Daily News Roundup - Apr 26 2011

Oil Ministry has ordered RIL to immediately stop natural gas sales to non-core users like Essar Steel to meet the full demand of fertilizer and power plants. (FE)

M&M plans to set up assembly plants in Tunisia, Morocco, South Africa, Kenya, Ethiopia and Zambia to boost its manufacturing prowess and ramp up presence in the fast-growing African economy. (ET)

Marico will invest up to Rs370mn to set up a manufacturing plant in Bangladesh. (ET)

Kalpataru Power Transmission has bagged three orders worth over Rs13.5bn, including those from Ukraine and Tanzania. (ET)



RIL plans to build a Rs50-60bn port project at Rewas in Maharashtra and a liquefied natural gas import facility have been currently put on hold. (ET)

The Supreme Court issued notices to ONGC and Punj Lloyd on Swiber's plea challenging the Bombay High Court order which had set aside US$125mn ONGC contract to it for laying off-shore pipelines along country's west coast. (BS)

NTPC has issued Rs35bn global tender seeking supply of four million tonnes imported coal for its power projects. (ET)

NALCO has hiked the price of its products by Rs3,000 per tonne in the domestic market in view of the increasing international prices of aluminum. (ET)

Nalco's Rs44bn expansion plan to raise alumina refinery capacity from 1.575mn ton to 2.1mn ton are at advance stages of commissioning. (BS)

After striking gas in the very first attempt at Aliabet in Gulf of Cambay, ONGC has started drilling second well there. (BS)

TCS is eyeing acquisition opportunities in Germany and Japan in the healthcare sector. (BS)

IOC hinted at an imminent hike in petrol prices, whose rates have not been revised since January in view of elections in states like West Bengal. (BS)

IOC may consider selling petroleum products to Pakistan if an import ban by that country on these products is lifted. (BL)

Tata Steel reiterated its plans to stay invested in Riversdale, which was recently acquired by Rio Tinto. (FE)

Ranbaxy Laboratories launched generic Olanzapine tablets, used in treating central nervous system disorders in Spain. (BL)

Sun Pharmaceutical Industries Ltd has entered into a deal to market Merck's diabetes drugs -- sitagliptin and sitagliptin plus metformin -- in India. (BS)

Aurobindo Pharma Ltd has received final approval from the USFDA to manufacture and market Divalproex Sodium Delayed-Release tablets USP in 125 mg, 250 mg and 500 mg strengths. (BL)

Wockhardt has received tentative approval from the US health regulator to sell a generic copy of Aricept tablets, used in the treatment of Alzheimer's disease and dementia. (BS)

Indian Bank plans to come out with a FPO seeking to raise about Rs 15bn by September, 2011. (BL)

UCO Bank ties up with Religare Securities to offer online trading to its customers as part of expanding the product bouquet.(BS)

Crompton Greaves, announced the inauguration of its drives and automation plant at Mandideep, Bhopal. (BL)

TCS expects to hire 6,000 employees overseas, which is 10% of the total 60,000 people it plans to recruit this fiscal. (BS)

Mahindra & Mahindra has renamed the 'Logan' sedan as 'Verito', thus completely dropping the French automaker's badge from the entry level sedan. (BL)
Economy Snippets


China has raised the mandatory quota for the production and smelting of five minerals this year (BS)

The US Department of Agriculture (USDA) has revised its estimate of India's sugar production in the ongoing 2010-11 sugar year slightly upward to 24 million tonne (MT), but this is still lower than the government's forecast of 24.5 MT. (BS)

Revised regulations governing mergers and acquisitions under the Competition Act would be finalised by May 1. (BL)

Sebi has sought changes in the takeover norms prescribed by the competition regulator to ensure consistency in regulations across the laws. (ET)