Daily News Roundup - Sep 22 2010

Nord Imperial, the Russian subsidiary of India’s state-run ONGC, has entered the fray to bid for the Trebs and Titov deposits, the largest unallotted hydrocarbon fields remaining in Russia. (BS)

Ranbaxy has received an exclusive six-month marketing opportunity to sell a generic version of Japanese drugmaker Eisai’s drug for Alzheimer’s in the US. (BS)



According to a senior company official, GMR group does not plan to pursue the opportunity of developing Medina airport in Saudi Arabia. (BL)

Indian Oil Corporation (IOC) has earmarked US$1bn for the acquisition of good-quality producing or developing E&P assets abroad. (ET)

BHEL has got a contract worth Rs26.65bn to set up a 1,200 MW coal-fired power plant at Chhattisgarh. (BL)

Jindal Steel and Power is investing Rs440bn as part of its expansion plans for setting up two 6mtpa steel plants in Orissa and Jharkhand. (BL)

Volkswagen may extend its global partnership with Suzuki in India by tapping the manufacturing and design facilities of Maruti-Suzuki in India. (ET)

IOC will invest Rs470bn in FY11 in creating more refining capacity, pipeline network, marketing infrastructure and raising quality.

Suzlon Energy has bagged order of Rs11.5bn from Kolkata’s Techno Electric Group to develop over 202.2MW wind power projects. (BS)

The government plans to advance the RS80bn follow-on public offer of SAIL, by a month, to gain from robust market conditions. (ET)

REC has been granted the new infrastructure finance company status from the Reserve Bank of India, which enables the non-banking finance company to take higher lending exposure in projects. (BL)

JSW Bengal, a subsidiary of the JSW Steel, which is building a steel project in West Bengal, plans to merge with its parent company once the 10mn tons plant starts operation. (ET)

Jet Airways and IBM have signed a 10-year US$62mn business transformation and information technology services agreement. (BL)

Essar Oil has hiked the retail price of petrol at its outlets by 27 paise a litre. (BL)

Malaysia-based Astro All Asia Networks would acquire a 49 per cent stake for US$40mn in NDTV subsidiary, NDTV Lifestyle. (BS)

Moser Baer plans to double its photovoltaic capacity to 240 MW by FY11 end, and add an incremental 220MW (in crystalline silicon and thin film technologies) during FY12 taking the overall photovoltaic capacities to 460 MW by FY12. (BL)

Mahindra Satyam will announce its audited financial results for the FY10 on September 29. (ET)

Suven Life Sciences has secured two patents from the US patent office for its New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases. (BL)

Arcelormittal has signed a binding memorandum of understanding with the villagers of Bokaro for its proposed 12mn tons greenfield project. (ET)

Key members of the empowered group of ministers (EGoM) are arriving at a consensus on rejecting a TRAI’s recommendation to link 2G spectrum price beyond 6.2 MHz with the recently concluded 3G spectrum auction price. (BS)

According to CMIE, India's GDP is expected to grow at 9.2% in FY 11 on the back of spurt in economic activities. (BL)

According to the Steel Secretary, Mr P.K. Misra, the Ministry is not in favour of hiking import duty of steel to tackle the problem of cheap imports. (BL)