Daily News Roundup - Dec 26 2008

Reliance Petroleum’s 29mn tons export refinery goes on stream.(TOI)
GVK Power & Infrastructure through its wholly owned subsidiary GVK Oil & Gas has entered into a PSC with the Ministry of Petroleum and Natural Gas for 7 deepwater blocks. (BL)
KEC International plans to increase total capacity to 200,000 metric tons by March through a combination of its own manufacturing and outsourcing, (BS)
Ten companies including Suzlon Energy have bid for Gujarat State Petroleum Corp.’s 200MW wind power project.(BL)
SBI plans to inject funds in to its insurance arm.(Mint)
Unitech lays off 10% of its employees.(BL)
Fortis Healthcare has decided to raise Rs18bn through fresh shares and warrants on a rights basis, of which the rights portion will be Rs10bn.(BS)
PT Bumi, an Indonesian mining company in which Tata Power has a 30% stake, ups coal reserves by 18%.(DNA)
Tata Motors has gone in for a fourth block closure during this year from December 28 to December 31.(FE)
BHEL says it had won two contracts from NTPC, totally worth Rs 21bn.(FE)
Tata Steel’s Vietnam project gets delayed due to delay in land acquisition.(BS)
United Spirits to start clearing debt on Whyte & Mackay acquisition; first tranche of Rs1.6bn due by next March.(BL)
Satyam Computer Services issues a statement “vigorously” objecting to “inappropriate statements” by the World Bank.(Mint)
World Bank turns down Satyam’s apology demand.(TOI)
Maruti Suzuki has cut production for December by over 6%. (BS)
Maruti Suzuki‘s first consignment of contract manufactured cars for Nissan is likely to be shipped during the next two to three months.(BL)
Tata Sons, the holding company of Tata Power, has decided not to exercise its option to convert 10.4mn outstanding warrants into equity shares. (BS)
The Bench at the Bombay High Court hearing the case between Reliance Industries and RNRL over supply of gas from the KG basin has reportedly been changed.(BS)
NTPC may emerge as a successful bidder for the upcoming UMPP.(BS)
Reliance Infrastructure has emerged as the sole bidder for NHAI’s Eastern Peripheral Expressway project, entailing an investment of Rs27bn.(BS)
Regulator okays GSPC claim on commercial viability of KG gas.(ET)
Government plans to review SAIL expansion plans to reach 26mn tonnes steel production by 2010 on a fortnightly basis to ensure time-bound completion.(Mint)
A consortium of oil and gas services firms led by Deep Industries (70%) has been awarded a block in Satpura-Rewa in the central state of Chattisgarh.(BS)
Reliance Power is raising around Rs115bn via syndicated loans, and US$500-600mn through ECBs to finance its upcoming UMPP at Sasan in Gujarat.(BS)
Aurobindo Pharma has received regulatory approval from Health Canada for Terbinafine drug, used in the treatment of fungal infections.(BS)
Vedanta decides to commence work on its Rs120bn aluminium project in West Bengal.(ET)
Bharat Forge plans to cut output and put its expansion on fast track.(BS)
Future Groups retail chain Big Bazaar plans to open 48 stores in Maharashtra by FY11.(BS)
ONGC’s bid for Imperial to expire on 30th December, 2008.(ET)
Coal India will finalize its JV partners for coal extraction from abandoned mines by March 2009.(ET)
PGCIL to get a part of the US$3bn World Bank loan by July 2009.(ET)
Satyam board to discuss buyback on Monday.(BS)

Government to push for easier credit, more duty relief.(BL)
3G auctions likely to miss January date.(ET)
Government may allow import of raw sugar for domestic use.(Mint)
STPI scheme that grants a ten-year income-tax holiday is expected to continue beyond its March 2010 deadline in a move that should help smaller players.(FE)
Government on Wednesday issued bonds worth Rs40bn to fertilizer companies to compensate them for their losses. (ET)
Department of Industrial Policy and Promotion proposes to change FDI norms for tobacco industry.(BS)
Finance ministry is learnt to have raised objections to a proposed relaxation in the FDI norms in restricted sectors such as telecom and insurance.(BS)
Farm credit may touch Rs1.2tn in April-October 2008.(Mint)
PE investments have declined by 80% in the first two months of December quarter.(FE)
Power deficit for November rises to 14.3%.(BS)
Iron Ore exports rebound in the month of November mainly due to increase in Chinese demand.(ET)
Domestic drug retail industry has bounced back registering 6.3% growth in November compared to the same month last year. (ET)
Centre is mulling the option of extending the re-export deadline for raw sugar imports to the tune of about 0.8mn tonnes under Advanced License scheme.(ET)