Daily News Roundup - Sep 1 2010

With production from Reliance Industries’ KG-D6 field stuck at 60mmscmd, the government has decided not to make any fresh gas allocation from it. (BS)

Reliance Industries is likely to bid for Rs75bn, 1,320-Mw thermal power project at Gulbarga in north Karnataka. (BS)



Reliance Industries has made a fourth consecutive disocery in KG-D3 block. (BS)

According to the Chairman of ONGC, the company has a right of first refusal in case of some of the blocks, including Barmer, through our joint operating agreement. (BS)

Infosys Technologies does not foresee a major dent in its margins because of the hike in US visa fee but might pass on the new cost to its US customers. (BL)

HDFC has increased its retail prime lending rate by 50bps to 14.25%. (BS)

The USFDA has issued a warning letter to Sun Pharma for manufacturing practice violations at its Cranbury facility in New Jersey. (BS)

NALCO has invited bids from coal companies in Indonesia to mine its coking coal mines in East Kalimantan Province. (ET)

Adani Power said it plans to spend about Rs825bn to increase capacity in the next four years. (ET)

TCS said its new solution for work flow automation at Central Vigilance Commission has become operational. (FE)

Bharti Airtel, which acquired the African assets of Zain Telecom in February, has started the process of giving orders for setting up new telecom towers there. (BS)

Maruti Suzuki has emerged on the top in the J. D. Power customer satisfaction survey for carmakers. (BL)

Japan’s Honda is believed to be in talks to sell its 26% stake in Hero Honda Motors. (ET)

Mahindra & Mahindra is upbeat on the prospects for the Logan whose sales have been on an upswing over the last few months. (BL)

SAIL follow-on public offer is likely to hit the market only in January, according to Steel Ministry officials. (BL)

Britannia plans to raise prices across its products by 5-10% to offset rise in input costs. (BS)

HCL Technologies will merge its subsidiary, HCL Technoparks with itself. (FE)

Kingfisher Airlines plans to raise US$1bn through various instruments. (BS)

Coal India Limited may set up power plants to use the dry fuel piling up due to limited availability of rolling stock to carry supplies to utilities. (BS)

Cummins India will begin construction shortly on a new plant for export in markets like UK, Europe and USA. (BS)

The government will start allotting third generation (3G) spectrum from tomorrow to successful bidders, including Bharti Airtel, Reliance Communications and Vodafone Essar, among others. (BS)

The US health regulator has served a warning letter on the American unit of Sun Pharma for violating good manufacturing practices. (ET)

Core Projects & Technologies is venturing into the arena of setting up schools where the investment planned is up to Rs9bn over the next three years, which will be funded through a 70:30 debt, equity mix. (BL)

Subex Ltd has won a deal from a telecommunications service provider in Ecuador to implement its ROC (Revenue Operations Centre) Fraud Management Solution. (BL)

Elder Pharmaceuticals plans to raise up to US$50mn through QIP next week. (ET)

Tantia Constructions said it has received an order worth Rs150mn from Rashtriya Sam Vikas Yojna, Gaya. (FE)

Shri Lakshmi Cotsyn said it will allot a total of 7mn share warrants at a price of Rs 150 per warrant. (FE)

India’s GDP growth for Q1 FY11 was at 8.8%, fastest pace in nine quarters. (BS)

Fiscal deficit from April to July was US$19.3bn. (FE)

The Designated Authority in the Commerce Ministry has initiated anti-dumping investigations into soda ash imports from China, the European Union (EU), Kenya, Pakistan, Iran, Ukraine and the US, following a petition filed by the domestic producers' association. (BL)

The finance ministry proposed to do away with the different rules for portfolio, NRI and foreign venture capital investment in India and institute a single window regulatory window for all. (FE)