News Roundup - Oct 17 2008

Bharti eyes MTN-like buy to become a global brand (BS)

Bajaj Auto may cut two-wheeler production due to slowdown in motorcycles sales (BS)

Ranbaxy promoters to pay about Rs10bn as tax to complete the Daiichi transaction (BS)

Hindalco’s rights issue subscribed 55.97% (BS)

Tata Steel’s UK subsidiary, Corus, to cut crude steel production by 20% over next three months (BL)

HCL Tech has purchased 10.4% stake in Axon at 631 pence/share through market purchases (BL)

L&T looking to expand its financial services business (BS)

Jet Airways to re-instate all the 800 employees who were retrenched (BS)

Jet Airways and Kingfisher asked to clear dues to oil companies (BL)

Marico enters into race for acquiring Fem Care Pharma (ET)

Kingfisher to return up to 10 aircrafts in next twelve months (FE)

Jindal Drilling secures US$165mn order for leasing its rig to ONGC (BL)

Hinduja Group plans to rename Ashok Leyland as Hinduja Leyland (FE)

Wockhardt receives US FDA approval to sell generic Ceftazidime, an antibiotic (DNA)

Moser Baer to invest US$1bn in its various business units by 2010 (BS)

Zydus Cadila files application with the DGCI for a new drug (BS)

Orchid Chemicals receives US FDA approval for three of its abbreviated new drugs (BS)

Emami acquires controlling stake in Zandu (BL)

Omaxe Construction is planning to offer 26% stake to foreign investors and PE players (FE)

PSTL to invest US$15mn to integrate operations with World TV Europe (ET)

Chettinad Cement revives Rs2.5bn rights issue proposal (BL)

Karnataka Bank enters into MoU with ICRA (BL)

Economic Front Page

Inflation for the week-ended October 4 was at 11.44% against 11.8% for the previous week (BS)

One-day call rates touched a low of 5.65% according to CCIL (BS)

Government to consider cutting motor and cooking fuel prices (BS)

Government may raise bank exposure limits to equity markets (BS)

Oil falls below US$70/barrel for the first time since August last year (ET)

The union cabinet defers decision on raising the FDI cap for insurance companies from 26% to 49% (BS)

Central excise duty collections declined 3.8% yoy to Rs98bn in September 2008 (BS)

Traffic through Indian ports rose 7.2% in H1 FY09 (BL)

India’s savings rate to decline to 34% in FY09, predicts CMIE (ET)

PSUs barred from pulling out MF investments (ET)

Shipping Ministry to urge Finance Ministry to scrap the capital gains tax of 12.8% levied on sale of assets (ET)