Daily News Roundup - Feb 16 2009

- Reliance Communications adds ~5mn new subscribers in January 2009. (BS)

- NPCIL and NTPC signs an agreement to jointly produce nuclear power plants. (BS)

- Jet Airways cut international fares by 30%. (ET)

- PNB to raise Rs5bn through issuance of bonds, with February 18 as the proposed date of opening. (BS)

- M&M decides to hiveoff its defense business into two separate entities — Mahindra Land Systems and Mahindra Naval Systems. (BL)

- Reliance Infrastructure announces another round of buyback programme for equity shares for amount up to Rs7bn from shareholders. (BS)

- The interim Budget is likely to provide for Rs21.5bn of recapitalisation package for three public sector banks UCO Bank, Central Bank of India and Vijaya Bank. (ET)

- Diageo, United Spirits deal may get delayed. (BS)

- The Bombay HC rejects an application made by IDBI Bank and ICICI Bank seeking appointment of a court receiver to oversee the administration of Maytas Infra.

- Era Infra bags Rs675mn order from BHEL for constructionrelated works at Bellary power station. (BS)

- NTPC, NPCIL to invest Rs150bn in 8 years. (BL)

- JSW group to review the status of the delayed steel project in West Bengal after three months. (ET)

- PNB expects the central bank to further cut rates. (FE)

- Nu Tek India plans to acquire two companies, in Nigeria and the other with presence in the US for a total investment of about US$26mn. (BL)

- Bartronics bags Municipal Corporation of Delhi’s 'AapKe Dwar' project to set up and manage 2,000 kiosks in Delhi. (BS)

- Mahindra Land Systems to launch a mineprotected vehicle in early 2010 in partnership with UKbased defence manufacturer BAE Systems. (BL)

- NMDC is looking at forging partnerships for acquiring coal blocks within the country. (BL)

- Nabard signs MoU with Jain Irrigation for its ‘Village Development Plan’ and implementation of Natural Resource Management and Dry Land Agriculture. (BL)

- Reliance Retail in talks with large retailers to forge an alliance for its retail business. (ET)

- Jet Airways targets breakeven in the next one year.(Mint)

- Nitco Tiles plans to exit cement business. (ET)

- Merrill Lynch to shift majority of its Satyam contracts with TCS. (ET)

- NTPC plans to bid for imported fuelbased UMPPs. (ET)

- UB Group may offload stake in Aventis Pharma.(Mint)

- Essar Oil is weighing the option of utilizing capacity of HPCL’s MundraDelhi pipeline for transporting oil products from its refinery in Vadinar, Gujarat.(BL)

- Telenor seeks to raise Unitech Wireless stake.(DNA)

- BEML seeks Dutch ally for dredging.(DNA)

- Omaxe in talks with 14 banks for debt restructuring. (BS)

- Arvind Ltd gets banks approval for rescheduling loan payments. (BS)

- Public sector oil companies cut ATF prices by 3.7%, the tenth reduction since September 2008.(FE)

- Relief for realty, auto sectors likely in interim Budget.(FE)

- Tax holiday for export, IT units may continue.(BL)

- SEBI to relax provision of Substantial Acquisition of Shares & Takeover Regulations, which outline the procedure to be followed when an outsider seeks to acquire control of a listed company. (DNA)

- SEBI to impose a penalty of Rs10mn on companies not filing disclosure. (BS)

- Agricultural Ministry may hike statutory minimum price for sugarcane to Rs107.6 per quintal. (BS)

- India gets US$1.36bn of FDI in December 2008. (BS)

- Railways to invest Rs2300bn during the 11th Plan period to improve its rolling stock. (FE)

- Railways expect revenues of Rs953.06 billion in FY 10. (FE)

- India likely to miss the FDI target of US$35bn for the current fiscal due. (FE)

- The government to finalize new norms for MNC drug prices. (ET)

- The government is likely to hike expenditure on flagship programmes, rural development and housing. (ET)

- Finance Ministry to lower service tax on banks foreign exchange turnover. (BS)

- Government to mark outlay for power fund; ministry to get 35% more allocation.(Mint)

- Defence forces would release 15MHhz of radio frequency for 2G and 3G mobile services soon after the agreement between the ministries of defence and telecom is signed.(TOI)

- The government mulling a commission for media guidelines. (BS)