Daily News Roundup - Sep 24 2010

ONGC plans to buy 14 rigs for Rs40bn in the next two to three years. (BS)

ONGC has begun shale gas exploration by drilling the first well in eastern India. (BS)

SEBI has rejected a proposal by MCX-SX, promoted by Financial Technologies to launch stock and debt trading platforms. (ET)



JSW Steel and Japan’s JFE Holdings are considering setting up a plant for hike grade electrical steel. (ET)

LT has formed a JV with South Africa Befula Investments for power transmission and distribution in South Africa. (ET)

EIH will raise upto Rs13bn through a right issue. (ET)

Kingfisher Airlines says it has cleared all the dues to the oil marketing companies. (ET)

ONGC said it will protect its interest in Cairn India and consciously opted not to make a counter bid. (ET)

RCom moves TDSAT challenging disconnection notice by BSNL. (BS)

ONGC said it natural gas output to rise by over 58% to 100mmscmd a day by FY16. (BS)

Adani Wilmar is planning to spend Rs10bn into expansion over the next two years and expects to double its soya meal export to 1mn ton this year. (BL)

JSW Steel targets 16mn tons capacity by 2014. (BS)

KEC International completes acquisitions of SAE Towers for US$95mn. (BS)

Tecpro Systems has raised Rs469mn from eight anchor investor funds for its maiden IPO. (BS)

IVRCL Infra has bagged orders worth Rs7.5bn for Maharashtra State Highway in Yavatmal and Chandrapur district on DBFOT basis. (BS)

Dabur India has issued bonus in the ratio of 1:1 under employee stock option scheme. (BS)

J K Lakshmi Cement will invest Rs18bn over the next three-four years to double its cement production capacity to 10mtpa. (BS)

Shree Cement plans to expand its cement capacity by 7mtpa in the next five years. (BL)

Strides Arcolab plans to raise upto US$100mn through a QIP. (ET)

Government has hiked FIIs investment limit in government bonds and corporate bonds by US$5bn. (ET)

Government has scaled down borrowing by Rs100bn for the second half of the fiscal year. (ET)

Bank loans increase by Rs277bn during the fortnight ended September 10th; deposit rose by Rs336bn. (ET)

Food inflation for the week ended September 11th stood at 15.46%. (ET)

Rice production during the kharif season is likely to go up by 6%, sugarcane by 17% and pulses by 33% according to the government first advance crop estimates. (ET)

Government clears 24 FDI proposals worth Rs27bn. (BS)

Sugar output may rise 28% to 24mn tons in 2010-11. (BS)