Daily News Roundup - Dec 29 2008

Jubilant Organosys to buy back US$253mn FCCBs.(BS)

Suzlon Energy says it has no plans to revive its Rs18bn rights issue, for which the Cabinet Committee on Economic Affairs gave its approval.(BL)

Ceat to temporarily shut down Mumbai, Nashik plants.(ET)

Coal India is set to import coal from Indonesia, US, Mozambique and Australia to meet the country’s increasing demand for the dry fuel, says the Minister of State for Coal.(FE)

Tata Sons and NTT DoCoMo have postponed their open offer for picking up 20% stake in Tata Teleservices (Maharashtra).(BL)

Oil Ministry turned down Reliance Petroleum request to export LPG from its newly commissioned refinery at Jamnagar in Gujarat.(BS)

Wockhardt plans to raise Rs5bn through a redeemable preference share offering.(ET)

Unitech says that its deal to sell a majority stake in its telecom venture-Unitech Wireless-to Norway’s Telenor is expected to close next month.(BL)

Chairman of Kingfisher Airlines says company's plans to raise US$400mn are on track.(FE)

IOC puts petrochem project on hold, to focus on refinery.(ET)

Geetanjali Gems to invest Rs30bn in three jewellery SEZs.(ET)

Tatas get extra land for manufacturing Nano at Uttarakhand.(ET)

Jindal Power to raise Rs70bn.(BS)

Hyundai India said it is cutting production from three-shift to two from next week following a slump in demand.(FE)

GM India cuts production by 10%.(TOI)

Satyam Computer Services has postponed its board meeting; meeting could be scheduled for January 19, 2009.(BS)

Satyam Computer may get a strategic investor.(DNA)

Jet Airways cut fares by 15-40%.(ET)

ACC may shut more plants if demand fails to pick up.(BS)

HDFC Bank raises Rs17bn through a private placement of unsecured non-convertible bonds.(BS)

ICICI Bank to cut interest rates by 50-75bps across the board.(ET)

Core Projects to acquire Priceton’s K12 for Rs1.25bn.(ET)

UTI MF to divest 26% stake.(Mint)

Unitech plans to set up two product specific SEZs in Haryana. (DNA)

Tata Power subsidiary signs a power purchase agreement with Spice Energy Group to buy 2,000MW power project. (ET)

Air India may cut fares from mid-January 2009.(BL)

ONGC, GAIL in JV to supply gas to China.(TOI)


Annual WPI-based inflation has dipped to a nine-month low of 6.61% for the week ended December 13.(BL)

Centre’s advance tax collections for the December 15 installment recorded a 22% YoY decline to Rs426bn.(BL)

Foreign exchange reserves increased by US$3.6bn to touch US$254bn for the week ended December 19.(BL)

Wireless subscribers base grow 50% in April-Nov.(ET)

3G spectrum auction is likely to be postponed by at least a few weeks, says DoT.(BS)

Steel Industry asks government to raise import duty as part of the stimulus package.(ET)

RBI put on hold proposal mooted by finance ministry and SEBI seeking to allow FII investment in IDRs.(ET)