Daily News Roundup - Dec 24 2008

Wipro buys Citi’s tech arm, CTS, for US$127mn (FE)
World Bank bans Satyam from providing IT services for eight years for alleged malpractices (FE)
Government issued oil bonds worth Rs220bn to oil marketing companies, IOC, HPCL and BPCL (FE)
Unitech in talks with PEs such as TPG-Axon, Carlyle and Och-Ziff to raise up to US$500mn through issue of convertible debt instruments (ET)
RIL leases 100,000 cubic metres of clean oil products storage in Singapore (BL)
HDFC Bank raised Rs16bn through issue of subordinated debt (FE)
NTPC is targeting over 1,000 MW of renewable power generation capacity over the next ten years (BL)
Dr Reddy’s Lab has entered into agreements that will allow it to manufacture and market Clarinex products (FE)
RCom alleges that Bharti is not providing access to its Chennai submarine cable landing station; moves to TRAI (BS)
Fitch downgrades Reliance Infra’s long-term rating (FE)
Marico unlikely to reduce prices of its products despite declining input costs (FE)
Unitech is in talks with leading Indian and global steel giants to sell 25% stake in Orissa Sponge (BS)
NMDC has asked contracted buyers to stick to prices under the long term agreements (BL)
Tatas, GMR and L&T are among others in race for 60 NHDP projects (ET)
Reliance Infra bagged a contract for four-laning of Gurgaon-Faridabad road and upgradation of Ballabgarh-Sohana road on a BOT basis. (BL)
HPCL to review feasibility of the Vizag project (BL)
BHEL to select tech partner for nuclear JV in four months (ET)
Essar Group has withdrawn its plan to build SEZ in Jamnagar (BS)
HUL stops supplies to Vishal Megamart over non payment of dues (ET)
Crisil downgrades Tata Steel’s NCD (BS)
Jet Airways to raise US$500mn from DBS Bank (FE)
DCB may shut most of its retail asset business (ET)
Bajaj Auto drops Triumph plans and instead to focus attention on its KTM brand (ET)
Punj Lloyd receives contract of US$62mn from Delhi Municipal Authority (BL)
Shree Renuka Sugars forms a subsidiary company for setting-up an integrated sugar and ethanol plant in Maharashtra (BL)
Pyramid Saimira says SEBI note forged; demands probe (FE)
UTV snaps ties with Pakistan (FE)
Piramal Healthcare to buy US-based Minrad International, a provider of generic inhalation anaesthetics, for US$40mn (FE)
NDTV Imagine puts off plan to enter regional space (BL)
Promoters likely to raise stake by 10% in Vishal Retail over the next two years (BS)
KEI Industries is planning to set up a Rs1.5bn production facility in the Middle East (DNA)
Godawari Power and Ispat’s 25 MW WHRB captive power project has been registered as CDM project (BL)
NSE finds bugs in Financial Technologies software (ET)
Kamat Hotels group expands heritage segment (FE)
Mahindra Forgings may close Chakan unit for ten days (BL)

Government is likely to announce the much awaited second stimulus package in the next 2-3 days, says Mr.Kamal Nath (ET)
Communications ministry said that new entrants wining 3G spectrum in the auction next month will also be eligible for 2G radio frequencies (ET)
Repo and reverse repo rate likely to be cut by 1%, says Prof Suresh Tendulkar, Chairman of EAC (FE)
Government is expected to come out with a Rs3.5bn additional package for exporters soon (ET)
Economy to recover in Q4 FY09, says CMIE (BL)
Economic package for textile sector on cards (FE)