Daily News Roundup - Nov 24 2010

JSW Energy has agreed to acquire Canada’s CIC Energy for C$422mn. (ET)

Coal India hopes to acquire a stake in at least one of the Australian mines of Peabody Energy in a few months and is in advanced negotiations with foreign firms for long-term coal import contracts. (ET)

Coal India to acquire Massey Energy, the fourth-largest coal company in the United States, in its entirety. (BS)



State Bank of India has raised 750 million euros through global capital markets to fund euro-denominated assets. (BS)

The finance ministry has agreed to compensate Rs130bn to oil marketing companies, IOC, HPCL and BPCL, for the losses they incur this fiscal due to selling diesel and cooking fuel below cost. (FE)

HPCL and its partners will divest 40% of their stake in a gas bearing block in offshore Australia to US based Apache Corp. (FE)

Nestle has increased its stake in its Indian arm by 0.8% through stock market purchases during the quarter ended September. (ET)

Dr. Reddy’s Laboratories has bought GlaxoSmithKline’s oral penicillin facility and products in the US for an undisclosed sum. (ET)

GMDC has extended the deadline to submit Expression of Interest (EoI) for its 1 million tonne per year (mtpy) alumina refinery and 0.5 mtpy aluminium smelter by another week. (BS)

M&M will pay Rs21bn for a controlling stake in Ssangyong Motor. (ET)

Chinese telecoms gear maker Huawei said it was in advanced talks with Bharti Airtel for a network outsourcing contract in Africa. (ET)

The average cost incurred by ONGC for producing crude oil in Assam in 2009-10 was $52.51 per barrel. (FE)

GVK Power & Infrastructure said its venture running Mumbai's airport will bid to manage a planned second airfield in Mumbai. (FE)

Kingfisher Airlines has entered into a code sharing arrangement and frequent flyer relationship with American Airlines starting 2011. (FE)

Bharati Shipyard plans to acquire 51% stake and management control in South Indiabased Tebma Shipyards for Rs757.5mn. (FE)

Corporation Bank, has increased the rate of interest on term deposits for different bands from 6 months to 5 years and above, effective from 25 November. (FE)

Elecon Engineering’s material handling equipment division has received orders worth Rs360mn from Essar Projects. (BL)

Aegis Logistics will invest Rs4.3mn to set up two oil terminal complexes, one at Pipavav port in Gujarat and the other in Haldia port in West Bengal. (BL)

Kitex Garments Ltd to increase its capacity from 20 tonnes a day (tpd) to 40 tpd at an investment of Rs1bn by June’11. (BL)

Pix Transmission Ltd plans to raise Rs300mn through qualified institutional placement, in March’11. (BL)

Elder Healthcare will promote fashion and beauty products of German brand BeYu in India. (ET)

Foreign direct investment in India stood at just US$16bn during the January- September, 2010, period, down 26% visa-vis the same period last year. (ET)

Tax arrears for the government have risen over 18% to Rs2,930bn as on March 31, 2010. (ET)

India’s gems and jewellery exports shot up by 31% in October. (ET)

In a move that could bring more than 50% of the country’s Rs650bn medicine market under price control, the health ministry plans to enlarge the scope and size of the National List of Essential Medicines. (BS)

The Government will notify all the 37 standards relating to the new accounting norms for Indian companies in sync with International Financial Reporting Standards (IFRS) by the end of FY11. (BL)