio Phosphoryl Chloride. (BS)
Cabinet Committee on Economic Affairs approved a 32.74% increase in the statutory minimum price of sugarcane for 2009-10 to Rs107.76/quintal. (BS)
Power ministry’s plans to add 78GW during the XIth plan hit a major roadblock as states are pressing for atleast 5% of profit earned by project developers. (FE)
Government may give oil companies some space to fix retail prices of at least autofuel, petrol and diesel in a phased decontrol program. (ET)
Government borrowing in the first half of current fiscal is expected to be higher than the projected figure in the interim budget, says CMIE. (ET)