Daily News Roundup - Feb 19 2009

According to Minister of State for Finance, Reliance Infrastructure has violated overseas borrowing and foreign exchange rules by investing funds raised abroad in the domestic capital market. (BS)

REpower, subsidiary of Suzlon, has bagged an order worth nearly EURO 2bn. (ET)

SEBI has received complaints of insider trading by Reliance Petroleum and 18 other companies in the past three years, Finance Minister Pranab Mukherjee told the Lok Sabha. (BS)

As per oil minister, supply of natural gas from Reliance Industries’ KG-D6 block is expected to start by April. (BL)

Novelis, a subsidiary of Hindalco, reported a net loss of US$1.8bn for the Oct-Dec ’08 quarter. (BL)

Bharti Airtel to add 17,000 rural outlets by March. (ET)

Dena Bank, Bank of Maharashtra and Oriental Bank of Commerce could get capital infusion by the government. (ET)

The government-appointed board of Satyam Computer has proposed raising its authorized share capital by 50% to 1.2bn equity shares. (BS)

The Government-appointed board of Satyam Computer has sought CLB’s nod to induct a strategic investor. (BL)

Maruti Suzuki posted higher sales in India than sales of its parent company Suzuki in Japan in 2008. (BS)

Unitech has dropped plans to develop two of its six information technology parks. (BS)

Jet Airways has cut three of its biggest loss-making international routes and plans to lease four wide-body Boeing 777 aircraft, besides phasing out three Boeing 737 planes. (BS)

Mr Ravi Chaturvedi, Group Chief Executive Officer, Jet Airways, has resigned from the company. (BL)

Tata Motors has entered into an agreement with Central Bank of India for financing its range of passenger vehicles. (BL)

GlaxoSmithKline Pharmaceuticals is scouting for acquisitions in the domestic market to consolidate its Indian business. (BS)

GlaxoSmithKline Pharmaceuticals is set to increase its field-force to support growth in its vaccines, oncology and other speciality segments. (BL)

Low-cost carriers SpiceJet, IndiGo and GoAir have cut fares sharply, just a week after they abruptly raised these following a 20% to 25% per cent slump in sales. (BS)

IFCI Ltd has revoked a guarantee provided by ICICI Bank to recover its dues from Maytas Infra to the tune of Rs950mn. (BS)

Both private and state-owned banks have told the government that TDS certificates issued to Satyam Computer by them between 2001-02 and 2006-07 were genuine. (BS)

A Srei Infrastructure Finance-led consortium has bagged Rs 60bn Light Rail Transit System project in Bengal. (BS)

iGate has opted out of the race to acquire Satyam Computers. (ET)

SpiceJet is open for stake sale to foreign airlines. (ET)

Top fund managers may quit JM Financial. (ET)

Orchid Chemicals plans to raise overseas debt via ECB to buy back FCCBs. (FE)

NMDC to acquire iron ore mines in Africa. (FE)


The rupee on Wednesday breached the crucial level of 50 a dollar in intra-day trade. (BL)

RBI governor hints at further rate cut. (FE)

The Minister for Steel has said that the import duty on steel could still be increased through a notification. (BL)

Indian pharma sector to remain stable, says Fitch. (FE)

TRAI has proposed that the Department of Telecom should carry out special audits of the telecom operator’s account books every 3-5 years. (BL)

Due to a sharp reduction in the crop area, sugar production in Uttar Pradesh has fallen by 50%. (BS)

TRAI has asked the communication ministry to introduce new reporting and accounting system for telecom companies. (ET)

Government may cut licensing fees for DTH players. (ET)

Government seeks nod for Rs110bn additional spend this fiscal. (ET)

The National Highway Authority of India will issue Rs37bn bonds this year. (ET)

The Centre has ruled out power ministry plea for service tax waiver on wheeling and transmission of power. (FE)

Finance ministry not to allow sale of fuel from EOU or SEZ refineries in the domestic market. (FE)