Daily News Roundup - Jan 5 2011

Strong differences have emerged between NMDC and MMTC over long-term supply pact of iron ore to Japanese mills, with the former opposing the idea fearing lower realizations and the latter pitching for it. (BS)

ONGC and GAIL reached an understanding for mutual business growth covering natural gas and petro-chemicals. (BL)



NTPC has put on fast track the process of procuring equipment for the first unit of the 4,000 Mw supercritical coal-based thermal power station at Kudgi in Bijapur district. (BS)

Kraft Foods Britannia Industries for trademark and copyright violations of its popular Oreo cookies. (ET)

Reliance Power Ltd plans to take its renewable energy capacity to 1,000 MW in next two-three years. (BL)

Reliance MediaWorks through Reliance Capital acquired 31.92% stake in Fame India through its open offer. (BL)

Jindal SAW Ltd has executed a mining lease agreement for 30 years with Rajasthan for iron ore mines in the State. (BL)

Lanco Infratech plans to borrow from Chinese banks, joining rivals in seeking cheaper funds for equipment contracts for plants. (ET)

Suzlon Energy is in talks with Gamesa Corporacion Tecnologica of Spain for a strategic alliance. (BS)

Natco Pharma has sought a voluntary licence from Pfizer to make and sell copies of the US company’s HIV drug in India. (ET)

Ashok Leyland has hired top expat executives from global automobile companies. (ET)

Lakshmi Vilas Bank eyes QIP in February-March to improve its capital adequacy ratio and raise capital to fund growth. (BS)

BPCL has granted Kingfisher Airlines a three-month reprieve to pay jet fuel dues. (BS)

Great Eastern Shipping expects to raise Rs1bn via issue of 12-year bonds later this week. (ET)

Diamond Power Infrastructure has bagged orders from Power Grid Corporation of India and SMO-SPIC for supply of 400 KV D/C line conductors. (ET)

UTV Software Communications said its founder has sold his 1.09% stake in the company for Rs251mn through an open market transaction. (FE)
Economy Snippets

FDI Inflows slip 7% to US$1.6bn in November. (ET)

The total outlay for Kerala's annual plan for 2011-12 has been fixed at Rs110bn, a 10% increase over the previous year. (ET)

The Union Ministry of Mines has asked its counterparts at the state level to set a timeframe for mining lease holders to complete exploration activities in blocks awarded to them. (ET)

Fertilizer companies could get Rs9bn every year for next three years as a part of a package to improve efficiency in the sector. (ET)

Strong domestic demand will enable the Indian economy to register an average annual growth of 8.4% during next five fiscals, ratings agency Crisil said. (FE)

Truck rentals during calendar year 2010 rose by 24-40% on trunk routes, with robust manufacturing growth and high consumer spending. (BS)

The Cabinet Committee on Economic Affairs has revised the project cost of the 60 MW Tuirial Hydro Electric Project to Rs9.14bn due to delay in resumption of work. (BS)

Trade between India and Iran is set to undergo a paradigm shift, even as the RBI is determined to stop making payments through dollars or euros under the Iran-based payment system or the Asian Clearing Union. (BS)

Banks’ borrowing under the liquidity adjustment facility fell to a month’s low of Rs681.5bn. (BS)