Daily News Roundup - Jan 7 2009

Reliance Industries has decided to stop gasoline supplies to Iran after fulfilling all contractual obligations. (BS)

ONGC Videsh raises Rs50bn to fund Imperial buy. (ET)

ICICI Bank reviews its used car financing business model. (ET)

Tata Steel’s Q3 sales stood at 1.07m tons, lower by 14% yoy. (FE)

HUL plans to transfer business of Ayush and Lakme Beauty to subsidiary Lakme Lever. (ET)

Taro rejects Sun Pharmaceuticals revised offer. (ET)

HCC plans to set up a high end township project near Sanand at a cost of Rs300bn. (ET)

Indiabulls Financial Services released Akruti City’s 3% equity after the real estate firm paid back a major part of the loan amount. (ET)

IDBI Bank and SIDBI shortlisted to float SPV for funding NBFCs. (ET)

Satyam promoters’ stake falls to 3.6%. (ET)

Future Group targets sales of Rs9bn from its shopping fair. (ET)

Supreme Court has dismissed a petition by Glaxo SmithKline seeking to restrain the government from taking coercive action against it. (ET)

KKR has approached Wipro, TCS and Tech Mahindra for a possible sale of its stake in Aricent (formerly known as Flextronics Software Systems). (ET)

Air India to cut basic fares between 45-60% in February. (ET)

Peugot, French auto major, is mapping a re-entry into the Indian markets. (ET)

Income Tax department attached Pyramid Saimira’s bank accounts to recover an outstanding amount of Rs266m. (ET)

MMTC floats export bids for 15,000 tons of sugar. (ET)

Coastal power projects may have to import 30% of their coal needs. (ET)

IIFC arm has sanctioned US$200m loan to Tata Power’s Mundra Project and US$70m to ADAG’s Mumbai Metro rail project. (ET)

Maytas Infra bags Rs1.1bn project from southern railways. (FE)

GMDC has invited bids for valuing its mineral ore reserves at Ambaji, Gujarat. (FE)

Government accuses Airtel, Idea and Vodafone for hoarding spectrum. (FE)

Syndicate Bank raises Rs3.4bn via private placement of bonds. (Mint)

IOC scraps oil bond issue. (Mint)

L&T bagged orders worth Rs11bn. (BL)

Aurobindo Pharma received approval from the Canadian regulator for its new epilepsy drug. (BL)

Reliance Communications has moved TDSAT against DoT for withdrawing an approval to offer both GSM and CDMA services in six circles. (BL)

NTPC Executives’ Federation of India (NEFI) plans an indefinite strike from February 25 demanding better pay packages. (BL)

Tata Power plans to divest its stake in group companies Tata Teleservices Ltd and Tata Teleservices (Maharashtra) Ltd to raise about Rs20bn for ongoing projects. (BS)

Airtel and Research In Motion (RIM) launched Blackberry Pearl Flip 8220 smartphone in India on Tuesday. (BS)

Punj Lloyd bagged a contract for civil works for Rs2.6bn from Airports Authority of India. (BS)


Growth in exports for December is estimated to decline by 1.6%, lower than that in October and November. (ET)

National Security Council has put the liberal telecom FDI norms under scanner. (ET)

Government plans reservation policy for ships. (ET)

Government targets US$175bn exports this fiscal. (ET)

Centre plans to raise Rs500bn in January and February, taking its total borrowing to nearly Rs2trn for the fiscal. (FE)

Power tariff norms to be announced by 15th January. (FE)

Truck sales plunged 73.5 per cent to 6,221 units in December 2008 against 24,222 units logged in the same month the previous year. (BL)