Daily News Roundup - Dec 22 2008

Reliance Industries may go slow on certain of its planned projects such as the Rs50bn Rewas port project, Navi Mumbai SEZ and the Rs300bn semi-conductor project.(BL)

HDFC has reduced its Retail PLR by 50bps and introduced two slabs for floating interest rate home loans.(BL)

ACC puts Rs6bn RMC expansion plans on hold. (ET)

SBI announced a 0.75% cut in its PLR and a 0.25-1% reduction in deposit rates from January 1.(FE)

US Congressmen have asked the country's Export-Import Bank to suspend US$900mn in aid to Reliance Industries over its ties with Iran.(DNA)

Nalco has entered into a JV agreement with United Arab Emirates government linked RAK Minerals and Metals Investment for setting up a 0.5mn ton smelter in Indonesia at a project cost of around US$4bn.(DNA)

Parsvnath Developers says that work on 12 of its proposed SEZs is proceeding at a slow pace as the land acquisition for those projects was not yet complete.(BL)

Reliance Industries may begin production at KG Basin by Feb 2009. (ET)

Reliance Industries gets US government Rs28mn grant for liquid fuel project. (ET)

US put pressure on Reliance Industries to stop gasoline sales to Iran. (ET)

Liberia has cleared Tata Steel of all allegations and has invited it to join the bidding process for the Western Cluster iron ore project in that country.(FE)

Sun Pharmaceutical announced to extend the tender offer for the purchase of all outstanding shares of Taro to January 9. (BS)

Wockhardt plans preferential allotment to raise Rs5bn. (BS)

Tatas buy 300 acres in Tamil Nadu for titanium unit. (BS)

High Court approves the Scheme of Amalgamation of its subsidiary Sesa Industries with the Sesa Goa. (BS)

Ceat announces price cuts to the tune of 3 – 4% on its truck tyres. (ET)

Bosch to expand India biz, open 100 showrooms in 2 years. (ET)

Ranbaxy Laboratories rejigs board names Malvinder as chairman. (ET)

RPG exits mobile retail space; sells 50% to JV partner. (ET)

ITC, Accor in race to acquire six hotel properties owned by Unitech. (ET)

Ranbaxy may sell 3 plants in Asia to rationalize cost. (ET)

Ess Dee Aluminium to re-open IFL’s Hoera plant by March. (ET)

Coal India to expedite land acquisition for new projects. (ET)

Unitech plans to open its first hotel next year. (ET)

AP Government grants Rs1.21bn project to Maytas Infra. (ET)

SEBI directs PSTL promoters to make open offer at Rs250 or more. (ET)

GoAir to expand fleet size to 35 by FY11. (ET)

Fortis plans to raise Rs18-20bn via rights or warrants issue. (BS)

Tata’s to raise Rs150bn via public offer of debt securities, sale of Tata Motor vehicle loan pool, PE placement and soliciting public deposit. (BS)

Rashtriya Ispat Nigam to have majority stake in Bird Group of companies. (BS)

KEC International receives an order for Rs880mn from national electricity company of Tajikistan.(BL)

GMR Group is looking at setting up a greenfield power project in Europe.(FE)

C&C Constructions says it has received an order worth Rs7.8bn to build a freight corridor in Bihar.(FE)

Jindal Drugs to start Jammu plant by Feb 2009. (BS)

DoT may refer the issue of levying administrative charges on 3G mobile operators to the Cabinet Committee on Economic Affairs.(BL)

Telecom commission has rejected TRAI proposal to levy an administrative charge on firms winning 3G spectrum in an auction due in January.(FE)

Borrowing from international markets could now be opened for real estate companies, the only industrial sector that has so far not been allowed to tap the route.(FE)

Forex reserves rose to US$250bn as on December 12 from US$246bn a week earlier.(FE)

Planning Commission says the country's economy will need stimulus package in next fiscal as well since global slowdown will continue in 2009-10.(FE)

Government may relax ECB norms for NBFCs, realty. (BS)

Advance tax paid by top 100 tax-paying firms dipped 21% in Q3 of the current fiscal compared with the same period last year. (BS)

Centre weighs reimposition of 10% CVD on import of long steel items. (ET)

Government considering refinancing state transport firms. (BS)

Shipping industry seeks Rs100bn fund from centre. (BS)

Government mulls long term funding for infra companies via IIFCL. (BS)