Daily News Roundup - Dec 27 2010

Central Bank of India has got the RBI's nod to go ahead with its rights issue; it plans to mop up around Rs25bn to shore up capital adequacy ratio. (BL)

LGS Global, formerly Lanco Global Systems, will raise Rs4bn through FCCBs, QIPs and other instruments. (BL)



NIIT Technologies has acquired an electronic health records and referral management platform to get into the healthcare segment in the US. (BL)

IRDA has served a notice to SKS Microfinance on ‘violations' of some norms in the sale and management of insurance policies for its clients. (BL)

Allahabad Bank has sought infusion of Rs 10bn from the government; bank is also planning to raise Rs14bn Tier-II bonds before the close of this fiscal. (BL)

International Coal Ventures, an SPV formed by Steel Ministry to acquire coal assets abroad, and including SAIL, Coal India, NTPC, NMDC and Rashtriya Ispat Nigam, has a month's time to bid higher than US$3.9bn for Riversdale Mining. (BL)

Welspun Infra Projects, a closely held entity of the Welspun Group, says it would acquire 35% stake in Leighton Contractors India, the Indian operations of Australian infrastructure major Leighton International, for Rs4.7bn. (BS)

Coal India to start work in 2 Mozambique blocks next fiscal. (BL)

GMR Infrastructure arm GMR SEZ & Port Holdings has entered into a share subscription agreement to subscribe to 51% in Kakinada SEZ. (BS)

Tata Steel has decided to raise long-term funds of up to US$1bn by a way of share sale through the Differential Voting Rights route. (BS)

Gujarat State Petroleum Corp. has struck a gas reserve in an on land exploration block at Ankleshwar in the state. (ET)

Titan Industries plans to add around 108 outlets in its key verticals of jewellery, watches and eye-gear to reach a total strength of 700 by end the of this financial year. (BS)

International Finance Corporation would make an equity investment of US$25mn in Bhagyanagar Gas, floated by HPCL and GAIL for setting up city gas distribution projects in Andhra Pradesh. (BS)

Havells India will invest Rs1.2bn to double its compact fluorescent lamps capacity in two years. (FE)

Tata Steel, the largest shareholder in the Syndey-based Riversdale, said in a regulatory filing that it "will evaluate the takeover bid in the context of other alternatives available to Tata Steel". (TOI)

Air India has asked for equity infusion of Rs20bn more from the government in the current financial year. (BS)

NMDC is likely to raise iron ore prices by 3% next week for the January-March quarter. (BS)

Hospitality arm of DLF to pay Rs1.5bn to settle dispute.(ET)

Economy Snippets

Sugar futures set to resume from today after a gap of 19 months with the Forward Markets Commission giving its permission for the re-launch. (BL)

National Pharmaceutical Pricing Authority says it has increased prices of six drugs, including anti-asthmatic and pain killers. (BS)

In a boost for industrial activity in HP and Uttarakhand, govt has expanded the scope of the excise duty exemptions extended to units set up in these states before end March 2010. (BL)

An internal working group of RBI is likely to propose the model of an apex holding company for banking conglomerates. (FE)

Foreign exchange reserves fell by US$817mn to US$295bn in the week ended December 17. (FE)