All eyes on Reliance Industries and Reliance Petroleum

The board of Reliance Industries will meet later today to consider absorbing its Reliance Petroleum unit, giving it direct control of the world's largest refinery complex. Reliance Industries separately said it would buy Chevron Corporation's 5% stake in Reliance Petroleum, valued at $344 million as of the close of trade on Friday, 27 February 2009. Reliance Industries said it would own 75.38% of Reliance Petroleum after buying out Chevron's stake. Mukesh Ambani is chairman of both the Reliance companies.

Meanwhile, Reliance Industries reportedly expects losses of Rs 4005 crore from sale of gas from its D-6 block in 2008/09, according to its submissions in the Bombay High Court. However, it expects profit of Rs 962 crore in 2009/10. Reliance expects to double production to 80 million metric standard cubic meters per day by December, from 40 million metric standard cubic meter per day when it starts production this month.

Sterlite Industries, part of the London-based Vedanta Group, has reportedly put in a fresh bid to acquire US copper miner Asarco LLC for $1.5 billion, much lower than $2.6 billion it offered last year.

Hero Honda Motors reported a 24% jump in its total sale for the month of February 2009, at 3,29,055 units, as compared to 2,65,431 units in February 2008.

TVS Motor Company's two-wheeler sales for February 2009 rose 13% to 1,07,301 units from 95,235 units in February 2008. Its exports grew 32% to 16,583 units in February 2009 over February 2008. Meanwhile, TVS group firms, including TVS Motor, are reportedly planning to raise Rs 200 crore by selling land in the southern city of Chennai.

Thailand's ThaiBev has reportedly initiated talks with liquor maker United Spirits, even as the latter is negotiating a minority stake sale to Diageo Plc.

Tech Mahindra may reportedly tie up with a private equity firm to launch a bid for beleagured Satyam Computer Services.

The board of Dewan Housing Finance Corporation will meet on 6 March 2009 to consider raising funds via a rights issue of shares.