Daily News Roundup - Nov 27 2010

Reliance Industries plans to boost gasoline and diesel exports after restarting units shut for maintenance. (ET)

The Income Tax department surveys premises of GlaxoSmithKline, Piramal Healthcare and Wockhardt. (ET)

Environment Ministry has issued show-cause notices to Lavasa Corporation and Jindal Steel and Power for flouting green norms in their projects. (BL)



Coal India is likely to withdraw from talks to acquire a mine from Massey Energy. (ET)

ONGC and OIL India have joined hands with BPCL and IOC respectively to enter city gas distribution business. (ET)

Aditya Birla Minerals, a 51% subsidiary of Hindalco has started a process to revive Mount Gordon copper mine in Queensland Australia. (BL)

BHEL may offer a minority stake to a 3rd partner in the JV with SAIL. (ET)

HDFC chalks out a major foray into education. (BS)

M&M to acquire British Telecom’s 5.5% stake in Tech Mahindra for around US$94mn. (ET)

Hindalco is set to complete the 1st phase expansion of its Hirakud aluminum smelter by December or January 2011. (BS)

Six to seven companies are likely to bid for Power Grid’s tender to lease out its tower infrastructure. (BS)

Suzlon Energy’s overseas subsidiary, REpower Systems has received an order from Belgium based C-Power to install wind energy turbines for Thornton Bank aggregating 295MW. (BL)

Deal between Bhushan Steel and Japan’s Sumitomo Metals has got stuck due to differences over valuation. (BS)

Tata Power has decided not to take part in the country’s first major solar auction. (ET)

Bajaj Auto, KTM and Kawasaki of Japan plan to form a global alliance. (BS)

Shipping Corp FPO price band fixed at Rs135-140/share. (BL)

GVK Power & Infrastructure, through its wholly owned subsidiary, has announced that it has emerged the successful bidder for the six-laning tollway road project in Gujarat. (BL)

The Union environment ministry issues showcause notice to Lavasa Corporation, promoted by HCC alleging violation of environment laws. (ET)

Claris Lifescience’s reduces the Initial Public offer price by 20% and extends it by three working days. (ET)

The IPO of MOIL was subscribed 76% on the first day of bidding. (ET)

NTT Data Corp. has resumed talks to acquire the promoter stake in Patni Computers. (ET)

Bhushan Power & Steel sets sights on global listing to raise US$700mn. (ET)

Huaneng Power seals a deal to buy 50% stake in Intergen owned by GMR Group. (BS)

GVK and Lanco Infra are the biggest bidders for Australia’s Griffin Coal. (BS)

Videocon Industries along with Bharat PetroResources, a subsidiary of BPCL have discovered gas in the Lagosta well in Mozambique. (ET)

Steel Stripes & Wheels in advance talks with Korean company to sell 4-5% for around US$10mn. (ET)

Star India Holdings, part of News Corp, has increased its stake in Tata Sky-its DTH JV with the Tatas-to 30% from 20% recently. (BL)


Foreign exchange reserves drop by US$330mn to US$298bn in the week ended November 19. (BL)

India's crude oil output rose 13.7% to 3.3mn tonnes in October 2010. (BL)

The RBI mulls capping the banks investments in debt schemes of Mutual Funds to prevent frequent chaos in the money. (ET)

Steel prices are likely to increase by Rs1000-2000 per ton in the next three to four months. (BS)

GDP growth for FY10 and Q1 FY11 will be revised upwards following the up-gradation of the WPI index. (ET)

Government agencies import urea at higher prices this fiscal. (BL)

DoT may penalize new telecom companies for lap