Daily News Roundup - Mar 28 2011

Reliance Industries announced that it has agreed to establish a joint venture with New York-based D.E. Shaw group to build financial services business in India. (BL)

PTC India Financial Services has pegged the issue price for its recently concluded IPO at Rs28, which is the upper end of the price band of Rs26-28. (BL)

Nalco eyes mining partnership with Hindustan Copper. (BL)

Shell rejects Essar Energy bid for Nigerian oil blocks. (BL)

Neyveli Lignite will provide e-contract facility for securing new projects by the end of the year. (BL)

Suzlon to make REpower turbines at Mangalore plant. (BL)

SBI is likely raise close to US$1bn through medium-term notes in the next financial year. (BL)

Tata Steel has transferred the ownership of the assets of its Teesside plant in UK to Sahaviriya Steel Industries. (BL)

Steel Ministry asks MOIL to hike ore capacity. (BL)

SEBI is expected to clear on Monday the open offer for the US$1.22bn acquisition of Patni by iGate. (ET)

Cargill said it has signed an agreement with Marico to acquire the latter’s refined sunflower oil brand ‘Sweekar’. (BL)



CBDT notice slapped on Mahindra Satyam to pay Rs6.2bn in tax arrears for the scam period of 2002-2008. (BL)

Norway’s Telenor offered Unitech to go for arbitration over the proposed rights issue of their JV Uninor. (BS)

Govt replaces Canoro with ONGC at Assam oil block. (BS)

Reliance Infrastructure says it has withdrawn a scheme of arrangement to demerge the company, which it had proposed in 2009. (BS)

Less than three years after acquiring British brand Jaguar Land Rover, Tata Motors has set eyes on yet another European acquisition. (FE)

ONGC Videsh, which won a joint bid to develop two crude oil blocks in Venezuela’s Orinoco petroleum belt, expects production to begin by 2013, with its total expenditure pegged at US$1.5bn. (Mint)

Private equity firm 3i has invested Rs5bn for a significant stake in the BOT road projects of Hyderabad-based KMC Constructions. (TOI)

EIH completes its Rs11.8bn rights issue. (BL)

Jyothy Laboratories recently signed a term sheet with IL&FS to give it a 26% stake in its privately held laundry services business for Rs1bn. (TOI)

ONGC lost a bid to buy Exxon Mobil’s 25% stake in an Angolan oil field. (TOI)
Economy Snippets

Cement has become costlier by about Rs10 a bag in most markets across the country in the last 20 days. (BL)

Airport regulator expects a formula for determining tariffs that can be levied at the airports to be ready next month and made effective in August. (DNA)

Union ministry for surface transport plans to put 100 highway projects up for bidding in the next fiscal, which will connect 11,000km and require an investment of over Rs1tn. (DNA)

Government will raise over 60% of its targeted market borrowings of Rs4.2tn for the coming fiscal between April and September. (FE)