Daily News Roundup - Sep 20 2010

Oriental Bank of Commerce has raised capital of Rs5bn to fund business growth and strengthen its capital adequacy. (BL)

SAIL has indicated that the proposed JV with Posco would be frozen by November. (BL)

NMDC is reportedly at an advanced stage of conducting due diligence for buy out of coal assets overseas. (BL)



National Environment Appellate Authority has suspended clearance to Vedanta’s bauxite mining project in Orissa. (BS)

United Spirits will launch an open offer starting November 10 to buy back shares from shareholders of Pioneer Distilleries. (BS)

Indian Railway Finance Corporation has received a nod from CBDT to issue tax-free ‘Railway Bonds’ amounting to Rs ~31 bn during 2010-11. (BL)

Tata Motors plans to hike the prices of its passenger cars, Indica and Indigo, by a ‘significant’ amount with effect from October 1. (TOi)

KKR, TPG Capital, Carlyle Group and Bain Capital LLC are competing to acquire a part of Honda Motor Co’s stake in Hero Honda Motors. (TOI)

NTPC says it will sign power purchase agreements for 25,000MW of electricity by the end of December. (DNA)

NTPC to add 9,500MW in the 12th Plan. (FE)

HPCL-Mittal Energy mulls IPO once Bhatinda refinery goes on stream. (FE)

Bharti Airtel announced its entry into the fast-growing mobile handset business as group firm Beetel Teletech launched eight handsets in the price range of Rs1,750-7,000. (Mint)

Ucal Fuel is setting up an air suction valve and oil pumps manufacturing plant for Hero Honda and Maruti Suzuki at Bawal in Haryana with an investment of Rs400mn. (BS)

Electrosteel Steels, promoted by Electrosteel Castings has set a price band of Rs10-11 a share for its public issue, which will open on September 21, 2010. (BS)

Bajaj Hindusthan plans to invest up to Rs100bn to set up 1,980-MW thermal power capacity in Uttar Pradesh. (BS)

The corporate affairs ministry has asked the Registrar of Companies to look into the books of Unitech Wireless to check for any anomaly in the Rs61.2bn investment by Norway-based Telenor Group in the company. (ET)

Ansal Properties plans to invest around Rs45bn to develop the second phase of its 2,500-acre hi-tech city adjoining Greater Noida. (ET)


Nearly after a year, retail price of cement in the South is set to increase by Rs15-20/bag from today. (BL)

Finance Ministry has now effected a general reduction in drawback rates in most sectors including textiles and textile articles, leather and leather articles, base metals etc. (BL)

Advance tax paid by India’s top 100 companies rose 13% to Rs238bn. (BS)

Agriculture and Food Minister said that 2010-11 would give the country a ‘bumper’ kharif as well as rabi harvest due to one of the best monsoon spells in recent years. (BS)

Forex reserve fell by US$828mn to US$285bn for the week ended September 10 on account of revaluation in currencies. (BS)

A ministerial panel under finance minister approved the draft Mining Bill that essentially seeks to make companies share 26% of their profits with the local population. (TOI)