Daily News Roundup - Feb 26 2009

French drug major Sanofi-Aventis has emerged as the front-runner to buy a substantial stake in Piramal Healthcare at over 50% premium to the current share price. (ET)

The Income-Tax department has ordered a special audit of the accounts of DLF. (ET)

GMR Energy, a subsidiary of GMR Infrastructure has acquired 100% stake in Barasentosa Lestari PT, an Indonesian coal mining company for US$80mn. (ET)

Reliance Communications to raise Rs130bn debt in the next three months to meet certain capex requirements and scheduled debt repayment obligations. (BS)

The Enforcement Directorate seeks nod to take probe of RPL role in oil-for-food scam overseas. (FE)

The proposed capacity expansion at SAIL’s Bhilai Steel Plant (BSP) to 7.5mtpa of hot metal may not be complete within the scheduled 2010-11 period due to concerns over iron ore and man power shortages. (BL)

Tata Motors and Ashok Leyland plan to cut prices post 2% cut in excise duty and service tax. (FE)

Reliance Industries has sent the draft gas sales purchase agreements to the 12 fertiliser firms for supply of the first 15mmscmd of gas from KG basin. (ET)

SAIL to acquire the sick Malvika Steel on February 27. (FE)

L&T has no plans of selling its 12% stake in Satyam. (ET)

Suzlon Energy signed an agreement between its Australian operations arm, Suzlon Energy Australia Pty and AGL Energy Ltd of Australia for supply of 54 turbine units. (BL)

The shareholders are accusing that Siemens India has showed lower profits before sale of subsidiaries to its parent. (ET)

SBI plans to raise around Rs20bn through the issue of upper Tier-II bonds to LIC by the end of this month. (ET)

Reliance Industries’ profits for seven quarters ended December 31, 2008 would have been lower by Rs11.47bn, if it had followed the Accounting Standard 11. (FE)

US FDA has alleged that Ranbaxy has falsified data for some of the over 24 low-cost drugs made at its Paonta Sahib plant. (ET)

HUL sues Subhiksha for non-payment of dues. (BS)

Mauritius based investment firm SRS Orion Investment has demanded Rs8.06bn from Maytas Properties. (FE)

JK Tyre has reduced tyre prices for commercial vehicles following a 2% excise duty cut. (FE)

Sical Logistics has formed a SPV with MMTC Ltd to set up an iron ore terminal at the Ennore port at a proposed investment of ~Rs5bn. (BS)

Uco Bank may face pressure on its fourth-quarter profits on account of possible provisions of Rs974mn for an exposure to credit-linked notes. (BS)

Vedanta Aluminium plans to invest Rs600bn in aluminium, alumina and power sector in Orissa by 2013. (BS)

Deepak Parekh has been reappointed as the executive chairman of HDFC till December 2009. (ET)

US lobbies with Coal India for bigger pie of Indian mining equipment market. (FE)

The country is expected to have a generation loss of 11,000mw from March onwards as the South Eastern Coalfields Ltd, an arm of Coal India plans to close down Gevra and Dipka mines. (FE)

Suzuki Motorcycle to invest Rs1.5bn in phases to ramp up its manufacturing capacity in the country. (BS)

India Inc's foreign loan costs go up by 3%. (ET)

The Government has advised RBI and commercial banks to further reduce lending rates. (ET)

The TRAI has recommended that broadcasters should not be allowed to own more than 20% in TV distribution platforms such as cable and DTH. (BL)

Indian subsidiaries of MNCs may now be able to invest in the country without further approval as removal of distinction between holding companies and holding-cum-operating companies for crucial sectors such as oil and gas, mining, real estate and construction is likely. (ET)

The Maharashtra Government has liberalised the construction redevelopment rules for old and dilapidated buildings. (BS)

The Government has approved the restructuring of the NHAI, including constituting a search committee for the appointment of chairman for the highways regulator. (BS)

Retail prices of diesel may go down further by Rs2. (ET)

The PSU companies which have parked their Rs2,000bn surplus funds with banks, will not be allowed to transfer their deposits from one bank to another for better returns. (ET)

Commerce and industry minister is likely to announce a special package for exporters in the foreign trade policy today. (ET)

India is likely to launch the next round of auction of oil and gas exploration blocks by mid-April. (ET)

The Government is likely to allow sick public sector companies to raise cash by selling surplus land available with them. (ET)

India’s tobacco exports surged by ~39% to Rs25.6bn in the first 10 months of this fiscal. (ET)

The Government plans to invest Rs558.04bn in the Indian port sector. (FE)