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Monday, January 14, 2008

News Snippets - Jan 14 2008


News Snippets:

ONGC close to finalizing a stake sale in two of its blocks to BG; also in talks with US based Nobel Energy to offer stakes in some of its blocks.(BL)
JSW Bengal Steel likely to double the first phase capacity of its project to 6mn tons.(BS)
Reliance ADAG to invest Rs1.5tn in power, roads, metro rail and coal sectors in the next five years.(FE)
BSNL to launch full-fledged CDMA-based mobile services with an investment of US$500mn.to divest 20% stake in next 12 months.(ET)
Government plans to divest 10-15% stake in Air India through a public issue in the second half of 2008.(ET)
UTV Software has sought FIPB approval for raising funds.(BL)
Reliance Industries says it is ready to invest US$8bn to set up a pit-head coal-to-liquid plant in the command area of the Mahanadi Coalfields.(FE)
M&M to seek government support for roll out of Scorpio hybrid.(BL)
Unitech may hive off its telecom business.(ET)
Delhi High Court refuses to stay spectrum allotment to RCOM under dual technology.(TOI)
Adani Group’s arm to soon start work on its 1,320MW thermal power plant in Maharashtra; company has lined up Rs53bn for the plant.(BS)
Nalco signs MoU with the Indonesian government for a 0.5mn ton smelter and a 1,250 MW captive power plant.(ET)
Reliance Industries to venture into synthetic fuels through a US$6-8bn project.(DNA)
Future Group to invest Rs 3bn in Future Ventures India this year to facilitate acquisitions by the group.(ET)
GAIL and ONGC to work out an arrangement to market gas from the latter’s marginal field in Mumbai offshore.(BL)
Wockhardt plans demerger of new chemical entities (NCE); R&D division may include its in-licensed drugs from other companies and biotech drugs.(BS)
Kingfisher Airlines to buy five more Airbus A380s, spending an additional US$1.6bn on the aircraft.(Mint)
Ispat Industries has tied-up with Shell LNG to hike its sponge iron production capacity.(ET)
US based Forest Laboratories sues three Indian pharma companies, Orchid Chemicals, Lupin and Wockhardt for manufacturing imitations of patented drugs.(BS)
TVS Motor to miss its sales target for current fiscal by 100,000 units.(DNA)
Fortis Healthworld, a health product provider, plans to set up 200 health stores in west and south India over the next one year.(BS)
Inox to invest Rs1bn in Indiareit’s domestic unit.(ET)
US-based Clear Investments and Power Finance Corp to jointly float a US$1bn PE fund for the Indian power sector.(ET)
Mudra Lifestyle to expand manufacturing facilities with an investment of Rs1.7bn.(TOI)
Hinduja Group in association with ONGC to invest US$20bn for oil exploration in two fields in Iran, to set up a 15mn ton refinery in Kakinada and a LNG terminal at Mangalore.(BS)
Megasoft, a product based technology company, plans to acquire an European or US based company for US$50mn.(BS)
ICICI Bank may cut home loan rates, according to its CEO.(FE)
Punjab government receives two proposals worth Rs 24bn to set up SEZs from Ansal Properties & Infrastructure and Ishan Developers & Infrastructure.(BS)
Dolphin Offshore Enterprises plans to get into providing coast-to-coast shipping, light rig operations and harbour management services.(BS)
Essar group’s mobile phone chain targets Rs50bn in annual revenues by 2010.(BS)

Economic News

Direct tax collections registered 42.8% increase in the first nine months of current fiscal.(BL)
Passenger fares unlikely to increase in the coming rail budget.(FE)
RBI of the view that Temasek and GIC cannot be considered as separate entities as they belong to the same government.(BS)
A hike in fuel prices looks imminent after left leaders agree to marginal increases along with duty cuts.(FE)
The government has finalized the draft policy on solar energy and would roll out a solar city by next week.(ET)
Government considering 8% levy on annual gross revenue on telecom service providers for up to 5MHz of spectrum.(Mint)
TRAI to phase out access deficit charges from this year.(BL)
Investment in the construction sector is expected to rise 19% per annum to touch Rs3,034bn in the next two years.(ET)
Union Ministry of Labour decides to include hotel industry under the Factories Act.(Mint)
Government accepts a new policy under which entrepreneurs could acquire 70% of land directly from the farmers with their consent.(FE)
MCX to launch coal and electricity futures contracts this year.(FE)
Ministry of Information and Broadcasting has postponed FM radio auction indefinitely.(BS)
The railway ministry plans to expand the scope of the Wagon Investment Scheme to allow private players to own and design specialized wagons.(FE)