Daily News Roundup - Jan 5 2009

GMR Energy, subsidiary of GMR Infrastructure, is offered a 33.5% stake in South Africa-based Homeland Energy Group.(BS)

Union Bank and Bank of Baroda announce a reduction in their deposit rates ranging between 25 and 75bps across various maturities.(ET)

ONGC Videsh planning to bid for a “few” of the 19 exploration blocks being offered under two bidding rounds by Iraq.(BS)

Tata Steel aims savings of Rs75bn in current financial year.(FE)

Tata Motors CV sales decline 51 % YoY in December 2008.(BL)

BHEL close to entering into agreements with two overseas companies for JV in forging and transmission sectors.(BS)

Ambuja Cements says shipments in December 2008 rose 11.8% to 16.6mn tonnes.(ET)

Aditya Birla Group cement despatches up 13.4% YoY in December 2008.(BL)

Indian Oil Corp says it will expand Panipat refinery and commission a naphtha cracker complex adjacent to the unit this year.(TOI)

Suzlon Energy to sell 10% of its stake in Belgium-based subsidiary Hansen Transmission for nearly Rs6bn to funds managed by Ecofin.(FE)

Jindal Stainless plans to delay its Rs100bn expansion plan in India.(BS)

Motherson Sumi acquires UK-based Visiocorp’s global rear view mirror business.(ET)

Kingfisher Airlines announced it has cut domestic basic fares by up to 65%.(BS)

SBI is planning to raise about Rs5bn from retail investors as Tier II capital.(DNA)

Emami plans to hive off Zandu Chemicals, a subsidiary of Zandu Pharma.(BS)

Centre proposes to provide additional oil bonds worth Rs300bn to IOC, BPCL and HPCL.(ET)

Elecon Engineering receives Rs220mn order from Adani Power.(BL)

Tata group and its South African partner Sasol have opposed giving part of the crude oil they plan to produce from coal (coal-to-liquid project) to the government as profit share.(TOI)

SBI picks up 19.7% equity in Mayfair Hotels and resorts through a PE deal.(BS)

ONGC is set to acquire Imperial Energy, a British oil and gas company, for US$1.9bn after 97% shareholders gave their consent to the takeover bid.(FE)

Satyam in talks with HCL Technologies and Mind Tree for merger.(BS)

Binani Cement in talks with FIIs to raise Rs15bn for new projects.(ET)

GVK seeks airport fee to meet shortfall.(TOI)

RBI cuts repo, reverse repo by 100bps each; CRR also cut by 50bps.(BL)

Government announces fiscal steps to boost infrastructure, export sectors.(BL)

Forex reserves rose US$561mn to US$255bn in the week ended December 26.(BL)

CERC to cap tariff on inter-state power trade.(DNA)

Bank credit grew by 0.1% in the fortnight ended December 19 as against 0.4% in the previous 15 days.(BS)

State governments allowed to raise Rs300bn more through market borrowing.(BL)

DoT may endorse higher reserve price for 3G services.(Mint)

RBI further relaxes asset classification norms for banks to restructure loans to viable units facing cash flow problems.(BS)

Communications ministry is likely to defer the auctions of 3G spectrum yet again.(ET)

SEBI to make it mandatory for promoters to declare pledged shares.(ET)

DoT working on Mobile Number Portability to meet June timeline.(ET)

FII investment limit in corporate debt raised to US$15bn from US$6bn.(BL)

Petrol price set to fall by up to Rs10 per litre.(TOI)

Cement makers start shutting down plants; stocks piling up as demand slumps particularly in the North.(DNA)

Centre plans to halve fertilizer subsidy by 2010.(Mint)

Centre may ease FDI norms, scrap PN-1.(ET)

Mutual funds assets add Rs163bn in December 2008.(FE)

Cabinet Committee on Economic Affairs clears six highway projects with revised costs.(FE)