Daily News Roundup - Jan 6 2009

Tech Mahindra has approached Satyam Computer Services for an all-share merger. (ET)

Tata Teleservices has sold 49% stake in its telecom tower and infrastructure arm to Quippo Telecom Infrastructure. (ET)

Tata Tele plans to launch GSM mobile services by 2009-end. (ET)

Tata Power moves to court against Reliance Power for diverting coal from the captive mines of Sasan Ultra Mega Power Project for use in other projects. (ET)

Ispat Industries has approached lenders for a second corporate debt restructuring package. (ET)

IVRCL has bagged orders worth Rs2.6bn from Bangalore Metro Rail Corporation, IOC and Karnataka water supply board. (FE)

The Petroleum and Natural Gas Regulatory Board has given authorization to Indraprastha Gas to sell CNG to automobiles and piped gas to households in NCT. (FE)

Punjab National Bank has slashed interest rate on non-resident deposits for dollar, British pound and euro effective from January 1. (ET)

Bharti Airtel to launch services in Sri Lanka on January 12. (ET)

Reliance Communications has rolled out its GSM services in Punjab. (FE)

GTL Ltd board to meet next week for considering buy-back and merger of Malaysia based step-down subsidiary Ada Cellworks Wireless Engineering. (FE)

Infotech Enterprises has formed Infotech Enterprises Japan KK as its wholly-owned subsidiary firm in Japan. (FE)

Aditya Birla Nuvo is reviewing its garment export operations parked with wholly-owned subsidiary Madura Garments Exports. (ET)

Daiichi Sankyo may book non-cash valuation loss of US$3.9bn on Ranbaxy buy in Q3 FY09. (ET)

Promoters of Great Offshore have pledged another 2.15% stake with Bharati Shipyard to raise money taking the total pledged shares to 14.8%. (ET)

Hindustan Unilever has cut prices of Lifebuoy soap by 7-9%. (BS)

Alok Industries plans to raise Rs4.5bn through rights issue. (FE)

Indian Hotels plans to enter serviced apartment business and expand its wildlife resorts portfolio. (BS)

JSW Steel to consider reviving output in January 2009. (FE)

UCO Bank is likely to come with a follow-on public offer soon. (FE)

Sun Pharma offers higher price to Taro Pharmaceuticals to settle row. (ET)

BGR Energy has raised Rs21.05bn for working capital expenses from a consortium led by SBI. (BL)

BEML Ltd to set up a new unit at Kinfra park with an investment of Rs2.6bn. (BL)


The Government may allow LIC to fund individual infrastructure projects beyond the existing 10% exposure norm. (ET)

Small and medium-sized firms may be taxed for outsourced work. (ET)

The Government will allow FDI only in allied nuclear business. (ET)

The Government may announce sectoral packages in February before Vote-On-Account. (ET)

India’s deficit in edible oils is expected to widen to more than 8.1mn tons by 2020 from the current 4.7mn tons. (FE)

Government gives service tax exemptions to certain services offered by Goods Transport Agencies. (BL)

RBI might reinstate Rs30bn daily cap on reverse repurchases. (BL)

Government may allocate Rs40bn to help state transport undertakings to replace their ageing bus fleets over the next six months. (BS)