Daily News Roundup - Jan 20 2010

The underrecovery of ONGC from sale of gas at the government-fixed price is likely to exceed total revenues from its nominated fields in 2009-10. (BS)

BHEL is exploring opportunities for an acquisition or a joint venture partnership with companies from the US and Europe. (BS)

Ranbaxy has acquired Biovel Lifesciences, a Bangalore-based biotech company making typhoid and influenza vaccines, for an undisclosed sum. (BS)

Zee Entertainment has acquired an additional 45% in Taj TV, Mauritius, the owner of Ten Sports channel through its overseas subsidiary, Zee Sports International Ltd, Mauritius. (BS)

ONGC-Mittal consortium surrendered its offshore exploration block in the Caspian Sea in Turkmenistan. (BL)

The board of Cadbury Plc accepted the final takeover offer of Kraft Foods Inc at £11.9bn (US$19.7bn). (BS)

The government plans to raise upto Rs103bn by selling 5% stake in NTPC. The FPO may be priced between Rs245-Rs250. (ET)

NTPC is planning to invest Rs 80bn to set up another power plant at a site adjacent to the Dabhol unit. (ET)

Unitech has withdrawn its proposal to raise US$700m through FCCB. (ET)

Israeli drugmaker Teva Pharma has filed a patent infringement suit in the US against Lupin that prevents the Indian pharma company from selling the generic or copycat version of Teva’s birth control drug, LoSeasonique, for at least 30 months in a key market. (ET)

Usha Martin is in the process of raising Rs4.68bn through a qualified institutional placement (QIP). (ET)

Indian Oil (IOC) said it has raised US$500mn through issuance of bonds to meet its capital requirements. (ET)

Sebi allowed exchanges to introduce currency futures in three more currencies — euro, yen and pound. (BS)

The Maharashtra government has decided to increase floor space index (FSI) to 3 from the current 2.5 for buildings which have come up between 1940 and 1960. (BS)

The Government will prepare a new subsidy sharing mechanism for fuels that would help the public sector oil marketing companies (OMCs) and upstream companies such as ONGC, Oil India and GAIL (India). The mechanism is expected to be in place by the end of this fiscal. (BL)