Daily News Roundup - Jan 9 2009

US law firm file class-action suits against Satyam Computers (BL)

Government orders inspection of eight Satyam companies including Maytas Properties and Maytas Infrastructure (BL)

Satyam may axe 10,000 employees next month (ET)

Satyam CFO Mr.Srinivas Vadlamani puts in papers (ET)

Satyam Computers to be replaced by Reliance Capital in Nifty 50 and by Sun Pharmaceuticals in Sensex w.e.f January, 12, 2009 (BL)

Promoters holding in Satyam further declines to 2.3% (BS)

Satyam and Maytas SEZs to come under scanner (FE)

NTPC and BHEL to set up engineering institutes to cater specifically to the needs of the power sector (BL)

Sun Pharma rejects Taro’s proposal of US$15/share for merger. (BL)

L&T denies any strategic interest in Satyam Computers (BL)

Tata Communications to raise Rs30bn (ET)

CESC hopes for financial closure of 1,000MW plant in Orissa by 2010. (BS)

A JV between BAE Systems and Mahindra & Mahindra to produce land systems was cleared by the FIPB. (BS)

Bank of India in talks with Credit Agricole, a French bank, and BBVA, the Spanish financial services group, to set up an AMC for its foray into the mutual funds business. (BS)

Punj Lloyd wins two contracts worth Rs11.5bn (FE)

United Spirits registered a volume growth of 18% in April-December 2008

AP government to review Maytas Infra implementation of Hyderabad Metro. (BL)

Maytas Infrastructure’s non-executive director and chairman, Mr.R C Sinha, quits (BS)

IDBI Bank SPV for NBFC may get CCEA nod (ET)

Kingfisher Airlines through a change in its accounting principles was able to save Rs7.4bn for the six-month period and Rs1.3bn for the quarter ended 30 September 2008. (BS)

MMTC invites bid for 60,000 tones of pig iron export (ET)

Electrotherm will set up a battery manufacturing plant in Gujarat this year with an investment of around Rs200mn (BL)


Government says that the gas from RIL’s KG basin would be given to the proposed Dadri power project by Reliance Power (ET)
DoT may allow 8 bidders per 3G circle (ET)

Government may allow public sector banks may to raise cheaper long term funds through tax-free bonds to meet the requirement of the infrastructure sector (ET)

Fuel price cuts likely in 2-3 weeks, says Petroleum Minister (ET)

Government has cleared 34 FDI proposals worth Rs16.2bn (ET)

Seventeen urea plants closed and 11 may shut shop on fuel supply cut off (ET)

Coal imports have recorded a CAGR of 17.1% between 2003-2008 (BL)

Stainless steel imports decline 70% in December 2008 (ET)