Daily News Roundup - Mar 18 2011

Reliance Infra has bagged an order worth Rs72bn from Reliance Power. (ET)

Bharti Airtel is likely to buy Indian wireless broadband business of Qualcomm. (ET)

Ranbaxy to outsource two BP drugs to Troikaa Pharma. (ET)

Centre may revoke allocation of 31 coal blocks held by Tata Steel, NTPC, JSW Steel & 21 others for failing to make required progress several years after allotment. (ET)



RIL, GAIL and Andhra Power producers have signed agreements involving swapping of gas to ensure additional gas supply for generating 600 Mw power in the state. (BS)

M&M is targeting sales of 121,000 SsangYong vehicles this year, an increase of 50% over last year. (BS)

Banks have committed to refinance nearly half of the Rs95bn debt on the books of Ispat Industries. (BS)

Suzlon Energy has plans to set up hybrid sites in India for generating renewable energy. (BL)

Siemens is to supply the complete railway electrification system for Kolkata's new Metro line. (BL)

Gilead Sciences, a California based bio-pharmaceutical research firm, and its patent partner, Roche Holding AG, have sued Natco Pharma for allegedly infringing a US patent for Tami flu. (BS)

IVRCL Infrastructures & Projects has bagged projects under its power, buildings and transportation divisions worth a total of Rs5.65bn. (BS)

HCL Infosystems has bagged an order of Rs3bn from Indian Air Force. (BL)

Bank of India’s shareholders had approved capital infusion of over Rs10bn from the government by way of preferential issue of shares. (BS)

United Bank of India is expecting the government to infuse Rs3.08bn into the bank by the end of this month. (BS)

GVK & Reliance Power to bid for Australian coal mines. (ET)

Jubilant Foodworks to diversify into non-food business such as garments and fashion accessories. (ET)

Sundram Fasteners to step up Rs2bn capex for 2011-12. (ET)

Ramky Infrastructure Ltd has announced it has bagged construction work orders worth Rs2.88bn, covering water and waste water management and building verticals from different parts of the country. (BL)

Blackstone, the global private equity major, has bought a 2% share in VIP Industries, which is valued at Rs360-400mn. (BS)

Venus Remedies Ltd has been awarded a Gulf Cooperation Council (GCC) registration. (BS)

TT Ltd, an integrated textile and garment producer, plans to sell two ginning units at Gondal and Rajula in Gujarat to fund its Rs1.5bn expansion plans and reduce debts. (BL)
Economy Snippets

RBI hikes repo and reverse repo rates by 25bps. (ET)

RBI has lifted inflation rate forecast to 8% from 7% as price rise spill over manufactured goods. (ET)

Finance Ministry okay’s 9.5% return for provident funds for 2010-11. (ET)

ADB and the IIFCL signed a US$250mn loan agreement for Tranche 2 of the ongoing Second India Infrastructure Project Financing Facility. (BL)

The Union Cabinet gave its nod to the long-awaited Pension Fund Regulatory and Development Authority Bill (PFRDA) that aims to grant statutory status to the pension regulator and open up the sector for foreign direct investment. (BS)

Food inflation declined to 9.42% in the week ended March 5 from 9.52% a week ago. (BS)

The state government has decided not to encourage private players who want to set up greenfield steel plants and other industries that require huge amount of land and water. (BS)

Banks have urged the RBI against withdrawing the priority sector status for loans extended to microfinance institutions. (BS)