Daily News Roundup - Jan 11 2011

iGate has acquired ~63% stake in Patni Computer Systems for US$1.22bn. (ET)

Tata Steel plans to raise Rs35bn-50bn via follow-on public offer (FPO). (BS)



Reliance Industries has opposed the proposal of a new pipeline from Kakinada to Srikakulam floated by Andhra Pradesh Gas Infrastructure Corporation (APGIC). (BS)

The Hero group plans to enter the three-wheeler business, pitting itself against market leader Bajaj Auto. (ET)

Edelweiss Capital said its subsidiary is targeting to lend about Rs50bn for retail housing over the next five years. (ET)

Sterlite Technologies has arranged Rs7bn worth of funds for its mega transmission project connecting North-east with the Northern states India. (ET)

ONGC has demanded that the royalty it pays on crude from Cairn's oilfields in Rajasthan be added to the project cost. (ET)

American oilfield service provider Schlumberger has executed ONGC contract for drilling country’s first shale gas well in Damodar Valley. (ET)

Tata DOCOMO, the GSM brand of Tata Teleservices has rolled out its new 'T24' mobile service in Gujarat. (ET)

IVRCL Infra is in talks with potential bidders to offload its 55% stake in Hindustan Dorr-Oliver. (ET)

SBI Chairman O P Bhatt said the RBI might raise interest rates may rise by 25-50 basis points. (BS)

Reliance Power signed a power purchase agreement with NTPC Vidyut Vyapar Nigam for a 100MW solar thermal power project in Rajasthan. (BS)

Greaves Cotton has won a 10-year contract from Tata Motors to supply small diesel engines for its new half-ton truck — Ace Zip. (ET)

Transport Corporation of India has entered into a pact with CONCOR to float a 51:49 joint venture for bulk multimodal logistics solutions by both rail and road. (FE)
Economy Snippets

As a preemptive measure against rising food inflation, the government extended the zero-duty regime on refined and raw sugar imports by three months to March 31. (BS)

The Supreme Court has issued notice to the Centre on the plea seeking cancellation of 2G spectrum licenses allocated during the tenure of former Telecom Minister. (ET)

India has voluntarily sought a comprehensive Financial Sector Assessment Programme by IMF and World Bank. (ET)

Import of sensitive products increased 14% in the April-October 2010 period with sharp increases in food grains, dairy products, automobiles, edible oil, rubber and alcoholic beverages. (ET)