Daily News Roundup - Mar 14 2011

HPCL to merge Prize Petroleum Co Ltd with itself. (ET)

Bharti Airtel drops bid to buy governments 30% in Hexacom. (ET)

Bombay High Court admitted a winding-up plea against Wockhardt in a lawsuit brought by holders of US$74mn worth of FCCB. (ET)

Japan’s Nippon may buy 26% stake in Reliance Life for US$724mn. (ET)



ABB to buy operating businesses of ABS Global for Rs4bn. (ET)

Bharat Forge has chalked out plans to expand its core manufacturing business and tap the growing potential of the infrastructure sector. (ET)

Aditya Birla Group is set to join the race to buy Australian coal mining company Whitehaven Coal for US$3.2bn. (BS)

Vijaya Bank plans to expand its corporate branch network in the country by opening three corporate banking branches in Pune, Hyderabad and Chennai during the current year. (BS)

BHEL is likely to take a final decision on floating a NBFC next month. (BS)

DoT is likely to send notice to telecom operators, including RCom, Bharti Airtel, Idea Cellular and Tata Teleservices for demand of about Rs11bn for under reporting revenues. (BS)

TVS Motors plans to re-enter the electric scooters market in the next financial year. (BS)

mjunction, an equal joint venture between Tata Steel and SAIL in the e-commerce space, is close to acquiring a European firm engaged in e-procurement space. (ET)

PTC Financial Services IPO to open on March 16. (BS)

Canara Bank is in advanced stages of getting banking licences to operate in Qatar, Johannesburg and Frankfurt as it looks to ramp up its overseas business. (BS)

Reliance Industries will pay nil or negligible tax on the US$7.2bn it would receive as business income next fiscal from the proposed sale of its 30% interest in 23 oil and gas blocks to BP. (FE)

Union Bank to get Rs11bn infusion from government. (BL)

Lupin is looking to launch 10 products in the Japanese market through its arm Kyowa Pharmaceutical in the next fiscal. (FE)

GAIL India plans to borrow US$225mn through the ECB route to fund expansion plans. (DNA)

HDFC Bank hikes FD, lending rates. (TOI)

Government plans to disinvest its stake in Cochin Shipyard and Ennore Port. (FE)
Economy Snippets

Indian Railway Finance Corp may raise at least US$500mn in the year beginning April 1 to buy railcars and locomotives. (ET)

SEBI, along with RBI and the government of India, is working on new rules to regulate the wealth management business. (ET)

Factory output expanded at a better-than-expected 3.7% pace in January. (ET)

Foreign exchange reserves rose US$1.8bn during the week ended March 4 to US$285bn. (ET)

Power ministry rejects the environment ministry's precondition of shelving two coal mining projects as a tradeoff for granting clearance to a third coal block of the Rs170bn UMPP at Bedabahal in Orissa. (ET)

Coffee retailers in India are looking at a 10-12% rise in prices in the next few weeks. (BS)

Around 25 categories will qualify as infrastructure, according to a new definition being planned by the government to clear the mess over what constitutes this sector. (BS)

IRDA wants 150% solvency ratio by 2014. (BS)

New Mines & Minerals Bill to deter investments, says Planning Commission deputy chairman. (FE)