Daily News Roundup - Nov 24 2008

Tata Motors has decided to shut down its Jamshedpur plant from November 25 to 29.(BL)
Reliance Power has said it hopes to commission the first phase of the 600 MW Rosa Power project by September 2009, six months ahead of schedule.(BL)
Federal Bank to hire 3,000 persons in two to three years.(BL)
Maruti Suzuki India says it is targeting sale of about 50,000 units of its latest model-A-star in the domestic market.(FE)
Jet Airways is likely to announce a 20% cut in the salaries of its pilots, engineers and some other staff.(DNA)
Dabur India acquires a 72.2% stake in Fem Care Pharma for Rs2bn in an all-cash deal.(TOI)
Aditya Birla Minerals, a subsidiary of Hindalco Industries, has suspended work on the Ezperanza South Project at its Mount Gordon operations in Australia.(DNA)
Reliance Industries’ plans to sell petrol and diesel from its export-oriented refinery at Jamnagar, Gujarat.(ET)
Anant Raj Industries says it is reducing hospitality plans for the current fiscal due to a slowdown in the sector.(DNA)
Reliance Industries’ oil deals with Kurdistan are illegal, says Iraq Oil Minister.(TOI)
Wockhardt in talks with PE firms to raise US$200mn.(ET)
Tata owned Jaguar Land Rover is in secret talks with the British government for a 1bn pound loan.(FE)
SAIL plans to approach market for borrowing 50% of its Rs540bn expansion plan.(FE)
DLF’s Mumbai projects are getting delayed.(DNA)
Marico Industries is looking at more acquisitions in Africa after it acquired brands in South Africa and Egypt.(ET)
Reliance Industries raised Rs20bn through five year bonds at an annualized coupon rate 11.45%.(BS)
Maruti Suzuki has gone for a 5% cut in production costs for all cars. (ET)
Jet Airways in talks with SBI, PNB to raise Rs15bn.(Mint)
Cummins India to sell its rental business to Indian subsidiary of Agrreko Plc.(BL)
Cobra Beer up for sale for an estimated 200mn pounds. (ET)
Satyam Computer Services, is seen as the favourite to win a significant IT outsourcing contract from Indian Railways.(ET)
Air India has decided to reduce airfares by 12%, which is likely to be implemented in mid-December. (ET)
National Housing Bank has increased the refinance rate to 12% from 9% earlier.(BS)
Ranbaxy Fine Chemical’s plan to acquire the US-based specialty chemicals maker Mallinckrodt Baker is facing delays because of valuation problems.(ET)
Tata Tea is gearing up to make an entry into the energy drinks segment identifying fortified beverages as a growth area.(ET)
Sun Pharma's US arm, Caraco Pharmaceutical, will file a response to the US FDA warning on its quality standards.(ET)
Maruti Suzuki will launch its first ‘Made in India’ compact car in 2010-11. (ET)
Glenmark said it has received the US FDA approval for marketing Ranitidine tablets, used to treat and prevent ulcers.(TOI)
Promoter of Great Offshore may dilute stake to pay up dues.(ET)
UK-based Serco Group has acquired Gurgaon-based BPO firm InfoVision. (ET)
Future Group has cut prices on some products to pass on the benefits of a sharp decline in some commodities. (BS)
Tata Power, Reliance Infrastructure and GMR Energy are scouting for coal assets in Indonesia after the share prices of major mines there witnessed steep erosion.(BS)

Aviation fuel may become ‘declared goods’ by year-end.(BL)
Government released a draft Bill to create a debt management office, which would be a statutory corporate body acting as an agent of both the central and state governments.(FE)
The Commerce Ministry is mulling a temporary licensing regime for import of select items. (ET)
India’s forex reserves fell by US$5bn during the week-ended 14th November 2008.(BS)
Companies planning duty-free shops in the country will need to take a separate clearance for the local Customs Authorities. (ET)
The 12 major state-owned ports, which handle 70% of India’s import-export traffic handled total traffic of 42.2mn tonnes compared with 44.5mn tonnes in the same month last year.(DNA)
Government is planning to set up a special dedicated fund to provide loans to infrastructure projects being developed by private companies as well as by government-private JV.(ET)
Government asks regulator TRAI to review the five-year old termination charge of 30 paise a minute per call for fixed and mobile telephony.(ET)
Cabinet Committee on Economic Affairs has approved awarding of 44 oil and gas blocks under Nelp-VII.(DNA)
Government is likely to allow foreign direct investment in ‘investment companies’.(ET)
Global meltdown may trigger 0.5mn job losses in the textile sector alone within five months if corrective measures are not taken, says Commerce Secretary.(TOI)