Daily News Roundup - Nov 3 2010

A consortium of India’s top state owned energy firms led by ONGC, is in talks to acquire a 25% stake in Australia’s Advent Energy for around US$1bn. (ET)

ONGC plans to invest over US$10bn to develop its new gas field in the KG basin for production. (FE)

Power ministry has favoured allocation of gas from Reliance Industries' KG-basin block to NTPC and will push for the same in the inter-ministerial meeting next week. (ET)



Bharat Petroleum Corp said its Bharat Petro Resources-led consortium announced oil and gas discovery in Badik – 1, located in Tarakan basin in Nunukan PSC, Indonesia. (FE)

The West Bengal Power Development Corporation Ltd will enter into joint venture agreements with BHEL and NTPC for setting up power plants at Katwa in Burdwan and Santhaldighi in Purulia by the end of this year. (BL)

National Aluminium Company has shortlisted MEC Coal and Bumi Murau Coal for supplying coal to its $4bn Indonesia aluminium smelter project. (BS)

Hindustan Copper expects to sell off non-core assets including reserves of granite and copper ore tailings that are expected to fetch the company more than Rs30bn over an extended period. (ET)

JSW Energy may go in for dilution of promoter holding to fund its second phase of expansion, expected to commence in 2012. (BS)

JSW Steel has cut the price of hot rolled coil products by Rs 600-700 per tonne in the wake of the rupee strengthening against the US dollar and some softening in international markets. (FE)

Ranbaxy Labs and Lupin have been sued by the US state Louisiana's attorney general in a US district court for allegedly overcharging the state insurance programme, Medicaid, with full intent while supplying prescription drugs. (FE)

Fortis Healthcare is in talks to buy a majority stake in Care Hospital. (ET)

SpiceJet board has approved purchase of 30 Nextgen turboprop aircraft from Canada's Bombardier for US$900mn. (FE)

Kingfisher Airlines has settled technical issues of engines to be fitted on its A-320 aircraft with US-based engine manufacturer IAE. (ET)

Foreign lenders to Vishal Retail are unloading their bad loans to Pegasus Asset Reconstruction Company. (ET)

Arvind Mills is looking to set up facilities in Sri Lanka and South Africa to expand its manufacturing reach and retail presence in India and abroad over three to four years. (ET)

Seimens plans to invest Rs16bn to expand Indian business. (ET)

Lupin said it has been granted final approval by the US FDA for antihistamine Desloratadine tablets, used for treating allergies. (FE)

Prism Informatics said it has acquired 51% stake in Saudi Arabbased Information Management Technologies (IMT). (FE)

Suzlon Energy confirmed that it will shut its Pipestone, Minneapolis plant in US, and lay off 110 employees. (FE)

Kale Consultants said its open offer to Accelya Holding World SL has been raised to 34.39% from 20% earlier. (FE)

ABG Shipyard got an export order worth Rs20bn from Drilling & Offshore. (FE)

Goldiam International Ltd has secured a single export order worth US$6mn for diamond-studded jewellery to be exported in December 2010. (BL)

RBI raised key repo and reverse repo rates by 25 basis points each to 6.25% and 5.25% respectively. (FE)

Indonesia invited India to invest in the country, especially in thermal power and mining sectors by utilising its untapped resources. (ET)

India has topped Dubai imports list with 45bn dirhams. (ET)

The Uttar Pradesh government raised the state advisory price of sugarcane by Rs 40 per quintal. (FE)

The heavy rains in Andhra Pradesh have damaged agricultural and horticultural crops to an extent of over 277,000 hectares. (BS)