Daily News Roundup - Apr 27 2010

Mahindra & Mahindra is interested in buying stakes in beleaguered South Korean sports utility vehicle manufacturer SsangYong Motor Company (SMC). (BS)

ONGC ultimate reserve accretion (including its joint ventures) in domestic fields in 2009-10 has been 87.37mn tons oil and oil equivalent gas (mtoe) against the MoU target of 76.28mtoe (114.5% achievement). (BL)

The Orissa government has asked the public sector Nalco to give its consent for floating a SPV for local area development of the Potangi bauxite project area in Koraput district. (BS)

Three public sector units- Coal India, GAIL and RCF will form a consortium to revive the closed unit of Fertilizer Corporation of India at Talcher at a cost of Rs100bn. (BS)

The US Food and Drug Administrator has approved Glenmark Pharmaceutical’s oral contraceptive hormone-based drug norethindrone. (ET)

Dr Reddys Labs has begun the sale of Amlodipine Benazepril capsules, used for the treatment of hypertension, in the US. (ET)

Jay Shree Tea & Industries Ltd, belonging to the B K Birla Group, has acquired three tea gardens in East Africa – two in Rwanda and one in Uganda. (BL)

The Electrical and Automation Company, part of Larsen & Toubro, has bagged a Rs2.1bn order from the Maharashtra State Electricity Distribution Co to integrate power distribution in the State and facilitate online monitoring. (BL)

SAIL’s board may approve granting up to 74% equity to South Korean steel giant Posco in the proposed Rs110bn plant to be built jointly in Jharkhand. (BS)

Jaypee Group to bid for Federa airport's infra projects. (BS)

Bridgestone India will invest Rs26bn over the next five years to set up a manufacturing facility in Chakan, near Pune. (BL)

Tech Mahindra and Wipro are in the race for New Zealand's biggest phone firm Telecom Corp, contract potentially worth up to US$1bn. (ET)

Sun Pharmaceutical has received a setback in US litigation after a New Jersey district court decided that its top selling drug, pantoprazole, was infringing Wyeth’s patent (ET)

EID Parry has announced for acquiring a majority stake in GMR Industries, the agri-business arm of GMR Group. It plans to purchase a minimum of 65%, currently worth Rs1.5bn. (FE)

Hindustan Motors plans to roll out the Bharat Stage IV compliant CNG version of its mini truck 'HM Shifeng Winner' in new states like Maharashtra and Punjab over next few months. (ET)

Big Cinemas has acquired a chain of 188 screens in more than two dozen cities in the US, covering almost all the major centers of South Asian population from Manhattan and Edison in East Coast to Los Angeles and San Jose in California and Chicago in the Mid-West. (FE)

Punjab & Sind Bank (PSB) plans to come out with an initial public offering (IPO) to raise Rs4-5bn in end June or July first week. (BL)

The Government has fixed a price band of Rs 23-26 a share for the initial public offer of Satluj Jal Vidyut Nigam. (ET)

Non-life insurers clock 13.4% growth in 2009-10. (BS)

The RBI has initiated an exercise to set up a housing start-up index (HSUI) to track new residential projects in 31 major cities and measure the changes in construction activities. (FE)