Daily News Roundup - March 8 2010

Reliance Industries, which has tasted success in a block in the Cauvery basin, could be close to striking hydrocarbon in an adjacent block in the region. (BL)

Zydus Cadila announces commencement of phase-II and III clinical trials of its swine flu vaccine. (ET)

Tata Steel sold 5.54mn tons of steel during April-February, registering a growth of 22% over the same period of 2008-09. (BS)

Adani Power has been shortlisted along with three other international bidders to build a 1,000MW coal-fired power plant in European nation Kosovo. (BS)

NMDC to double iron ore output to 50 mn tons by 2015. (BS)

NMDC along with two other companies has submitted a US$230mn non-binding bid to buy 70% stake in an Australian mine owned by Perth-based Atlas Iron. (BS)

NMDC plans Rs240bn capex for next 5 years. (BL)

Coal Minister approves a grant of fuel linkages to 11 new thermal power projects of NTPC and Damodar Valley Corporation. (BL)

The government to make a capital infusion of over Rs10bn in three public sector banks including UCO Bank, Central Bank of India and United Bank of India this month. (BS)

JSW Steel will be exporting 40,000 tons of steel slabs to its US subsidiary, Texas Works. (BL)

JSW Steel's crude steel production rose 69% in February to 0.5mn tonnes. (BL)

Punj Lloyd will likely write off in the fourth quarter an Rs1.6bn claim made by its client Ensus for delay in completion of its project. (DNA)

All mobile firms, except RCom and Tata Teleservices, have opposed the proposal to introduce 11-digit format. (ET)

Essar Minerals, a subsidiary of Essar Group, acquired US-based Trinity Coal Partners for US$600mn. (BS)

Essar Group is reported to have begun preparations for an US$8bn listing on the London Stock Exchange. (TOI)

REC signs MoU with NTPC Tamil Nadu Energy Company Ltd, to invest Rs21.14bn in the Phase-II development of greenfield power project at Vallur in North Chennai. (BS)

Zensar Technologies is looking at acquisitions in the US and Europe within the next six months to increase its scale of operations in overseas markets. (BS)

Zee Entertainment Enterprises set to acquire 9X, the Hindi general entertainment channel belonging to the loss-making INX Media. (DNA)

Schneider Electric India would buy two electronic security system business units of Zicom Electronic Security Systems, for Rs2.24bn. (BS)

The Reserve Bank of India has ordered a special audit of the accounts of Bank of Rajasthan following investigations into irregular dealings by the private sector bank. (ET)

ONGC Videsh has made two significant oil discoveries with a combined potential of 185mn barrels in a block in north eastern Syria. (BS)

Adani Group has decided to bid for Ahmedabad ‘the Manchester of the East’ franchise. (BS)

Orient Paper & Industries plans to expand its cement business by selling the commodity in new domestic markets. (ET)

Kansai Nerolac Paints plans to invest Rs4bn over the next three years to increase its paint manufacturing capacity by 40% to 2.8 lakh tons per annum. (BS)

Future Group and its UAE-based partner Axiom Telecom are on the verge of selling their mobile handset retail JV Future Axiom to the Essar Group’s The MobileStore. (ET)

BSNL decides to scrap Rs350bn GSM tender. (BS)

IndiGo and SpiceJet add frills to lure more passengers. (ET)

KPIT Cummins is considering about a 10% hike in salaries for its employees and hire 400 software professionals in the first two quarters of next fiscal. (ET)

Blackstone Group is likely to acquire a 12% stake in Monnet Ispat’s greenfield power plant to be set up in Orissa; deal is valued at Rs2.8bn. (DNA)

HT Media says its subsidiary Hindustan Media Ventures plans to raise up to Rs3bn through an initial public offer. (BL)

The Ruias plans to invest nearly Rs4bn in rolling out the first batch of Aegis campuses in India. (ET)

LIC expects about 18% growth in premium income in 2010-11 over the current financial year. (BL)

Just two months after it launched mobile services, STel has been asked by DoT to shut down the network in all the three regions where it is currently operational. (BL)

Foreign exchange reserve dipped US$375mn during the week ended February 26 to touch US$278.4bn. (ET)

State governments' FY11 market borrowings are expected to come down by at least Rs400bn, relieving the pressure on interest expenditure. (BL)

Truck rentals zoom 6-8%, retail freight up 12-15%. (BS)

Finance minister may expand railway’s exempted goods list. (BS)

The Reserve Bank of India postponed the implementation of the proposed base rate mechanism by three months. (BS)

Reserve Bank committee proposes collateral-free loans. (ET)

The government plans to relax entry norms for UMPP. It proposes to modify a clause that requires a bidding firm to hold at least 26% in a project, with a capital cost not less than Rs30bn. (ET)

The government has decided to allow only two players in each circle for broadband wireless services instead of three players earlier. (ET)

Draft bill on Direct Taxes Code is likely to be introduced in the monsoon session of the Parliament, according to the Revenue Secretary. (BL)

A capacity of 5,531MW grid-interactive power generations from various renewable energy sources has been installed up to January 31, 2010 against a target of 12,300MW for 11th Five-Year Plan. (BL)

SEBI has decided in principle to allow stock exchanges to introduce physical settlement of equity derivatives. (BL)

SEBI announces effective May 1, all QIBs will have to pay 100% of their bid amount in all public offers upfront, up from 10% now. (TOI)

Government has allows power producers in SEZs to sell electricity to outside customers by paying a customs duty of 16% of the sale price. (FE)