Daily News Roundup - Jan 23 2009

Reliance Petroleum is expected to despatch its first parcel of products from Jamnagar refinery in January. (BL)

L&T inks deal with Atomic Energy Canada to build a 1,000MW nuclear reactor in India. (ET)

Infosys and IBM lead race for Fidelity’s captive BPO. (ET)

GAIL may suppy gas from KG-D6 field to fertilizer companies. (ET)

NALCO to start work on its Orissa aluminium project. (ET)

Suzlon Energy announced its entry into Sri Lankan wind energy market with an order to supply 10 MW of wind turbines. (BL)

Wipro Consumer Care’s Santoor emerged as the second largest soap in South India, edging out Hindustan Unilever’s Lux. (ET)

Government of Maharashtra has cancelled contracts worth Rs4.8bn awarded to Maytas Infrastructure. (ET)

Satyam Computers forged its staff strength by about 10,000. (FE)

BIC, a French pen and stationery manufacturer, picked up 40% stake in Cello Pens for Rs8bn. (ET)

Ashok Leyland signs a Rs12bn deal with Delhi Transport Corporation. (FE)

Voltas Ltd board has approved the transfer of its chemical trading business to DKSH India Pvt Ltd. (FE)

Reliance Communication bought back FCCB worth Rs480m. (FE)

Axis Bank slashes its auto loan rates by 100bps. (FE)

Ansal Properties puts on hold Rs20bn hotel projects. (FE)

iGATE Inc is in the fray to take over parts of the beleaguered Satyam Computer. (BL)

UCO Bank plans to lend Rs50bn for infrastructure projects. (BL)

Satyam board appointed Goldman Sachs as its investment banker at its meeting held on Thursday. (BS)

Government is likely to infuse Rs7bn in UCO Bank and the bank plans to raise another Rs7bn through issue of bonds by March. (BS)

IIFCL (UK) Ltd, a subsidiary of IIFCL will extend a US$500m loan to Reliance Power’s Sasan ultra mega power project. (BS)

Inflation for the week ended January 10, 2009 rose to 5.6%. (ET)

Second relief package to prop up real estate sector. (ET)

Government plans a bailout package for the auto sector which includes excise and sales tax concessions. (ET)

Government clears 3 port projects worth Rs20bn. (ET)

CEA’s report states that power situation remained grim in December. (ET)

Indian Banks’ Association has proposed a 10% wage hike to bank employees. (BS)