Daily News Roundup - Sep 13 2010

The government expects to complete the ONGC and IOC divestments in this financial year and to raise up to Rs190bn from the process. (BS)

Dr Reddy's plans to spend Rs16bn for capacity expansion in two years. (BS)

HCL Tech bags 3-year IT infra deal from New Zealand government. (ET)



PowerGrid Corporation Rs80bn FPO is set to enter the market in the second week of November 2010. (ET)

M&M is working on smaller fuel-efficient petrol engines to power its future growth, likely to be driven by overseas markets. (BS)

Infosys BPO stated that it would increase the total headcount of its Poland operations to 1,500 in next one year. (BS)

Reliance Industries agrees to sign a gas supply contract with Essar Oil. (BS)

Reliance Industries completes its deal to acquire a 60% stake in the Marcellus Shale gas asset in the US for US$392mn. (BL)

Gujarat NRE Mineral Resources is set to offer 25% of its equity to the public. The company is the controlling stake holder in Gujarat NRE Coke. (BS)

IOC plans to rope in a strategic investor for its proposed Rs100bn project at Ennore, Tamil Nadu. (BS)

IVR Hotels & Resorts, a SPV formed by IVRCL Assets & Holdings plans to promote Rs50bn township project at Sriperumbudur. (BS)

DLF plans to invest Rs9bn in a luxury residential project in Chennai. (BS)

Atlas Copco stated that it is in plans to invest Rs1bn in the next 2 years for capacity expansion. (BL)

Natco Pharma does not rule out a settlement over the patent issue with Celgene, which has said it would file a complaint against the former for alleged infringement of its cancer drug Revlimid. (ET)

Cholamandalam Investment & Finance Co. is in plans to make a pref. issue of equity shares for Rs 1.5bn. (BL)

Crompton Greaves has entered into an agreement with the Spain-based ZIV Aplicaciones y Tecnologia to set up a JV in India to manufacture substation automation systems. (BS)

Lanco Infratech is setting up a combined 720MW combined cycle gas-based power plant for an investment of Rs25bn at Humnabad in Bidar district. (BS)

Shipping Corporation of India plans to invest up to US$4bn in the next four years to double its total cargo carrying capacity to 10mn dead weight tonnage. (BS)

Ess Dee Aluminium re-opens the Hoera unit of India Foils Ltd after six years. (BS)

IFGL Inc, wholly owned US subsidiary of IFGL Refractories acquires two US companies engaged in manufacturing and ancillary services in alumina graphite continuous casting refractories for US$13mn. (BL)

Godrej Consumer Products is looking to expand the global footprint of its mosquito repellent GoodKnight. (ET)

The Company Law Board allows Zenotech Laboratories’ founder and managing director to sell a part of his 25% stake in Daiichi Sankyo’s open offer to shareholders. (ET)


India’s Industrial Production rose to 13.8% in July, registering the highest in two months and exceeding market expectations of 7.8%. (BS)

The government plans to review the New Investment Policy of 2008 in order to overhaul the production of the urea sector by attracting more investments and reviving the sick fertiliser units. (BS)

The Department of Information Technology plans to set up a dedicated fund with an initial corpus of Rs 50bn with an aim to promote the electronics manufacturing industry. (BS)

India’s Foreign Exchange Reserves rose US$2.5bn to US$283bn during the week ended September 3. (ET)

The Finance Minister has stated that industrial output is likely to grow between 12-13% in FY11. (BL)

PSUs and FIs have managed to mop up over Rs560bn through private placements in the first quarter of FY11. (BL)

The DIPP proposes to ease investment norms for foreign companies that have existing JVs or technical collaborations in India. (BS)