Daily News Roundup - Apr 11 2011

BHEL firms up JV with BEL for solar PV plant. (BS)

BHEL-Bangalore unit to up capacity to 20,000MW in FY12. (BS)

RIL, NTPC head for another faceoff as RIL is insisting on a more relaxed contract for committing more gas to NTPC. (BS)

Tata Steel will hold its board meeting today to consider a proposal to restructure Centennial Steel Company, a wholly owned subsidiary. (BL)



Unitech plans to invest Rs20bn in the affordable housing category in 2011-12. (BL)

RIL may stop gas supply to non-priority sector. (BL)

TPG Capital may exit Shriram Transport, enter Shriram Capital. (BL)

Dhanlaxmi Bank revises short-term deposit rates. (BL)

Reliance MediaWorks has entered into partnership with Thought Equity Motion, a leading provider of video platform and footage licensing services, to offer integrated solutions to media companies. (BL)

Parsvnath Developers is looking at raising up to Rs2bn by selling stakes in two group housing projects to private equity firms. (BL)

SAIL’s Bhilai Steel Plant has identified 19mn tonnes of untapped iron ore deposits within its existing mine lease area of Dalli-Rajhara complex in Chhattisgarh. (BL)

Infosys, Mahindra Satyam among 4 shortlisted for IRDA IT project. (BL)

HPCL plans to buy stakes of its partners ICICI and HDFC Bank and to make Prize Petroleum its 100% subsidiary. (ET)

M&M raises prices of its entire range of vehicles by 1.5%-2% on all vehicles. (ET)

IL&FS Engineering to get Rs90bn orders from Saudi Binladen Group. (ET)

KEC International forays into the water business and secures its first order worth Rs310mn. (ET)

Henkel India sells its hair care division, Schwarzkopf Professional, to group firm Henkel Adhesives Technologies. (ET)

Tata Steel to hold on to its stake in Riversdale. (ET)

Jaguar Land Rover plans to invest about Rs540bn in the next five years. (ET)

SpiceJet to induct 15 Bombardier aircraft. (BL)

Hindustan Zinc and Sterlite’s metal output up 19% in Q4 FY11. (BL)

SAIL in talks to buy Hind Fertiliser asset. (BL)

Man Industries receives Rs5.5bn orders. (BL)

SAIL is in discussions with a few companies in Canada’s mineral rich state of British Columbia for a possible acquisition of coal mines. (FE)

In a boost to NTPC, state governments have lifted the ban on diversion of the company’s surplus power to other states. (FE)

SAIL plans to invest close to Rs30bn in its proposed JV with Kobe Steel for the revival of the Jagdishpur unit of the erstwhile Malvika Steel which was acquired in 2009. (DNA)

Ranbaxy Laboratories has got a breather in its battle to launch the generic version of the world’s top-selling drug Lipitor in the US market. (DNA)

Government recalled its tax demand of Rs6.2bn on Satyam Computers following the Supreme Court’s directive to the income tax department to compute the scam-hit firm’s tax liability after expunging the "fictitious sales income". (FE)

Merck and Co. Inc. is close to signing a strategic marketing partnership with Sun Pharmaceutical Industries. (Mint)

IDFC plans to raise Rs2.5bn via 15-year bonds. (FE)

Essar Group has moved the RBI, seeking permission to transfer 10.97% Indian shareholding in telecom JV Vodafone Essar to the foreign partner at a predetermined price of US$1.2bn. (TOI)

Communications and IT ministry is likely to cancel the licences of Idea Cellular and Spice in five states for failing to roll out services within the stipulated time. (BS)

SpiceJet plans to hike fares a fuel costs soars. (ET)

PNB shortlist Aviva, MetLife & Bharti Axa for life venture. (ET)
Economy Snippets

ED slaps forex violation charges on five telcos in 2G case. (BL)

Coffee exports may fall 20-30% in FY12. (BS)

Foreign exchange reserves have gone up by US$2bn to US$305bn for the week ended April 2. (BL)

Maharashtra is on course to achieving a sugar output of over 9mn tonnes in the ongoing 2010-11 season (October-September). (BL)

An empowered GoM has curtailed the target for highway construction to 7,300km in 2011-12; new target is 33% lower than the goal of 11,000km set by former road minister Mr Kamal Nath for the current fiscal. (FE)

Government says it will soon unveil a national manufacturing policy, which aims at attracting overseas investments and increase the share of the sector in the economy. (TOI)