Daily News Roundup - March 20 2009

Shell’s India unit and IOC are in race to pick up 50% stake in RIL’s new venture that will house its loss-making fuel retailing business. (ET)

RIL is in talks with Essar Oil to source petroleum products from the latter’s refinery in Vadinar in Gujarat in a bid to restart its retail outlets. (BS)

ONGC has finalised tenders and awarded contracts for hiring 11 vessels in a record time of about one month, as part of its preparations for the forthcoming bidding for NELP-8. (BL)

Satyam Computer is set to lower its reported revenues over the past 7-years by at least 10-15%. (ET)

HUL and ITC Foods to extend its presence in the branded health foods sector. (FE)

Tech Mahindra bags Rs15bn credit line to back in Satyam EoI. (ET)

Satyam Computer has lost Coca-Cola’s ERP contract to HP. (ET)

Maytas Infra to fully divest its stakes in some projects that it will not be able to execute. (ET)

RIL will commission all secondary units of its new refinery in a few weeks. (ET)

The consortium of IL&FS group company ITNL ENSO Rail Systems Ltd (IERS) and real estate major DLF emerged as the sole bidder for the 3.2-km Rs10bn Gurgaon Metro rail project. (BS)

Dr Reddy’s to exit small generic drug markets abroad. (BL)

Unitech plans to launch mid-segment residential projects in the range of Rs0.5-1mn in metro and suburban cities like Gurgaon, Chennai and Kolkata over the next few months. (BS)

Grasim and L&T are close to settling their 7-year old legal dispute over Grasim’s 0.62% stake in L&T and the latter’s 11.49% stake in UltraTech. (ET)

Fitch downgrades credit rating assigned to Pantaloon Retail’s short-term debt instruments from F1 to F2 +. (FE)

Dabur India puts its wellness retail chain ‘new-u’ on the block just two years after announcing its launch in March 2007. (ET)

The Essar Group has got back highly prospective oil block in Nigeria. (FE)

Adani Power may light the first boiler for the 330MW of the proposed 4,620MW thermal power plant at Mundra next week. (BL)

Prozone, the mall development joint venture between apparel retailer Provogue and the UK’s Liberty International, is scaling down its projects. (BS)

Binani Cement, part of the Rs25bn Braj Binani group is planning to get listed on the London Stock Exchange. (BS)

The SPI Ports, a division of the Chennai based Rs13bn SPI group, has joined the race with Arcelor-Mittal and Adhunik Metaliks to set up a greenfield port at south Barunei Muhan in Kendarapara district of Orissa. (BS)


Software companies in India are anticipating a bonanza, with the country’s defence forces expected to dish out ICT orders worth US$500mn (Rs25bn) in the next 24-36 months. (BL)

The government may stipulate a 7-year lock-in for foreign companies setting up manufacturing facilities for new generation power equipment. (ET)

Telecom companies are set to reduce SMS tariffs for roaming customers by up to 40% from May after a warning from TRAI. (ET)

India is mulling a proposal to let state-run trading companies import ready-to-eat refined sugar at zero duty. (ET)

India’s total external financial assets declined by US$19.7bn to US$358.2bn as at end of September 2008 over the previous quarter. (FE)

The growth of mobile subscriber base in February was slower by 12.7% with addition of 13.44mn subscribers, compared to 15.41mn subscribers in January. (FE)

The gross fiscal deficit is expected to remain high in fiscal FY10, for the second consecutive year, says CMIE. (ET)

The Government has removed the 20% customs duty on crude soyabean oil imports in order to keep it on par with imported palm oil that is currently allowed duty free. (BL)

The National Insurance Company (NIC) may fall short of its target of collecting Rs45bn in premium by March this fiscal. (BL)