Daily News Roundup - Feb 4 2009

Sterlite Industries is yet to utilize half of its 20bn capital, which it raised through rights issue from its shareholders in 2004. (ET)

BHEL forms a JV with KEL to focus on core sectors and supply products to Siemens and GE. (ET)

US oil major, Chevron may exit Reliance Petro. (BS)

Cipla’s export consignment to Amsterdam was confiscated by the customs authorities on ground of patent infringement. (BL)

GMR Infra and Lanco have filed proposal for the imported coal based 1,600 mw power projects in Maharashtra. (FE)

Satyam Computers may name CEO, CFO today. (BS)

Tech Mahindra interested in buying Satyam (BL)

Coal India Ltd is considering price hikes to compensate for the ~Rs23bn increase in annual wage bill beginning this fiscal. (BL)

I-T department issues notices on Vedanta and Indian Rayon for their failure to deduct taxes on payments to buy Indian assets. (BS)

HPCL’s common carrier pipeline goes on stream. (BL)

The three OMC’s (IOC, BPCL and HPCL) plans 3-fold hike in outlets. (BS)

Corporation Bank plans to raise Rs7bn (BL)

Syndicate Bank to hire 1,000 officers and add 150 branches in the current calendar year (BL)

LIC Housing Finance cuts home loan rates by 100bps. (BS)

Tata Tea has embarked upon a multi-pronged strategy for different markets. (BL)

Shree Cement’s January dispatch up 30%. (BS)

Omaxe is in talks with banks and other lenders to restructure more than half its debt to reduce cost and match payments with cash flows. (BS)

Educomp to appoint global consultancy firm Grant Thornton as internal auditor of the company. (FE)

Educomp to invest Rs700mn in next three years to set up 100 budget schools across the country. (FE)

Balrampur Chini expects its sugar output to fall 38% in the year to September 2009. (FE)

Huber Group has pledged its entire 70.5% stake in Micro Inks to raise money from foreign banks to part its acquisition of the Indian arm. (ET)

Uttam Galva Metallics, part of Uttam Galva Group to invest ~Rs11bn for setting up a project in Maharashtra to manufacture half a million tones of Pig Iron. (FE)

Henkel puts non-core brands on the block. (ET)

IDBI Bank is likely to merge its housing finance subsidiary IDBI Homefinance with itself. (ET)

Educomp Solutions says it will work with the Government and regulators to prove its credibility (BL)

Balrampur Chini has been hauled up for fudging accounts. (BS)

Cosmo Films has acquired US-based GBC Commercial Print Finishing owned by ACCO Brands Corporation for an undisclosed amount. (BL)

The Department of Industrial policy and Promotion will soon set up a cell to track foreign direct investment inflows into real estate companies. (ET)

Direct Tax collections grew by a modest 11.9% during in April-Jan, slower than the projected rate of 16.9%. (ET)

The government may come out with a third stimulus package to boost the economy, says textile minister. (ET)

CIL’s new wage bill likely to push up prices of coal (BL)

The Union Government announced the issue of bonds worth Rs60bn to fertiliser companies (BL)

The Indian economy will grow in excess of 7% in the current fiscal year, says Commerce Minister. (ET)

Cement prices in parts of the country were increased by Rs3 and Rs4 for a 50kg bag. (FE)

Banks witness fall in low-cost deposits’ share in Dec quarter. (BL)

Maharashtra Government signs 5 MoUs for Rs 6,000-cr investments. (BL)

The Commerce ministry mulls a three-year extension of tax benefits given to EoUs in an attempt to encourage export industries. (BS)

FY10 exports may dip on falling demand, says Commerce Secretary Gopal Pillai. (BS)

NELP India to offer 100 oil blocks in NELP VIII. (BS)

SEZ tax benefits extended to sub-contractors (BS)