Daily News Roundup - Jan 21 2010

ONGC to shell out Rs35bn as fuel subsidy for Q3 FY10. (BL)

OIL India to shell out Rs4.67bn as fuel subsidy for Q3 FY10. (BL)

Lyondell Chemical's creditors' committee failed to end the company's control of its bankruptcy case after a lawyer said a rival bid from Reliance Industries may be more attractive. (FE)

LIC objects L&T’s plans to enter life insurance business. (ET)

Bharti Walmart, JV between Bharti Enterprises and Walmart Stores Inc for wholesale cash and carry and backend supply chain management operations, has opened its first agricultural cooperative centre in Sirhind, Punjab. (FE)

CAG has sought government’s intervention to access financial records of Cairn India operated Rajasthan oil fields. (ET)

RCom has asked communications ministry to reject Parakh audit report and alleged that the report was issued for malafide purpose, based on uncorroborated facts and done without any discussions with the company. (ET)

Credit growth seen at 20% next year, says SBI. (BS)

NTPC to get into LNG chain by leveraging the upcoming Dabhol LNG terminal. (BL)

Reliance ADAG group is all set to fork out US$250-300mn for its Hollywood venture. (BS)

JSW Steel to set-up 1600MW power plant in West Bengal with an investment of Rs96.8bn. (BS)

Ashok Leyland to invest Rs1.2bn to raise its aluminum high-pressure die cast annual capacity to 10,000tons. (BL)

The Supreme Court has sought reply from IOC in a dispute related to a US$29.75mn contract for laying 19.5km long submersible pipeline in the sea off Paradip port. (FE)

Tata Communication to invest Rs5bn in Pune data centre. (ET)

Lupin has received USFDA approval for its plant in Madhya Pradesh. (ET)

HDIL has raised additional debt of Rs4.25bn. (ET)

Alok Industries plans to exit real estate business and offload stakes in international retail subsidiaries. (ET)

Mercator Lines has bagged an order worth Rs10bn for a seven year period for chartering a mobile offshore production unit. (ET)

Mastek has announced the acquisition of Kognitio's data migration offering comprising its data factory tool kit (DFTK) and data migration methodology. (FE)

T Rowe Price has bought a 26% stake in UTI Asset Mangement Company and UTI Trustee Company for Rs6.5bn. (ET)

Bharti Biotech starts phase one trials of H1N1 vaccine. (BL)

Godfrey Philips to launch chewing products with an investment of Rs1.2bn. (BL)

Government has proposed to ease FDI approval norms by raising the ceiling of automatic approval to R10bn from Rs6bn currently. (BS)

India issues demarche to China on trade barriers. (FE)

The government plans to allow major ports to fix tariff on their own in order to give them a level-playing field with minor ports. (FE)

Peak power demand deficit to widen to 12.6% in 2010. (BL)

Finance minister raises concern over high inflation. (BL)

Government is likely to issue guidelines for 3G auction today. (BS)