Daily News Roundup - Dec 23 2008

Bhel bags Rs11.75bn contract for setting up a 500MW thermal power plant at Bina in Madhya Pradesh. (ET)
RIL along with BP signed a production-sharing contract for the block KG-DWN-2005/2 with the Indian government. (BS)
Unitech plans to raise Rs50bn through debt and equity issues. (BS)
Cairn India has struck more oil and gas in its Rajasthan block which could take the estimated production from the area beyond the targeted 175,000 barrels a day by 2010. (BL)
Reliance Communications has set aside US$1bn for its 3G telecom services rollout. (ET)
GAIL (India) Ltd to supply additional 20mn standard cubic metres of gas to RIL for the commissioning of the latter’s east-west pipeline network at the prevailing price. (BL)
Tatas have secured funds for Jaguar Land Rover (JLR) as the bankers were convinced that the UK government would prevent a collapse of the luxury car maker. (BS)
The Tata Group may have to invest at least US$1bn to revive Jaguar and Land Rover. (ET)
Jet Airways plans to buy a stake in the maintenance, repair and overhaul facility at the new Hyderabad international airport. (ET)
Tata Sons acquires additional 2.4% stake in Tata Communications. (ET)
Rahul Bajaj to sell a 29.6% stake in Bajaj Hindusthan to Shishir Bajaj giving him full control over the sugar company. (ET)
ONGC likely to be exempted from subsidising domestic LPG and kerosene due to the sharp drop in crude oil prices. (FE)
Glenmark Pharmaceuticals to beat bigger rivals like Ranbaxy and Dr Reddy’s in selling an original drug by 2010. (BS)
ITC is planning to develop properties across the country. (ET)
Emami decides to stay rooted in realty space, plans to transfer holding in real estate arm to group companies. (ET)
Jaiprakash Associates to amalgamate its subsidiary companies Jaypee Cement Ltd, Gujarat Anjan Cement Ltd, Jaypee Hotels Ltd and Jaiprakash Enterprises Ltd with itself, from April 1 ’08. (BS)
BoI and BoB to cut its lending rates by 75bps and deposit rates across all maturities with effect from January 1 ’08. (BL)
Punjab National Bank plans to raise Rs5bn from tier II bonds. (FE)
IFC proposes to give a corporate loan of up to US$45mn to Jain Irrigation. (FE)
Sun Pharmaceuticals has extended the deadline of its open offer to Taro Pharmaceutical Industries to January 9, 2009. (ET)
Shoppers Stop has postponed its plans to acquire an additional 32% stake in HyperCITY Retail (India) to June 2010. (ET)
Carlyle Group and TPG Capital plan to buy a stake in Suzlon Energy. (FE)
Glenmark Pharmaceuticals’ new drug Crofelemer has entered phase 3 clinical trials. (ET)
Aurobindo Pharma gets USFDA approval for anti-HIV infection tablets. (ET)
JSW Steel has advanced the commissioning of its additional 3mn tons capacity line at Vijayanagar plant in Karnataka by a month to February 2009. (FE)
BGR Energy has forged a technical collaboration and a licence agreement with Italy-based Termomeccania Ecologia (TME) for condensate polishing plants in India. (BL)
Air India has agreed to pay 3% commission to agents on the gross fare, which includes basic fare and fuel surcharge. (ET)
Crompton Greaves to scale down its capex for the fiscal to Rs1.5bn from the earlier target of Rs2.2bn. (BL)
Kingfisher Airlines not to cut fares for now. (BS)
Kingfisher Airlines has approached a consortium of banks for funds to bail out the airline even as it has drawn about 80% of the Rs10bn loan it received from ICICI Bank early this year. (BL)
Tata Metaliks to consider borrowing through debentures. (FE)
Singapore based Nalanda Capital acquires 1.8% stake in Sun Network for over Rs1bn. (ET)
Pyramid Saimira Theatre to go ahead with the inter-se transfer of shares within the promoter group. (ET)
Gitanjali Gems will buy back up to 12mn shares for Rs1.44bn. (FE)
Hinduja Foundries to curtail the number of working days at its three units in Ennore, Sriperumbudur and Hyderabad. (BS)
Oil India Ltd has deferred its IPO for the second time due to the volatile market conditions. (BS)
Parsvnath pulls out of Chandigarh film city project. (BL)
Tata Capital is planning to raise ~Rs15bn through a public issue of bonds. (ET)
The workers of Coal India Ltd to go for a three-day nationwide strike beginning from January 5 ‘08. (BL)
IDBI Bank and Export Import Bank of India (Exim) plan to raise up to Rs45bn through bond issues to finance their business growth. (BS)
Renault to produce the Logan hatchback at Nashik, which is already home to the sedan version. (BL)

India has lifted a ban on cement exports as prices ease, local demand dips. (ET)
RBI has started a review of the NPA or bad loan classification norms to ease the flow of credit to corporate groups. (BS)
The Government is considering a proposal that would allow single-brand foreign retailers to dilute stakes in their Indian ventures in favour of foreign PE firms. (ET)
Government agencies that also act as regulators may soon stop partnering with private companies for new ports, power and railways projects. (ET)
Regulators may be barred from core public-private partnership projects. (ET)
DoT has decided to grant advance licences to prospective Mobile Virtual Network Operators. (FE)
The Petroleum ministry is planning to auction over 100 prospective areas for oil and gas exploration by March 2009 under the eighth round of New Exploration Licensing Policy. (ET)
India plans the next round of bidding for oil blocks under the New Exploration and Licensing Policy (Nelp) in February next year. (BS)
The Government plans to remove the fuel surcharge on tickets, but airlines resist. (ET)
Around 87 tea estates in Darjeeling are poised to get the Agri-Export Zone status w.e.f. January 1, 2009. (ET)
The Government has decided to put on hold the proposal to grant a declared goods status to aviation turbine fuel. (ET)
The Government has introduced two Bills on the insurance sector reforms in the Parliament. This would hike in FDI in an Indian insurance company to 49% from 26%, permit foreign re-insurers to set up branches here and do away with divestment restrictions on Indian promoters of insurance companies to enable entry of more players into the sector. (BL)
Companies providing value added services on mobile phones will not be brought under a licensing regime, Trai likely to issue norms to help content producers protect copyrights. (ET)
Operators are mulling increasing prices for offering round-the clock or restorable leased line services. (ET)
Sugar millers have asked the government to set up an independent regulator to look into issues of cane pricing and allocation of sugarcane to different factories. (ET)
Parliament gave its nod to the second batch of supplementary demands for grants permitting Government to raise public expenditure by an additional Rs424.8bn during FY09. (ET)
Tax collections in North grow by only 16.8% at ~Rs63.3bn till December 15. (ET)