Daily News Roundup - Feb 25 2009

SEBI may allow Satyam Computer to issue preferential shares to a strategic investor at a lower price. (ET)

Hiduja group is interested in acquiring 51% stake in Satyam Computer. (ET)

Satyam Computers likely to decide on strategic investor in three weeks. (FE)

SBI plans to tap the retail bond market to raise Rs30-40bn. (ET)

DLF cuts prices in its ongoing projects in Chennai and Bangalore by 20-30%. (ET)

Reliance Industries may shut part of its Jamnagar refinery in April or May. (FE)

Reliance Power, Torrent Power and two other companies have bid for UPCC’s power distribution. (FE)

Unitech has sold its 200 room budget hotel in Gurgaon for around Rs2.3bn. (BS)

L&T bags orders worth Rs14.4bn. (BL)

IOC, HPCL and BPCL have shelved plans to invest in sugarcane farms in Brazil. (BS)

GMR Infra may soon acquire Indonesian coal mine. (BL)

Sun Pharma may hike its offer for Taro Pharmaceuticals US$9.5 a share. (ET)

Cipla has filed grant opposition in Kolkatta patent office against GSK’s cancer drug. (ET)

Dr Reddy’s Lab is scaling back its non-US global operations. (ET)

Dr Reddy’s Lab, GSK Pharma and Alkem Labs are among 39 drug firms under NPPA scanner for overcharging. (BL)

M&M agri arm has entered into a strategic alliance with Dutch Co HZPC. (ET)

Jet Airways to lease out four aircrafts to Gulf Air Company GSC Bahrain. (BL)

HCL Tech lays off 450 employees at its Delhi and Bangalore offices. (ET)

MRF’s Puducherry plant is under lockout following labour unrest. (ET)

BEML expects revenue of Rs10bn from its railway business in the next fiscal year. (BS)

Monnet Ispat and Power has joined the race for Orissa Sponge by acquiring 27% stake in the company. (BS)

Mastek is scouting for US partner for its EDM solution business. (BL)

Excise duty rates on all products have been cut to 8% from 10%. (ET)

Service tax has been reduced by 2% across the board to 10%. (ET)

Duty cuts announced in previous stimulus packages along with the new duty cuts would be extended beyond March 31, 2009. (ET)

S&P cuts its outlook on India’s long term sovereign credit rating to negative from stable. (ET)

Government is planning to increase SMP of sugarcane substantially for 2009-10. (BS)