Daily News Roundup - Feb 2 2009

The Bombay High Court Reliance Industries to sell KG basin gas at US$4.2/mmbtu .(BL)

PNB to cut PLR by 50bps to 11.5%.(FE)

Future Group exploring the idea of renting clothes.(BL)

Proposed merger between Take Solutions and Four Soft has been called off.(BL)

SBI opposes UTI AMC plans to acquire funds.(Mint)

Educomp Solutions receives Rs1.2bn orders from Uttar Pradesh, Assam.(BL)

Areva to sign deals for setting up nuclear reactors with Nuclear Power Corporation.(BL)

Suzlon Energy puts on hold its capacity expansion plans in India. (BS)

Infosys Technologies cuts onsite employees in United states.(DNA)

NHAI sends notices to Madhucon Projects for delaying work on World Bank-funded highway stretches.(Mint)

ONGC receives two Nigerian oil blocks; board approves Rs70bn for Mumbai High project.(FE)

Satyam Computers open offer price may be set at a two weeks’ average price.(ET)

Dena Bank seeks Rs5bn from government to bolster its capital base. (BS)

Spice Group team to meet SEBI officials on Monday and Satyam’s new board during the week to convey its intention to acquire the stake through an auction process.(BS)

ADAG is planning a major restructuring exercise for some of its business divisions at its infrastructure and telecom arms.(TOI)

TVS Motors January sales rise marginally on 7% increase in exports.(Mint)

Sun Pharmaceuticals is likely to acquire a mid-sized generic company in US.(DNA)

DLF may back out of Delhi convention complex project.(BS)

Reliance Retail exits cash and carry business.(ET)

Air India plans further fare cuts.(FE)

L&T says exposure to Satyam Computers not subject to mark-to-market accounting.(BL)

Cairn India seeks more land near Rajasthan oilfield. (ET)

Satyam Computers bags more than 10 new clients in January.(DNA)

SBI cuts home loan rates to 8%.(Mint)

Indian Oil Corp, BPCL and HPCL cuts jet fuel prices by 4%.(Mint)

S&P cuts ratings on TCS and Infosys Technologies to ‘stable’ from ‘positive’.(BL)

Department of Corporate Affairs says to the finance ministry that L&T has expressed interest in acquiring a sufficient stake in Satyam to take management control.(BS)

RPG mulling private equity to part fund Rs20bn retail capex. (ET)

Tata Motors to soon finalize Jaguar, Land Rover retail plans; may set up first outlet in Mumbai.(ET)

DLF plans to sells assets to improve cash flows.(ET)

Indian Overseas Bank will join hands with Bank of Baroda and Andhra Bank to start operations in Malaysia.(BS)

Elecon Engineering delays Rs4bn overseas acquisition plans.(BS)

M&M expresses interest in acquiring Satyam Computers.(Mint)

Bhushan Energy, an unlisted arm of Bhushan Steel, buys stake in Orissa Sponge.(BL)

IRB Infrastructure raises Rs25bn for Surat road project.(ET)

IT Department has ordered a special audit of FY06 accounts of DLF.(DNA)

Jet Airways to seal deal for hedging 25% of its fuel needs.(ET)

Jindal Group plans Rs1bn health sector foray.(BS)

Reliance Communications started its GSM mobile operations in Delhi.(FE)

Tata Motors’ subsidiary JLR to seek 1bn pound loan facility.(FE)

GMR Energy plans to start the construction work of its 1200MW power plant in Chhattisgarh from September.(BS)

Ambuja Cements December shipments up 12% YoY. (ET)

Reliance Money is planning to float a stock exchange for small and medium enterprises with 26% stake, and is scouting for partners to start the venture in about a year's time.(BS)

Government objects to Tata Communication’s plans to raise Rs51bn in loans to fund its expansion plans. (ET)

Spice Group acquires Cellucom’s India arm in share-swap deal. (ET)

BPCL plans to shut down the 240,000 bpd Mumbai refinery's crude distillation unit for 30 days from March 6, while the unit at Kochi would be shut for 50 days from April 5. (FE)


Forex reserves dip by US$4.6bn to US$248bn in the week ended January 23.(BL)

RBI to allow prepaid instruments up to maximum value of Rs50,000.(BL)

Sic core infrastructure industries registered a 2.3% growth in December 2008.(TOI)

Government may revive a proposal limiting the number of Ultra Mega Power Projects awarded per developer.(BS)

SEBI asks promoters to disclose pledged shares in seven days.(Mint)

TRAI to consider calling card option to provide a subscriber a option to chose his operator for making STD and ISD calls.(Mint)

Centre to set up five coastal terminals for petroleum, petrochemicals.(FE)

Government clears infrastructure projects worth Rs340bn. (BS)

RBI has turned down suggestions to relax rules for recognizing non-performing assets NPAs by doubling the duration to 180 days.(BS)

Fiscal deficit up 164% of full-year target.(FE)