Daily News Roundup - Dec 1 2010

RIL prolific D-1 and D-3 gas fields off the east coast have seen a 15% drop in production to about 45-46mn cubic meters per day because of reservoir complexities. (ET)

Siemens Ltd plans to invest US$87mn on the development of wind turbines over the next two years. (ET)



BHEL has bagged an order worth Rs37bn to supply the country’s first super critical 700-Mw coal fired unit of Karnataka Power Corporation Ltd for its thermal power station (TPS) at Bellary. (BS)

HCL Technologies has signed a multi-year IT infrastructure management deal with pharmaceutical firm Purdue Pharma. (ET)

Sun Pharmaceutical has received a tentative approval from US health regulator to market generic donepezil hydrochloride tablets used for treating Alzheimer's disease in the American market. (ET)

Videocon Industries along with its partners Oilex, Sasol Petroleum Australia, Bharat Petro Resources and Hindustan Petroleum, have entered into a farm agreement with Apache Northwest for WA-388-P gas exploration license in offshore West Australia. (FE)

SAIL has signed a memorandum of understanding with Japanese steelmaker Kobe Steel Ltd for a comprehensive strategic collaboration covering technologies, projects and other areas. (BL)

ABB Ltd to buy Baldor Electric Co for about US$3.1bn in cash to expand in the North American market for industrial motors and drives. (BS)

Neyveli Lignite Corporation sets up a 1,980 mw coal-based power project near Kanpur. (FE)

IDBI Bank plans to raise US$1bn through bonds in the overseas market in next 12-months. (ET)

NPTC plans to place orders for generators worth US$7.2bn by March 31 as it accelerates capacity addition to help reduce blackouts. (ET)

PNB has revised interest rates on fixed deposits above Rs10mn to 8% for maturity over one year. (ET)

The Shipping Corporation of India plans to raise Rs50bn via EBD route in the next two years to finance its fleet expansion. (ET)

Indian economy grew 8.9% in the second quarter of the current fiscal. (ET)

India's core sector output grew 7.0% yoy in October. (ET)

India's agriculture and allied sector grew by 3.8% yoy during H1 FY11 on the back of better Kharif crop output. (ET)

The Centre's fiscal deficit narrowed by 33.76% yoy for the period April-October, 2010, on the back of better-than-expected revenue from the sale of spectrum and robust tax collections. (ET)

PSU oil firms hiked jet fuel prices by 1.4%, the fourth increase in rates in two months. (FE)

The Directorate General of Civil Aviation has set up a tariff analysis unit to monitor route-wise fares across networks, on a regular basis. (FE)

The Department of Pharmaceuticals, along with the domestic drug industry, will launch a global campaign to highlight the quality of generic drugs made in the country. (BS)