Daily News Roundup - Jan 12 2009

Government to take over management control of Satyam Computers.(BL)

ONGC borrows Rs52.5bn to help finance its take over of UK-based Imperial Energy.(BS)

Essar Oil is likely to ink four major MoUs with the state government with proposed investment of Rs210bn in Gujarat.(ET)

Tata Motors cancels plans to go for a block-closure of its Jamshedpur plant for six days from January 12.(BS)

Axis Bank is likely to cut its prime lending rate by 0.5-0.75%.(ET)

Government extends deadline for Maytas projects despite the Satyam crisis.(BS)

L&T, which has around 4% stake in Satyam Computers, is keeping its options open regarding any possible strategic alliance with the company.(BL)

Maruti Suzuki has no plans to cut production and would go ahead with its expansion plans in the months ahead.(FE)

HPCL likely to make profits on fuel sales in Jan-March quarter.(DNA)

SEBI to appoint independent auditors to review Satyam Computers’ books.(BS)

Central Bank of India cut its lending rates by 0.75% effective from Monday. (ET)

Deepak Parekh, Kiran Karnik and C. Achutan appointed to Satyam Computers’ board by government.(BL)

Reliance Industries’ says ready to start gas output from KG-D6 fields by February.(Mint)

Bosch decides to suspend some of the manufacturing operations at a few of its plants across the country for a limited period of time.(BL)

Simplex Projects to bid for overseas projects in West Asia and Holland.(BS)

Reliance Industries, RNRL not to settle issue outside court.(BS)

Aditya Birla Nuvo shuts its fertilizer unit in Uttar Pradesh due to unavailability of gas.(ET)

Maruti Suzuki resumes small car exports to Europe after 4 years. (ET)

Binani Cement plans to invest Rs9bn on expansion.(Mint)

Renault decides to freeze its Chennai plan.(BL)

Bharat Forge to call off its issuance of non-convertible debentures worth Rs4bn due to the weak market conditions.(BS)

Government tells Delhi HC Tata Power concealed facts in challenging the decision to allow diversion of coal from Sasan project by Reliance Power.(BS)

Bajaj Auto set to launch six new bikes in 2009.(ET)

Jindal group to set up 2,000MW power plant near Simar port.(ET)

ONGC to tie up with Schlumberger for exploring shale gas potential. (ET)

DLF expects to resume construction work at Infopark by the end of this month.(BS)

Taro Pharmaceutical asks Sun Pharma to pay US$15 per share for merger, while rejecting the US$9.5 per share offer proposed by latter.(FE)

UB Group set to expand business portfolio, to enter in to fertilizer, engineering and construction.(BS)


Forex reserves rose US$627mn to US$255bn in the week ended January 2.(BL)

Government clears Rs250bn support for NBFCs.(BS)

Annual WPI-based inflation rose 5.91% during the week ended December 27, slower than the previous week’s annual rise of 6.38%.(BL)

Government is considering another round of fuel price cut in the next few days.(BS)

The revised timeline for auction of 3G spectrum has been thrown out of gear as Union Cabinet did not take up the matter in its meeting on Friday.(DNA)

Government has cleared 34 FDI proposals worth about Rs16bn.(FE)

Seventeen projects amounting to an investment of US$31b have been received under the Semiconductor Policy, according to Union Minister of Communications and IT.(BL)

Stainless steel imports dipped by 70% to 6,000 tonnes in December. (BS)

Petroleum secretary may announce the next round of NELP in February.(DNA)

India's tourism sector has grown by 6% with 5.3mn arrivals in 2008.(FE)