Daily News Roundup - Dec 7 2010

The government has agreed in principle to ensure a minimum 10% return on investment to ONGC in Cairn India’s Rajasthan blocks, boosting the firm’s valuation ahead of its follow-on public offering. (ET)

JSW Steel has received shareholders’ nod to issue ~1mn shares on a preferential basis to Japanese steelmaker JFE Steel. (ET)



Suzlon Energy to merge its infrastructure and tower business divisions with itself. (ET)

Coal India Ltd (CIL) has officially expressed interest in Kenya's Mui Basin. (BS)

ONGC Videsh Ltd (OVL) will sign a formal agreement for taking a 25% stake in Kazakhstan’s Satpayev oilfield by the end of February 2011. (BS)

Religare Enterprises is close to buying 85% of the Ajay Piramal Group promoted real estate fund Indiareit Fund Advisors, valuing the entire fund at around Rs2.5bn. (ET)

Areva is likely to sign a framework agreement with NPCIL to build the first two of the six planned nuclear power reactors in Maharashtra. (ET)

Glenmark along with its US-based partner has received US health regulator's nod to manufacture and market two oxycodone products, used for treating moderate to severe pain, in the American market. (ET)

BPCL will file an execution petition against Kingfisher Airlines (KFA) to claim jet fuel dues. (BS)

Opto Circuits has completed the acquisition of US-based Cardiac Science Corporation. (FE)

Glenmark's US-based generics subsidiary and Lehigh Valley Technologies (LVT) have jointly announced that the US regulator has approved two New Drug Applications (NDAs) for a line of controlled-substance products containing Oxycodone Hydrochloride (Oxycodone). (BL)

SBI has raised its deposit rates by up to 150 bps across various maturities, a move that will provide better returns to people with fixed deposits in the bank. (ET)

Mahindra & Mahindra Financial Services plans to raise up to Rs5.7bn through institutional placement by mid-January. (ET)

Bharat Forge plans to invest Rs19bn through a joint venture with NTPC. (ET)

Toyota Motor Corporation (TMC) is looking at developing a small car to be positioned below its hatchback, Liva, to drive up volumes in emerging economies. (BS)

French energy major Areva will be supplying to the reactors and fuel to the government-owned Nuclear Power Corporation of India Limited (NPCIL) under two major deals for expanding the country's nuclear power generation base. (BS)


Mobile phone companies have rejected TRAI proposal to make cell phone tariffs more transparent. They have asked the regulator not to intervene on tariff, saying this should be left to market forces, and have also opposed the proposal to have at least one standard tariff plan across all operators. (ET)

Aviation regulators DGCA has directed all Indian carriers to show route-wise and date-wise airfares on their websites and ensure transparency so that flyers do not feel cheated by high ticket prices. (ET)

Introduction of a Goods and Services Tax (GST) could be delayed further with the Centre and the states failing to reach common ground at the meeting of the Empowered Committee of state finance ministers. (BS)

France signed deals with India worth euro 13.3bn in the nuclear power, civil aviation and defense sectors. (BS)