Daily News Roundup - Jan 20 2009

Unitech reduces debt obligation up to March 2009 from Rs25bn to Rs6bn on account of repayment and rollover of loans. (ET)

Unitech gets shareholder approval to raise Rs50bn through the issue of securities. (FE)

Tata Communications to raise Rs2.5bn via bond issue. (ET)

Tata Communications acquires 30% more in South Africa’s Neotel, thereby becoming a controlling shareholder. (ET)

Kamal Nath, Commerce and Industry minister has said that the government has no bailout plan for troubled Satyam Computer. (ET)

Steel majors like SAIL, Tata, JSW and Essar may push for higher import tariff on steel. (ET)

The three discoveries made by Cairn India in 2005-06 in Rajasthan block gets government nod for commercial exploitation. (BL)

Minority shareholders of Zenotech Laboratories, a company in which Ranbaxy owns 46.8%, are up against Daiichi Sankyo for allegedly failing to buy additional shares at the price offered by the former promoters of Ranbaxy. (BS)

OBC cuts lending rate by 75 bps to 12.5%. (ET)

Kouton Retail said its promoters have pledged additional shares with a local lender to make up for a shortfall in the value of the collateral. (BS)

RNRL has asked the Bombay High Court not to lift the stay on the sale of gas from RIL block in the Krishna-Godavari basin. (BS)

Vedanta Alumina has cancelled Rs2.3bn contract with Maytas Infra for construction of a township in Jharsuguda on plea of slow progress of work. (BS)

According to E&Y, Satyam improperly used the valuation of Maytas Properties done by them. (BS)

Gujarat NRE Coke plans to invest Rs30bn in Gujarat over the next four to five years. (FE)

Wockhardt to raise Rs5bn through the issue of redeemable preference shares. (FE)

Kamal Nath, Commerce and Industry minister hints at rate cut and further fiscal measures. (FE)

The government may not allow real estate developers to own commercial projects such as malls in the same company that develops projects for which they have accepted foreign investment. (ET)

The government may this month decide on giving a 3-year drilling holiday or moratorium to firms such as ONGC and RIL. (ET)

Sebi is set to make mandatory for promoters to report to stock exchanges, if they pledge their shares to raise funds. (ET)

The State Level Single Window Clearance Authority (SLSWCA) has approved 2 thermal power projects with combined investment of Rs161bn. (BS)