Daily News Roundup - Oct 26 2009

RIL partner Hardy Oil said it would abandon a well in the K-G basin that showed "poor" reservoir sands. (FE)

TCS, CMC to bid jointly for unique ID project worth Rs50bn. (ET)

The finance ministry has allowed SAIL to go for follow on public offer (FPO) to the tune of 20% of its paid up capital. (FE)

JSW Steel has decided to shelve the Mozambique mines project after the coal therein was found to be of inferior quality and hence unusable. (DNA)

Sun Pharma to stop making Alzheimer’s drug after losing patent battle to Forest Lab’s. (FE)

GAIL may be allowed to levy marketing margin on gas. (BL)

Asian Paints will invest Rs4.5bn for setting up a plant at Rohtak in Haryana with an initial capacity of 1,50,000 kilolitres. (FE)

Gammon India will raise US$200mn by the way of private placement of shares with qualified institutional buyers. (FE)

ADAG group firms said their respective promoters have revoked all the shares pledge. (FE)

SAIL ruled out any increase in prices of its products for November citing stable market scenario. (ET)

Reliance Infra tells EGoM to stop Reliance Industries marketing margin. (BS)

Reliance Communication debunks special audit reports, expects no liability. (BS)

SBI has raised Rs36bn through bonds from the overseas market. (BS)

The Finance Ministry has sought certain clarifications on the proposed disinvestment in Coal India, and has asked the Coal Ministry to submit a revised proposal on it. (BS)

Patel Engineering is looking to set up a 1,200MW thermal power project in Gujarat and a 90 mw hydel power unit in Arunachal Pradesh. (ET)

Air India is likely to receive between Rs10bn and Rs20bn of government funding by December. (BL)

Binani Cement plans to raise US$30mn via a bond issue in three months to fund China operations. (DNA)

Lavasa Corporation, a subsidiary of HCC, plans to raise around Rs20bn through an IPO during the second half of next year. (FE)

NMDC is deferring a Rs12bn investment in Sponge Iron India because of a steep drop in global sponge iron prices. (Mint)

The country’s foreign exchange reserves rose by US$2.97bn to US$284.8bn in the week ended October 16. (FE)

PM to fast track talks with ASEAN. (FE)

India, Russia & China will hold ninth trilateral meeting next week in India to discuss ways for expanding co operations in regional and international issues such as global financial crisis, terrorism and UN reforms. (FE)

An internal check conducted by DoT’s monitoring cell recently had found that most telecom operators were overstating their subscriber base. (TOI)

SEBI allows stock exchanges to extend trading time by almost two-and-a-half hours, permitting them to operate between 9 a.m. and 5 p.m. (BL)

Nuclear liability bill set to be introduced in Winter session. (FE)

The government said foreign firms would be allowed to bid for spectrum for third generation mobile services and will start auctioning the radio waves from January 14, 2010. (BS)

Excise collections dropped 17% in September to Rs81.8bn from the year-ago period. (ET)

Union Food Ministry has made the state governments responsible for paying the difference between their State Advised Price and the center’s declared cane rate. (BL)