Daily News Roundup - Jan 27 2009

L&T raised its holding in Satyam Computers to 12% from 4%.(FE)

Kazakh national oil firm will assign a 25% stake in the medium-size Caspian concession of Satpayev to ONGC-Mittal Energy.(TOI)

EGoM on commercial utilization of gas produced from fields awarded under NELP has called for according priority to power plants in Andhra Pradesh while allocating gas from Reliance Industries' D6 field in the KG basin. (DNA)

Tata Motors is in talks with the UK government on assistance for its luxury units as sales dip.(BS)

iGate says it is interested in acquiring parts of troubled IT major Satyam Computers.(TOI)

NTPC close to clinching a deal to set up a 500MW coal-fired pant in Sri Lanka.(TOI)

L&T (Oman) secured orders worth Rs11.98bn comprising construction of a hotel and apartments for the second Asian beach games. (BL)

HCC-Halcrow consortium bags Rs27.26bn order from NHPC for setting up 330MW project in Jammu and Kashmir. (FE)

Tata Steel plans to become a partner in Canada-based New Millennium Capital Corp’s, having iron ore reserves in excess of two billion tonnes.(BS)

Tata Motors’ heavy commercial vehicles is going to resort once again to a block closure, from January 27 to 31.(FE)

Unitech-Telenor deal closure to take more time.(BL)

PNB plans to invest around Rs2.5bn in the next 12 months across nine countries.(ET)

Jet Airways and its subsidiary JetLite cuts its economy class fares by 50%.(BS)

Financial Institutions, GVK Power in talks on Maytas Infra stake.(BL)

PwC officials held for Satyam fraud; no proof of wrongdoing, says the auditor.(FE)

MRPL is reviving plans to set up fuel retail outlets.(BS)

Tatas are expected to cut as many as 5,000 jobs at their steel and auto subsidiaries in the UK-Corus and Jaguar Land Rover-in the coming weeks.(BS)

Tata Realty and Infrastructure returns Rs8bn to its parent after the former decided to pull back some of its planned projects(Mint)

RPG group plans Rs180bn in capital expenditure in the next two years.(Mint)

Voltas to exit its chemical trading business. (FE)

Emami sets up its second production facility in Assam for an investment of Rs500mn.(BS)

Private equity investor Wilbur Ross may become owner of up to one-third of carrier Spicejet by next year, if he decides to execute the rights he got as part of a deal struck last year. (DNA)

CEAT to set up a Rs7bn new radial tyre plant at Halol after signing an MOU at the Vibrant Gujarat Global Investors Summit in Ahmedabad.(ET)

Petronet LNG will sign a gas supply contract with Australian consortium Gorgan Projects for supply of LNG to its 2.5mn tonne a year terminal in Kochi to be commissioned by March 2012.(BL)

UB Holdings pledges about 81% of its stake in United Spirits as corporate guarantee to help loss-making group firm Kingfisher Airlines raise money for expansion plans. (ET)

Godrej Consumer promoters pledge as much as 7.8% of their holding with JP Morgan Securities to borrow funds.(BS)

Whirlpool to invest Rs1.2bn for product development by 2010.(ET)

Wheels India to set up manufacturing facility for an investment of Rs450mn. (BL)

Forex reserves dip by US$2.6bn to US$252bn in the week ended January 16.(BL)

Final GDP estimate for 2008-09 is 7.1%, says the government’s top economic advisory body.(FE)

Government extends the repayment date six months under the farm loan waiver scheme.(BS)

Centre plans 40 generic drug stores by March.(BL)

Home Minister says called for more stimulus packages to ensure that aggregate demand remains high.(FE)

Global economic outlook has deteriorated sharply since September 2008 and in India too, there is evidence of a slowing down of economic activity, says RBI in its Macroeconomic and Monetary Developments Q3 review.(FE)

India and Kazakhstan signs a civil nuclear pact for supplying the fuel to atomic plants in the country.(BS)

Petrol prices likely to be cut by Rs5/litre, diesel by Re1/litre.(Mint)

Steel ministry has decided to push for 10% import duty on steel items to protect the domestic industry against cheap shipments from overseas.(FE)

DoT invites bids from companies with worldwide experience to implement MNP in India.(ET)

NHAI will likely spend more than Rs300bn in the calendar year 2009 to develop highways and roads under about 220 different programmes being implemented currently.(DNA)

TRAI is planning against posing any restriction on media cross-holding in the country. (FE)