Daily News Roundup - June 4 2012

NHPC has obtained the concurrence of Central Electricity Authority for 600-MW Tawang-I and 800-MW Tawang-II projects in Arunachal Pradesh. (BL) Lanco Infratech Ltd has finalised a capital expenditure of about Rs 5,000 crore for the financial year 2012-13. (BL) Maruti Suzuki India Limited signed a state support agreement with the Gujarat government for the purchase of land near Mehsana to set up its third manufacturing facility. (BS) PowerGrid Corporation has firmed up plans to spend ~Rs100bn in the next three financial years on the setting up of intrastate transmission lines. (BS) The Ministry of Home Affairs has asked Department of Telecommunications to take action against Bharti Airtel and Hughes Communications for failing to provide data for specific user location and thereby not complying with conditions in their licence agreement. (BS) Aban Offshore Ltd said its board of directors had approved raising of up to US$400mn through issue of FCCBs, GDRs and ADRs and up to ~Rs25bn by issuing equity-related securities to qualified institutional buyers. (BS) Wipro Infotech, the India and Middle East IT business unit of Wipro, has bagged a 10-year contract from Manipal Health Enterprises. (ET) NMDC, which is setting up a 3 MTPA steel plant in Chhattisgarh, hopes to start producing coal from its captive mine by 2014. (BL) BPCL has finalised a 49:51 JV agreement with UK-based LP Chemicals for petrochemical business with BPCL likely to hold 49% in the venture. (BS) The Delhi HC stated that the Petroleum and Natural Gas Regulatory Board does not have the power to fix gas rates, gave a big relief to Indraprastha Gas Ltd. (BS) The NTPC laid the foundation stone for the 2400-mw phase I of Kudgi Super Thermal Power Project in Bijapur district. (FE) BG is facing aggressive bargaining in the sale of its 65% stake in its city gas venture, with the sole bidder GSPC offering to pay less than its original bid. (ET) JK Paper is set to pick up an equity stake in Myanmar’s largest state-owned pulp mill as part of a global public-private-participation deal. (ET) Mahindra Navistar, the truck JV between M&M and International Truck & Engine has lined up 6-7 new products for FY13. (ET) Reliance Industries has agreed to sign agreements with Pragati Power and NTPC for supply of natural gas from its eastern offshore KG-D6 fields. (ET) Economy Snippets The Agriculture Ministry has proposed a Rs100 per quintal bonus to paddy farmers over and above the support price of Rs1,250 per quintal recommended for 2012-13 crop year. (BL) The public sector oil marketing companies reduced petrol prices by Rs 2.02 a litre (at the retail end in Delhi) from midnight Saturday. (BL) The coal ministry wants a percentage of its royalty payment to be set as compensation for locals affected by mining operations. Besides, the ministry has called for captive coal miners to also be brought under the benefit-sharing regime, making a similar dispensation for them, too. (BS) The government is set to remove the legal hurdle in the entry of banks into commodity futures trading. (BS) The Government is to soon take up a new proposal to allow foreign airlines to acquire a stake in domestic airlines. (BL)