Daily News Roundup - March 16 2009

NTPC plans power projects in Kazakhstan to secure coal assets.(Mint)

M&M cuts capex by Rs5bn for the next three years ending March 2012. (ET)

ITC, EIH, Leela Ventures, Royal Orchid in race for hotel projects in Delhi International Airport. (ET)

Gujarat Alkalies and Chemicals plans to invest about Rs100bn in joint sector with other PSUs for the manufacture of a variety of products for plastic industry in the next three years.(BL)

NMDC set to enter into a JV with Kopano Ke Matla Investment Company, the investment arm of the Congress of South African Trade Unions for acquiring manganese, coal and iron ore blocks in South Africa.(BS)

iGate rejoins fray to acquire Satyam Computer.(ET)

Gokaldas Exports puts hiring, expansion plans on hold.(BL)

No tax concession on gains in Satyam Computer open offer.(BS)

Pantaloon sales jump by over 26% in February 2009 against sales in the same month last year.(ET)

MCX Stock Exchange seeks SEBI nod to offer equity trading; to have common ownership and management.(Mint)

United Nations is likely to terminate Satyam Computers contract awarded on a talent management project with the IT Company.(BS)

Federal Bank and Catholic Syrian Bank close to share swap deal. (BS)

Tata Steel records 47% increase in sales in February over the corresponding month in 2008, with long products registering a 65% increase. (BS)

JSW Steel’s crude steel production in February increased by 8.5%. (BS)

Satyam Computer Services’ call for registrations for the bidding process has receives over 100 requests from India and abroad.(BL)

DoT wants BSNL and MTNL to be kept out of the purview of the proposed National Offset Policy drafted by the Ministry of Commerce.(BL)

NVP India, the Indian arm of Silicon Valleybased venture capital firm Norwest Venture Partners, has invested about US$15 million for a stake less than 5% in OnMobile Global.(Mint) 

IC is likely to sign a bancassurance agreement with Punjab National Bank.(BL)

Staterun oil firms, led by flagship explorer Indian Oil Corp., are not interested in operating, leasing or buying the around 1,400 petrol pumps being idled by Reliance Industries.(TOI)

Reliance Communications plans data network with Alcatel.(TOI)

IDBI Bank, Federal bank and Fortis are set infuse Rs2.5bn in a threeway joint venture. (ET)

Sahara Group in talks with Apollo Hospitals for jointly managing its proposed hospital chain. (BS)

Omaxe has restructured about Rs4.5bn of outstanding debt and is in talks with public sector banks for further debt restructuring.(DNA)

Private PF trusts can actively manage funds in equities from April 1.(BL)

Uco Bank decides to set up 7 Rural Self Employment Training Institutes in Orissa. (BS)


Forex reserves fell by US$1.98bn to US$247bn in the week ended March 6.(BL)

Nine domestic airlines have reported close to a 7% decline in the number of passengers flown in February as compared to the same period last year.(BL)

The government is considering a proposal to provide additional capital to public sector power finance companies. (ET)

Oil firms raised jet fuel prices marginally by Rs158/kilolitre on an average.(BS)

RBI extended the deadline for completing buyback of FCCB by nine months to December 31, 2009.(BS)

World Bank to clear a US$2.6bn special loan package for India.(BS)

India’s total gems and jewellery exports declined 34.6% in February at US$1.2bn.(BS)

The latest statewise estimates suggest that the country’s sugar production in the current 200809 season (OctoberSeptember) will not touch even 16mn tonnes.(BL)

According to figures released by the Society of Indian Automobile Manufacturers, exports fell by 7% YoY in February at 110,252 units.(DNA)

International Finance Corporation will invest close to US$1bn in India in the 12month period from July 2008June 2009.(BL)

Government to spend US$2bn annually till 2020 on drug discovery.(ET)

Sugar importsboth raws and whites even at zero dutyhave become unviable in the present scenario where the Centre is going all out to ensure that prices do not cross the Rs25/kg level at the retail end in the runup to elections.(BL)

Between December 26, 2008 and February 13, 2009, Bank lending fell 98% as compared to the same period a year ago.(DNA)

Cement companies planning units to be asked to use 25% fly ash. (BS)

Central Electricity Regulatory Commission is expected to come out with rules for pricing of power transmission between states in a couple of months to facilitate the entry of private sector companies in the sector.(DNA)

Mumbai Metropolitan Region Development Authority plans to enter power production for industrial consumers in Mumbai metropolitan region; may invest about Rs10bn on a gasbased power plant in the region.(BL)

Londonbased arm of India Infrastructure Finance Company is likely to get US$250mn from the RBI in the next few days as part of a financing arrangement for infrastructure projects within India.(BL)

TRAI’s recommendation to cut termination charges, which results in lower mobile tariffs, is violation of the election code of conduct.(ET)