Daily News Roundup - Nov 7 2008

Reliance Industries’ Jamnagar refinery to start next year.(Mint)
Ashok Leyland cuts work to three days a week as demand for heavy duty CVs has fallen.(Mint)
Tata Motors may shut its passenger vehicle unit in Pune for six days.(DNA)
Government asks NTPC to surrender Chhatrasal coal mine block due to limited coal supply for the Sasan power project in Madhya Pradesh.(Mint)
Bharat Forge plans JV with an Alstom unit.(BL)
NTPC to set up four fly-ash based cement plants across the country over the next few years.(DNA)
SBI warns that bank’s NPA levels may rise due to increased level of ‘stressed assets’.(TOI)
ONGC is planning an IPO for its subsidiary that is building the Rs136bn petrochemical project at Dahej in Gujarat.(BS).
Reliance Industries is said to be offering discounts of 5-10% to customers willing to accept two months supplies at one go.(ET)
Bharti Teletech is planning to list next year. (ET)
RBI has rejected Ranbaxy Laboratories’ application for early redemption of US$440mn zero coupon convertible bonds.(ET)
Mahindra & Mahindra has formed a JV with its existing Australian importer and distributor TMI Pacific for marketing, promotion and retailing of its vehicles in Australia. (ET)
Hindalco Industries has raised a five year loan of US$1bn to refinance its US3bn bridge loan to buy Novelis.(BS)
International Coal Ventures, a SPV formed by PSUs eyeing 10% equity in an Australian mining firm.(Mint)
Syndicate Bank may raise Rs3-5bn Tier-II capital during the current fiscal.(BL)
Vedanta Resources has decided to reduce its capex plans by US$5.1bn.(BS)
Escorts shuts down its tractor unit in United States.(TOI)
Glenmark Generics launches hypertension drug in UK.(DNA)
Garware Offshore Services signs contract for acquisition of a Multipurpose Platform Supply Vessel for US$55mn.(DNA)
Sun Pharma has received FDA approval for marketing generic versions of tablets used in the treatment of Parkinson’s disease. (ET)
Kingfisher and Jet Airways may lower fares by upto Rs1,000 on domestic routes. (ET)
State Bank of India has decided to reproduce it prime lending rates by 75bps. (BS)
Videocon has delayed the launch of its Direct-to-home venture. (ET)
Plethico Pharmaceuticals is picking up around 20% stake in a UAE based pharma retail chain.(ET)
Four nuclear equipment makers in the race to become technology partners for the JV between BHEL and NPCIL.(BS)

India plans to import 16mn tonnes of coal in current fiscal.(Mint)
Costlier primary items push up inflation rate to 10.72% for week ended October 25.(BL)
Direct tax collection growth slows down to below 30% in April-October period.(TOI)
Government is not considering a cut in fuel prices as state-run firms are still incurring losses.(FE)
DoT would increase spectrum usage charge on telecom operators by up to 2%. (FE)
Government may restore the duty entitlement passbook scheme for the steel industry. (BS)
Around 30 proposals involving Rs60bn through holding companies have been cleared by the Foreign Investment Promotion Board. (ET)
Guidelines for mobile virtual network operators to launch operations in India are set to be unveiled soon.(ET)