Daily News Roundup - Aug 11 2010

RIL has re-opened its fuel retail network across Gujarat. (BL)

State-run ONGC has proposed to Russian major Rosneft that the two jointly bid for the strategic Trebs and Titov fields in the Arctic north. (BS)



A consortium led by ONGC could invest about Rs120bn to build a six million tonne refinery in Rajasthan. (ET)

IOC will set up 50 more low-cost retail outlets in the rural areas of Andhra Pradesh during the current year. (BL)

With a focus on streamlining its hydrocarbons E&P business, HPCL has once again started hunting for a partner for its E&P arm Prize Petroleum Company Ltd. (BL)

DLF is in talks with leading domestic banks to refinance a US$300mn loan it had raised via external commercial borrowings. (FE)

Dr Reddy's Lab is going slow on its 300-acre finished dosages special economic zone (SEZ) plan at Medak; instead, it is focussing on developing the SEZ for active pharmaceutical ingredients in Visakhapatnam. (BS)

Ontario Teachers’ Pension Plan (OTPP), Canada’s largest single-profession pension fund, has offered to buy GMR Infrastructure out of InterGen for about $1 billion. (BS)

M&M and Ruia Group are among the three potential acquirers who have placed bids for a controlling stake in Ssangyong Motor. (ET)

Leading manufacturers of railway rolling stock like GE, Siemens, Alstom and Bombardier have been shortlisted for setting up a Rs19.6bn electric locomotive manufacturing unit at Madhepura in Bihar. (BS)

Amtech Electronics Ltd, a flagship company of Amtech Group, is planning to set up a medium voltage drive (MVD) manufacturing plant in Gandhinagar. (BS)

Aban Offshore has won US$494mn contract from Petrobras for deployment of its drillship Aban Abraham offshore Brazil for 5 years. (ET)

UBI is planning to create a loan corpus of Rs5bn for farmers in Andhra Pradesh. (BS)

Infotech Enterprises has acquired the US-based Wellsco Inc, a telecom engineering services company, with an annual run rate of US$12mn. (BL)

Motherson Sumi to invest Rs4-5bn this fiscal on capacity expansion and new plants. (BL)

Lupin and Ranbaxy with its parent Daiichi Sankyo have slapped patent infringement charges against each other. (ET)

Karnataka Bank Limited has raised its PLR by 25bps to 14% wef August 16, 2010. (BS)

Toyota Kirloskar Motors signed a MoU with IndusInd Bank to extend car finance to prospective buyers. (BL)

UCO Bank and Allahabad Bank hike lending rates. (BL)

Educomp has picked up a majority stake in Delhi based engineering test preparation company Vidya Mandir for about Rs340mn. (ET)

Areva T&D India has been awarded an Rs1.1bn contract for a sub-station by PGCIL. (BL)

Proposals of Zensar Technologies and Accenture Services to set-up their units at SEZs have been approved by the Unit Approval Committee of the Development Commissioner of Andhra Pradesh IT SEZs. (BL)

US arm of Glenmark Generics got final approval from US FDA for mometasone furoate topical solution. (FE)

Shiva Cements will raise Rs1bn loan from banks to part finance its Rs1.7bn expansion plans. (ET)

Shoppers Stop plans to add 40 medium and large format strores across India in next four years. (ET)


CERC has advised the Union power ministry to achieve the level of renewable purchase obligation (RPO) by states to 10% by 2015. (BS)

If ONGC and IOC's stake sale come through this fiscal, the Government could raise about Rs240bn. (BL)

The growth rate of India’s refined (white) sugar consumption is likely to dip in 2009-10 compared to the compounded annual rate of close to 7% since 2006. (BS)

Iron ore traffic at major ports falls in April-July. (BS)

The government has asked all the companies to provide details of investments made as a part of their corporate social responsibility initiatives during last fiscal year. (ET)

The government has virtually removed the supplier’s liability clause in the nuclear bill. (FE)