Daily News Roundup - Dec 15 2010

Bharat Petroleum Corporation Ltd has hiked petrol price by Rs2.95 a litre. (FE)

Shareholders of Vedanta Resources have approved the proposed acquisition of Cairn India for up to US$9.6bn. (ET)

The Ministry of Power has allowed NTPC Ltd to sell 15% of electricity from a 500 MW unit each at its Korba and Farakka stations in the merchant power market. (BL)



NTPC aims to add 5,500 megawatts (MW) of capacity in the financial year. (ET)

JSW Group plans to spend US$60mn-US$100mn to develop a port project in Chile. (FE)

TCS bags US$100mn deal from Deutsche Bank to implement core banking software across 30 countries. (ET)

Reliance Communication plans to borrow US$1.9bn from China Development Bank. (ET)

Bajaj Auto announced that it will raise prices by Rs1,000 for its motorcycles . (ET)

Reliance Power will finalise loans of Rs50bn with Chinese banks for its 4,000 mw Sasan power project during the visit of the country’s Premier Wen Jiabao on Wednesday. (ET)

The board of Power Grid Corporation has approved investing Rs55.4bn on five projects across the country. (BL)

NCC Infra, a wholly-owned subsidiary of Nagarjuna Construction, is planning to rope in foreign partners to carry out large road projects worth over Rs100bn this financial year. (ET)

Consolidated Construction Consortium has emerged the lowest bidder for constructing the St Thomas Mount Station for the Chennai Metro Rail project. (BL)

Punjab National Bank has announced the completion of acquisition of 63.64% stake in JSC Dana Bank of Kazakhstan. (BL)

British Telecom on Tuesday completed the sale of 5.5% stake in Tech Mahindra for Rs4.5bn. (ET)

The environment ministry refused to lift its "stop-work" order on Lavasa Hill City project. (FE)

Eveready Industries has increased the prices of some of its products by up to 9% due to high input cost. (ET)

Bajaj Hindusthan signed a MoU with the state government for setting up a 1,980-Mw thermal power plant at Bargarh in Chitrakoot district. (BS)

Apollo Hospitals Enterprise is planning to invest around Rs500mn in setting up Apollo Cosmetic Clinics in various parts of the country. (BS)

Kalpataru Power Transmission won three orders worth Rs6bn in India and the Democratic Republic of Congo. (ET)

Neyveli Lignite is scouting for a joint venture partner to acquire coal blocks abroad. (ET)

Nitesh Estates plans to raise Rs1.5bn debt in the near future to fund its retail project in the city. (BS)
Economy Snippets

China and India are likely to sign deals upwards of US$20bn primarily in the power, telecom, steel & metallurgy, wind energy, chemicals, food and marine products sectors with the arrival of Chinese premier Wen Jiabao in Delhi today. (BS)

Inflation declined to 7.48% in November. (FE)

Indirect tax collection has registered a growth of 50.1% till November 2010 over the corresponding period last fiscal. (ET)

Engineering exports jumped by about 55% to US$3.95bn in November 2010. (ET)

India and Turkmenistan will negotiate a price for natural gas supply from central Asia through the proposed US$7.6bn transnational pipeline in February during oil minister Bayramgeldi Nedirov's New Delhi visit. (ET)