Daily News Roundup - Nov 26 2009

ITC is rethinking with respect to its approach on equity in EIH, which would mean making a counter offer or selling its stake. (BS)

In the face of alleged rupee kickback, which is being probed by CBI, the government is considering cancelling power PSU NTPC’s Rs20bn contract with a Russian equipment firm. (BS)

The Bombay high court held that it will frame additional issues for the trial in a dispute for gas supply between NTPC and RIL. (ET)

NTPC said it would take at least 6 years to set up proposed 4000MW plant envisaging an investment of about Rs180bn in Bundelkhand region. (BL)

Brazil’s CSN and Tata Steel are set to become stakeholders in Australia’s Riversdale Mining. (BS)

Infotech Enterprises is planning to acquire two companies in the US by the end of this financial year worth US$10mn to US$20mn each. (BS)

IOC, which is setting up a 15mtpa refinery at Paradeep, has so far invested Rs22bn in the project, worth Rs298bn. (BS)

Oman Oil (OCC) has paid 50% premium for re entry into the Rs114bn Bina refinery project of Bharat Petroleum. (ET)

IDBI Bank has said that the bank has identified a potential merger target. (BS)

Infosys to hire 20,000 people in FY11. (FE)

TCS expects to clock Rs5bn revenue from the domestic banking business over the next one year. (FE)

US based 3com corporation has entered into an agreement with TCS to build the Andhra Pradesh State Wide Area Network (APSWAN). (BL)

Suzlon Energy Ltd. said the company’s arm, Suzlon Energy Australia has received 42MW orders from Australia’s Infigen Energy. (DNA)

IRB said that it has received approval from company’s shareholders for raising funds up to Rs12bn from markets. (DNA)

PNB plans to raise Rs5bn by issue of upper tier-II bonds and Rs2bn through issue of tier-I perpetual bonds. (FE)

PNB joint venture bank in Bhutan is set to become operational on January 21, 2010. (BL)

Coal India plans to form a JV for overseas exploration and mining operations. (ET)

Mahindra Satyam will have to manage an additional burden of Rs12bn over and above its existing claims and pending law suits. (ET)

TVS Motors launched India’s first auto clutch bike "Jive" priced at Rs41,000 and an automatic scooter "Wego". (ET)

Welspun Gujarat Stahl Rohren has raised US$250mn by the way of institutional placement of shares and bonds. (DNA)

Bajaj Hindustan announced expansion of its power generation capacity by 400MW for Rs16bn. (ET)

Shoppers Stop has shrunk its private label offering to prevent blockage of working capital during the current year. (BL)

Surana Telecom said its board has approved demerger of the solar business of the company into another group company, Surana Ventures. (DNA)

The Government is exploring ways to improve the cash flow of funds to developers executing road projects by making funding of such projects attractive for financial institutions. (ET)

The power ministry has sought assurance from petroleum ministry over the supply of domestic gas to new power projects. (ET)

The Government has no plans to ban cotton exports as the country has sufficient stocks. (ET)

The income tax department will recover close to Rs10bn from infrastructure development companies after a recent tax tribunal order clarified that the exemption available for infrastructure development cannot be extended to contractors or subcontractors. (ET)

State Electricity Boards and power companies together owed Rs7bn to Indian Railways as on March 31, 2009. (BL)

The Department of Economic Affairs, the Ministry of Commerce and Industry and RBI have come to a consensus that FII in a company should be monitored on a monthly or a quarterly basis. (BS)

India has imposed anti-dumping duty of up to US$0.92/kg on imports of nylon tyre cord fabric from Belarus. (BS)

The Centre may give sops to drug exporters for shipments to Africa and Latin America through a route that would avoid passing through Europe. (BS)

Sugar Mills in Uttar Pradesh agree to pay Rs25 a quintal of sugarcane above the SAP as incentive. (BS)

The 13th Finance Commission is understood to have arrived at a revenue-neutral rateof around12% for the proposed GST. (FE)

The Planning Commission has set up a high-level committee headed by Arun Maira to assess the impact of power equipment imports from China and suggest action. (FE)

3-G spectrum auction to be on schedule. (FE)

The Centre's plan to create country’s first strategic reserve for crude oil has run into a regulatory hurdle as the finance ministry has refused SEZ status to the project. (FE)