Daily News Roundup - Dec 31 2010

ONGC hires deep water rig from Vantage for US$1.1bn for five years. (BS)

Government approves NTPC proposal to float a global tender for procuring equipments worth Rs170bn for its upcoming project. (BL)

The environment ministry has believed to have deferred clearance of JSW Steel’s Rs250bn Bellary plant expansion. (BS)

L&T bags multiple orders worth Rs11.6bn. (BS)

JSW Energy has commissioned the second unit of 300MW of the 1200MW power project at Jaigad. (ET)

SBI plans to raise Rs120bn through bonds to fund its business growth. (BS)

Tech M to buy software companies in Latin America. (BS)

Sun Pharma has received a tentative approval from US FDA for its generic Ibandronate Sodium Injection. (BS)

iGate will sign a definitive agreement to buy a controlling stake in Patni Computers. (ET)

MOIL is in talks with Gabon’s government over acquiring possible mining concession in the central African state. (BS)

HCL-Infosystems to acquire 20% stake in Tech Mart Telecom Distribution, a Dubai based partner of Nokia Cooperation. (BS)

MRF is planning to sell/transfer its speciality coating division to its subsidiary. (BS)

Hindustan Copper FPO may be at 72% discount. (ET)

Cummins India plans to hike prices by 3-5% of its generators sets in the range of 7.5-3000KVA from 1st quarter next year. (BL)

Strides Arcolab has struck a deal with Pfizer to sell 16 of its approved ANDAs and 6 filed ANDAs. (BS)

Lanco Infratech has won Rs10bn road projects in Uttar Pradesh. (BS)

Suven Lifesciences has received two product patents for its new chemical entities. (BS)

Sales of Nano may touch around 5000 units in December. (ET)
Economy Snippets

A group of ministers to meet on 5th January to deliberate on decontrolling urea price and re-opening 8 closed fertilizers units of FCIL an HFCL. (ET)

Food inflation stood at 10-week high of 14.4% for the week ended December 18, 2010.

The output of six key infrastructures grew 2.3% in November, the slowest in the past 21 months. (ET)

Finance ministry may give into the petroleum ministry demand for increasing government share in petroleum subsidy. (BS)