Daily News Roundup - March 15 2010

Government may shift subsidy burden to ONGC, OIL, GAIL. (BS)

M & M opens Rs50bn Chakan facility; facility to be used to make new portfolio of pick-ups, a still-to-be-launched SUV and a range of medium and heavy trucks made under association with Navistar. (BL)

ONGC is likely to invest up to US$20bn on its core upstream business over the next 10 years, to acquire oil and gas assets abroad. (BL)

JFE may pick up 14% stake in JSW Steel. (TOI)

Infosys could potentially face a tax liability of Rs1bn for alleged violations of SEZ rules at its Chandigarh SEZ. (FE)

The government is considering up to 10% equity dilution in Nalco. (TOI)

NMDC FPO issue subscribed 1.25x. (TOI)

JFE Holdings is unlikely to buy stake in JSW Steel as has been stated earlier by both the companies, but rather in a SPV under which their Bengal project is coming up. (DNA)

Tata Power plans to increase its wind and solar energy generation capacity to 2,000mw and 250mw. (ET)

Godrej Consumer has entered into an agreement to acquire Nigerian beauty brand Turafor ~Rs4-5bn. (BS)

TCS plans to finalise its wage and recruitment plans by April. (BS)

Reliance Industries, IMG Worldwide enteres into an equal joint venture to build a professional sports business in India. (BS)

DQ Entertainment fixes IPO price at Rs 80. (BS)

Ranbaxy eyes 80% rise in income by end of 2012. (BS)

Vishal Retail receives approval from lenders for inducting a strategic investor into the company to help it emerge from a Rs7.35bn debt pit. (BS)

Texas Pacific set to take over Vishal Retail assets. (BL)

Fortis Healthcare plans to use a short-term loan and money raised through a recent rights issue to fund its 23.9% stake buy in Singapore’s Parkway Holdings from PE firm TPG Capital for US$685mn. (BS)

Bharati Shipyard acquires an additional 3% in Great Offshore from its rival, ABG Shipyard, for Rs 537mn.

KSK Energy arm lowest bidder to supply 1010 MW power to GUVNL. (BS)

Eveready hikes prices of dry cell batteries. (BS)

Micro Technologies signs a strategic alliance with Brussels-based Advisers Global. (BS)

Triveni Engineering & Industries announces the demerger scheme of its steam turbine business. (BL)

Elder Pharmaceuticals is increasing its stake in its Bulgarian subsidiary Elder Biomeda to 61% from the current 51% for around US$12mn. (ET)

Zensar Technologies lines up US$100mn for another overseas buy. (ET)

Mercator Lines acquires a medium range tanker of 42,235 DWT, or dead weight tonnage. (ET)

Govt may pick up RBI's stake in Nabard next fiscal. (BS)

Foreign exchange reserves rose by US$74mn to US$278bn for the week ended March 5. (BL)

Tyre companies may hike prices again on rising input costs. (ET)

Capital goods, consumer durables lift January industrial growth to 16.7% yoy. (BL)

SC declines to interfere with the adverse findings of the Delhi HC against DoT and Union minister A Raja in allocation of 2G spectrum in 2007 by arbitrarily advancing the cut-off date for application from October 1 to September 25, 2007. (TOI)

Port traffic up 5.5% in April-Feb 2010. (TOI)

Mobile number portability, which will enable subscribers to retain their numbers while changing operators, is likely to be delayed at least by another three months till July. (TOI)

Hydro electricity capacity addition during the 11th Plan (2007-12) may be 34% lower than the target, according to a mid-term review. (DNA)