Daily News Roundup - March 2 2012

Oil and Natural Gas Corporation’s share auction fell marginally short of full subscription. Against 427.77 million shares on offer, bids were received for 420 million, or 98.3%. However, the government raised ~Rs127.66bn, suggesting some bids came above the floor price of ~290 a share. (BS)

Reliance Industries Limited, which plans to mark its re-entry into the telecom sector by launching its 4G services this year, is known to be evaluating various options of offering voice with the service. (BS)

Sterlite Industries has offered to pay Rs160bn to buy government stakes in Hindustan Zinc and Bharat Aluminium Company. (ET)



Vedanta Aluminium Ltd's plans to expand the capacity of its unit in Lanjigarh in Orissa is likely to face further delay with the Government asking the company to seek fresh public consent, as part of the new terms it has to meet to get the environment clearance. (BL)

Tata Communications Ltd is preparing to bid for Britain's Cable & Wireless Worldwide Plc, possibly in the next two weeks. (BS)

The Department of Forests, Environment and Wildlife in Sikkim has fined NHPC Rs7.5mn for violation of forest laws and unauthorised dumping. (BL)

Videocon plans to continue its telecom operations and will participate in the auction for 2G spectrum. (BS)

Sesa Goa Ltd has completed the acquisition of Goa Energy Pvt Ltd from Videocon Industries Ltd for Rs1.01bn. (BL)

Fortis Healthcare India is planning to raise about US$400mn in an initial public offering in Singapore. (BS)

Suzlon Energy said its wholly owned subsidiary REpower Systems SE had arranged syndicated loan worth ~Rs49bn. (BS)

The Aadhaar number repository and its IT infrastructure will be run by HCL Infosystems, which has won a Rs22bn contract from the Unique ID Authority of India. (ET)

Zee TV has received the much-awaited landing rights in China which will enable the media firm to cater to audience in the Mandarin country. (BS)

The Company Law Board returned cross-petitions filed by Telenor and Unitech on technical grounds. (BS)

Economy Snippets
The government approved the proposal for expediting disinvestment through the buyback route under which blue chip state-owned companies will buy its stake. (BL)

The Cabinet Committee on Economic Affairs approved the fertiliser ministry’s proposal to reduce subsidy on phosphatic and potassic fertilisers under the Nutrient Based Subsidy policy. (ET)

January exports rose 10.1% to US$25.34bn, while imports rose 20.3% to $40.1bn, leaving a trade deficit of US$14.8bn. (BL)

The government has deferred a proposal to increase duty on import of power equipment. (BS)

The government has approved three highway projects in Rajasthan, Tamil Nadu and Orissa that entail an investment of Rs34.12bn, under NHDP programme. (ET)