Daily News Roundup - Oct 26 2010

Dr Reddy's Laboratories has entered into an agreement with drug major Cipla and UK-based Vitabiotics to market over-the-counter (OTC) and prescription drugs, besides nutraceutical products, in Russia and CIS countries. (ET)

IVRCL Infrastructures & Projects Ltd bagged three projects worth Rs19.7bn from Saudi Arabia and Nepal marking the entry of the company into international projects. (BL)



NTPC will invest about Rs200bn to set up a 3,960MW coal-based power project in Madhya Pradesh. (BS)

Coal India IPO price set at Rs.245/share; government to raise ~Rs155bn. (ET)

RIL to achieve peak output in KG-D6block in one year, gas production from block to rise 80 Mmscmd. (ET)

London-listed Vedanta Resources is set to miss the October 30 deadline for seeking shareholders’ nod for its US$9.6bn buyout of Cairn India, apparently due to regulatory hurdles. (BS)

ONGC may go to selloff list as government likely to cap sale of at Rs400bn this year. (ET)

IBM, Tech Mahindra and Spanco have bagged the Bharti Zain business process outsourcing (BPO) deal worth US$500mnand spread across 16 African countries. (BS)

Central Bank of India has upped its base rate to 8.5% from 8%.(BL)

Elecon Engineering to acquire the Benzler-Radicon group of businesses from UK-based David Brown Gear Systems Group for ~Rs1.3bn. (BS)

SBI to start merchant acquiring business soon. (ET)

Idea Cellular sees 3G by end 2010. (ET)

BGR energy bags Rs2.2bn thermal power project. (ET)

India’s exports shot up by over 23% in September, the highest level in nearly two years, and the trade deficit shrunk to US$9.12bn. (BS)

Sebi has increased the application limit for retail investors to Rs0.2mn, from Rs0.1mn at present. (BS)

Direct taxes code to be implemented from April 01, 2011. (ET)

India to import 5mn tons LPG by 2015. (ET)