Daily News Roundup - March 12 2009

Satyam Computers has set March 20 as the deadline for prospective investors to submit Expression of Interest (EoI) to pick 51% equity in the company. (BL)

TCS signs a multi-year contract with Infineon Technologies AG. (FE)

The Petroleum Ministry has asked GAIL (India) Ltd. to keep RIL’s eastern offshore fields (D6 block) gas price, as one of the benchmarks, while negotiating the revised price for the Cairn India-operated Ravva/Ravva Satellite field. (BL)

The Planning Commission criticizes GAIL India for shifting focus from its core activity of gas transmission to non-core activities. (ET)

Infosys to hire 20,000 engineering graduates this year at over 8.3% higher salary offered last year. (ET)

ITC’s Lifestyle retailing business targets 20% growth for its premium Wills Lifestyle brand in 2009-10. (ET)

Reliance Industries eyes tie-up with Indian Oil, BPCL and HPCL to revive its shut petrol pumps. (FE)

Reliance Industries may tweak draft sales agreements to address concerns raised by fertilizer companies. (ET)

The Rihand Project of NTPC is set to expand in the next financial year under by adding two units of 500 MW each. (BS)

RCOM placed Rs3bn order with two Chinese equipment vendors, Huawei Technologies and ZTE Corporation, for around 1mn plug-n-play USB modems. (BS)

R-ADAG company to invest Rs18bn for 1,500-km power link. (ET)

The UK government approved a grant of £27mn to Tata Group-owned Jaguar Land Rover for producing a new eco-friendly car. (BS)

Wipro Technologies’ subsidiary Infocrossing has entered into a five-year contract to provide IT and infrastructure services delivery for CSG Systems International. (BS)

Tata Motors plans to ramp up production at Dharwad unit to 1,250-1,300 buses per month. (BS)

Ashok Leyland has increased number of working days at its manufacturing units to five from three. (BS)

Ashok Leyland is increasing its CV manufacturing capacity to 150,000 by end of Mar ’10. (BS)

Tech Mahindra is in talks to buy Bangalore-based niche telecom solutions player Sloka Telecom. (ET)

TVS Motors plans to launch a unisex scooter in FY10. (ET)

Pfizer-Aurobindo pact may expand to CIS and the Asian market. (BS)

SBI to purchase 4,000 ATMs to ramp up network. (ET)

Pfizer to set up 600 smoking cessation clinics in two years. (ET)

Allahabad Bank plans to raise Rs10bn through bonds by the end of March. (BS)

Dabur India decides to split its sales force and stockists beginning April 1, 2009 with focus on three specific categories, home and personal care, health care and foods. (ET)

Coal India is likely to award the turnkey contract for its Rs25bn project to develop seven underground coal mines with an estimated reserve of over 400MT by end of this year. (FE)

HCL Infosystems announced a tie-up with Korean major Nautilus Hyosung, to provide customized automated teller machines solutions in India. (FE)

Barun Das, CEO of Zee News, has said that the company will put expansion plans on hold due to the current economic slowdown. (BS)

BPCL has slashed prices of its branded premium petrol and diesel with immediate effect. (ET)

Godrej Industries, the holding company of Godrej Consumer Products has acquired an additional 2.5% stake from group firms like Godrej and Boyce Manufacturing and Godrej Investments. (ET)

Bajaj Electricals launched a premium range of home appliances – Bajaj Platina in the premium lifestyle category. (ET)

Hewlett-Packard and Computer Sciences Corporation are seen evaluating the possibility of acquiring a majority stake in Satyam. (ET)

ICICI Prudential Life Insurance could break even in two years. (ET)

Draximage, a subsidiary of Jubilant Organosys, has said it has entered into an agreement with France-based Guerbet for distribution of its nuclear medicine products in the European markets. (BL)

Jyothy Labs launches ‘Fabric Spa’, a laundry business set up with an initial cost of Rs400mn. (ET)

PVR to add 50 screens in 2009-10. (ET)

GE Security and Wipro Infotech signs an agreement for physical security solutions in India. (ET)

Government may miss RBI’s growth target, says Dr. D.V. Subbarao. (ET)

The Maharashtra government has decided to levy a fee to grant its consent to companies and other bodies to raise money against leasing government owned land. (BS)

At least nine non-metro airports may get to charge Rs300-350 per passenger, as user development fee (UDF). (ET)

The Government is planning to issue tax-free bonds worth up to Rs100bn to the general public every year until 2020. (ET)

The Government may consider a further interest subsidy on loans to companies in select sectors. (ET)

ICAI has deferred a decision on relaxing AS 11, which mandates MTM provisioning in the profit and loss account for foreign exchange-related gains and losses. (BS)

The Wireless Planning and Co-ordination wing of the Department of Telecom has finalised the National Frequency Allocation Plan, which will be the guiding policy for all spectrum allocation in the country. (BL)

GSM operators added 9.1mn new subscribers in February. (BL)

TRAI endorses 3-year lock in on stake sale by new telcos. (ET)