Daily News Roundup - Dec 13 2010

Cipla and Ranbaxy are among those pulled up by the drug price regulator, National Pharmaceuticals Pricing Authority for overcharging. (BS)

NTPC to soon approach the government for reconsideration of the decision to scrap the power producer's 600MW Loharinag Pala hydro-power project in Uttarakhand. (BS)



Hindalco’s US subsidiary, Novelis plans to refinance its debt by raising US$4bn. (BS)

Nuclear Power Corporation is in talks with Coal India on plans to enter the atomic power sector through a joint venture. (BS)

HDFC Bank hikes deposit and lending rates by up to 75 basis points. (ET)

Bank of Baroda hikes deposit rates by 25-75 basis points across various maturities. (BL)

Reliance Infrastructure to have eight toll roads by March that will generate revenues of Rs10bn in fiscal 2012. (BL)

ITC to resume cigarette manufacturing only after receiving a `formal notification' from the Government on the pictorial warnings that need to be used on such products. (BL)

ONGC expects to ship the first 363 MW turbine built by General Electric for the proposed 726 MW (2x363 MW) gas-based ONGC Tripura Power Company by February. (BL)

BHEL is close to wrapping up a JV agreement with Japan's Toshiba Corporation for manufacturing high-end transmission and distribution equipment. (BL)

Bharti Airtel launches IMEWE cable system. (BL)

Mahindra Reva plans to sell 1,200 cars in the country by the end of the current fiscal. (BL)

United Spirits aims to double volumes of the ‘Whyte & Mackay Special' variant in 5-6 years. (BL)

Nissan Motor India and Ashok Leyland plans to exploit the mass people-mover segment dominated by Toyota, with two new vehicles scheduled for launch next year. (BS)

NMDC inks pact with Russian steel and mining major Severstal to set up a 5mn ton per annum steel plant in Karnataka. (ET)

Punj Lloyd wins two repeat orders worth a Rs14.6bn from existing clients. (ET)

Spicejet places order worth US$446.6mn with Bombardier for 15 turboprop aircraft. (ET)

Vasan Eye Care has outsourced its IT operations to Wipro Infotech for a period of five years. (BL)

Goa Carbon enters into a joint venture agreement with Hong Kong-based, Sinoway International Holdings Ltd. (BL)

Karnataka Bank hikes the rate of interest on different maturities of term deposits by 25 to 75 basis points with effect from December 13. (BL)

Andhra Bank announces the increase of the base rate by 50 basis points. (BL)

NTPC is likely to achieve 13,020MW capacity addition during the 11th Plan. (BS)

Political parties and the green lobby step up opposition to the 1,350MW thermal power project by Indiabulls in Amravati district. (BS)

Hindustan Copper plans to develop a new mine with about 50mn tons of ore reserves in Jharkhand. (BS)

Ramsarup Industries in talks with two PE firms to raise Rs7bn of fresh capital to restructure the company. (ET)

Telecom regulator Trai recommended the government to cancel 38 telecom licences, including some held by Telenor, Sistema and Etisalat’s Indian ventures. (ET)

Kalpataru Power wins three orders aggregating Rs6bn. (ET)

Karuturi Global is in talks with a group of banks to raise a debt of around Rs8bn in the next one month. (BS)


India’s foreign exchange reserves rose to US$296.39bn as on November 26 from US$293.9bn in the previous week. (ET)

DTH operators are set to charge a 25-30% premium over cable rates from advertisers starting early next year. (FE)

Industrial output has registered a 10.8 per cent year-on-year rise in October. (BL)