Daily News Roundup - Nov 15 2010

Ranbaxy Laboratories sues AstraZeneca Plc in the UK over claims that its European patents for Nexium are invalid, two years after settling a related US case. (BS)

Reliance Globalcom, a part of RCom could raise at least US$500 million by selling bonds to European investors. (ET)



L&T has shelved plans to expand its existing annual power equipment manufacturing capacity of 5,000MW in the wake of the government’s refusal to impose duty on imported equipment, especially from China. (Mint)

GAIL plans a capital expenditure of Rs400bn over the next four years for undertaking various projects, including sourcing of LNG. (BS)

SBI hires six banks for a euro bond issue of 500-750mn and it would begin investor meetings on November 17. (BS)

Four shares of RNRL will be converted into one share of Reliance Power as part of a merger between the two group companies. (ET)

The coal ministry has allowed Reliance Power to reassign 26mn tons per annum of coal from the Tilaiya ultra-mega power project coal blocks in Jharkhand. (ET)

SCI plans to add 62 vessels in the 11th Five Year Plan. (BS)

SCI is likely to come out with its follow-on public offer by end-November or early-December. (BS)

Agro Tech Foods sold its Rath vanaspati brand to edible oils maker Cargill India for an undisclosed amount. (ET)

Sun TV Group promoter Kalanithi Maran plans to take over as chairman of SpiceJet. (ET)

Nestle India ties up with the National Diabetes. (ET)

Amara Raja Batteries plans to double production capacity with Rs1.05bn investment in the next two years. (ET)

The coalition government in the UK confirmed the 10-year contract for administration of the state pension scheme which is valued at Rs40bn to TCS. (ET)

Hindalco Industries’ subsidiary, Novelis plans to raise its production capacity by 20% in the next three years. (ET)

Coal India is in talks to acquire mines from two US companies. (ET)

PTC India to hold 40% stake in the asset management company for India Energy infrastructure Fund while London-based emerging markets asset manager Ashmore would hold the balance 60%. (BS)

Sterlite Energy has sought relaxation in special economic zone rules to benefit its power plant in Orissa. (ET)

Parsvnath Developers says partner Red Fort Capital would infuse Rs2.7bn into the Delhi Railway land project. (BL)

Adani Power is looking to more than double its power capacity at its sole Mundra plant to 2,000MW by end-December. (BL)

PowerGrid sets FPO price at Rs90. (BL)

NTPC has cleared a ~Rs32bn investment for its Pakri Barwadih coal mining project in Jharkhand. (BL)

India Cements to up IndoZinc stake, raise Rs4bn to redeem FCCBs. (DNA)

Tech Mahindra eyes acquisition in the BPO space. (DNA)

India's apparel exports returned to a growth trajectory expanding year-on-year by 2.5% to US$743mn in September. (BS)

IIP continued to decelerate, slowing to a 16-month low of 4.4% in September on account of sluggishness in key sectors. (BS)

Unemployment rate in India during 2009-10 stood at 9.4 %. (BS)

West Bengal government increased the VAT rate on luxury items by one percentage point, from 12.5% to 13.5% for additional resource mobilization. (BL)