Daily News Roundup - Nov 25 2010

The Central Bureau of Investigation has arrested eight people, including senior executives of banks and housing finance companies like LIC Housing Finance, LIC, Central Bank of India, Bank of India and Punjab National Bank for giving loans to private builders after taking bribes. (BS)



Sebi has barred Sahara Group’s Chairman and some of its directors from raising money by issuing securities. (ET)

Reliance Industries and NTPC may settle out of court their five-year-old legal battle over a contract to supply gas from Reliance’s field in KG basin. (ET)

NTPC has set up a JV with the Asian Development Bank and Japan’s Kyuden International Corporation to develop renewable energy projects with a capacity of 500 MW over the next three years. (BS)

Dr Reddy’s Laboratories has signed an agreement with GlaxoSmithKline, to buy the latter’s oral penicillin manufacturing facility at Tennessee in the US. (BS)

The Mumbai Income Tax Appelate Tribunal has held that income tax paid by Tata Sons abroad cannot be claimed as deduction in India. (DNA)

Maruti Suzuki is not contemplating any price raise, despite a 20-30 % surge in raw material prices in recent months. (BS)

Punj Lloyd has won ~Rs16bn domestic and overseas contracts. (BL)

Cairn Energy Plc may soon seek government’s approval to sell three blocks to Vedanta Resources. (DNA)

JSW Steel seeks new coking coal mine in Jharkhand. (DNA)

Power Grid is likely to sign MoU with Sri Lanka for developing of high capacity power transmission link between the India and Sri Lanka from the Indian side. (BS)

50 Kingfisher Airlines pilots quit to join rival Jet Airways. (ET)

Tata Power to invest Rs8.5bn in two years to beef up generation, transmission and distribution. (ET)

Yes Bank inks pact with Shinsei Bank for M&A’s. (ET)

The Independent Directors of Unitech Corporate Park rejects Unitech buyout offer. (DNA)

Government is unlikely to decontrol retail prices of diesel anytime soon. (DNA)

Long-term