Daily News Roundup - Apr 15 2009

Tech Mahindra became the highest bidder to acquire Satyam Computers with a bid of Rs58 per share, significantly higher than second largest bidder L&T’s bid of Rs48.85 per share. (ET)
Tech Mahindra will have to pay Rs28.89bn for 51% stake in Satyam Computers. (ET)
Grupo Mexico places higher bid for Asarco; Sterlite had bid US$1.1bn. (ET)
LN Mittal keen on selling half of his stake in Kazakh oil field to OVL. (BS)
Bhushan Steel hikes Orrisa plant capacity to 2.5mtpa. (ET)
Tech Mahindra has tied-up Rs8.75bn funding from mutual funds, insurance companies and is in talks with banks to mobilize Rs10bn bridge loans. (BS)
The Delhi High Court has dismissed a petition filed by Tata Power, challenging the Government’s decision to allow Reliance Power to divert excess coal from captive mines of Sasan power project to its other power projects. (ET)
NTPC plans to commence coal production from its mines in Jharkhand in H2 FY10. (ET)
JP Associates plans to spend Rs35bn during the current fiscal to increase its cement production to 25mtpa. (DNA)
ONGC is likely to see its natural gas output rising to an all-time high of 66mn cubic metres per day in 2012-13. (ET)
Pantaloon Retail has received the board approval for its restructuring plans by raising Rs14-15bn through a preferential share issue to promoters and private equity firms. (FE)
Pantaloon Retail plans to spin off its retail and fashion units. (BS)
Glenmark Pharmaceuticals announced that its prospective neuropathic pain, osteoarthritis and other inflammatory pain disorders molecule GRC 10693 has completed Phase I trials in Europe. (BL)
Pfizer Investments Netherlands BV, a 100% subsidiary of Pfizer will make a tender offer to acquire an additional 33.77% stake in Pfizer India from public shareholders at a price of Rs675 per share. (ET)
Tata Motors has bought back 170 FCCBs worth US$17mn. (ET)
Bank of Baroda has revised downwards its deposit rates across all maturities by 50bps w.e.f. April 15, 2009. (FE)
SBI has decided to extend the special offer for auto and home loans till September. (BS)
Vodafone Essar’s total GSM additions in March 2009 increased by 17.4% mom to 10.8mn. (ET)
Germany’s BASF SE will make an open offer to buy up to 20% of Ciba India Ltd at Rs237.13 per share. (FE)
Sun Pharmaceuticals has received USFDA approval to sell a generic version of Xanodyne Pharmaceuticals’ Roxicodone tablets. (FE)
LIC Housing Finance plans to raise fresh equity capital through the QIP route. (BS)
Zydus Pharma Inc, the US subsidiary of Zydus Cadila has been sued by US major Wyeth over anti-depressant drug, Effexor. (FE)
J Kumar Infraprojects’ board will meet on April 24 to discuss the allotment of 4mn warrants to the firms’ promoters on preferential basis. (FE)
Zuari Industries hikes stake in Texmaco to 21% to steer the company clear of crossholdings. (BL)
Naxalite attack brings NALCO’s bauxite mine in Koraput district of Orissa to a halt. (BS)
Syndicate Bank raised over Rs50bn through certificate of deposits. (BL)
Gitanjali Gems’ proposed Rs1.44bn buyback will open on April 17 and close on December 18, 2009. (FE)
Strides Arcolab plans to create two distinct wholly-owned subsidiaries covering the speciality pharmaceutical and research & development segments respectively. (ET)
Shriram City Union Finance Ltd, part of the diversified Shriram group plans to sell its windmills biomass assets. (FE)
DoT issues an advisory to Bharti Airtel to document properly all its telecom connection including broadband. (BS)
Lupin rejigs R&D plan, to foray into biotech.(BS)
RIL and Gail is gearing up to start the second phase of construction of the pipeline to transport gas from KG basin.(BS)
United Spirits post 20% growth in volumes in FY09. (BS)
IDFC, IFCI and UTI buys 16.62% stake in Sabarmati Gas promoted by BPCL and GSPC. (ET)
Sumitomo and Bhushan Steel in talks to build a steel plant in India with a total investment of US$3.5bn. (DNA)
GVK Bioscience has tied up with Excel Pharma Studies, a Chinese clinical research organization to conduct clinical trials in Asia. (ET)
Essar Oil has delayed a planned shutdown of its refinery in Gujarat by three days to April 16th. (DNA)
Pantaloon Retail sales were up 30% for the month ended March. (ET)
GHCL promoter’s buyback FCCB at 60% discount. (ET)
M&M Farm Equipment Division is planning to invest Rs1bn on product development this fiscal. (BL)
Polaris to focus on the insurance sector and intends to introduce new products and solution. (BL)
Future Group acquires ad agency Dhar & Hoon. (ET)

Steel companies not considering any price hike. (ET)
NHAI plans to invite fresh bids for 38 highway projects in the next quarter. (ET)
Sebi plans to seek an outside legal opinion on whether the Sebi board has the right to examine the special committee’s orders passed after quasi-judicial proceedings against NSDL. (ET)
According to Sebi, no mutual fund product can invest more than 30% of its net assets in money market instruments of a single issuer. (ET)
The Centre has told the Supreme Court that from May 30, 2009 it will enforce the rule making it mandatory for tobacco manufacturers to display statutory pictorial warning on cigarette and tobacco products sold in the country. (FE)
The National Pharmaceutical Pricing Authority (NPPA) collected Rs565mn in 2008-09 by way of penalties, up from Rs45mn in 2007-08. (ET)
India’s exports in March 2009 fell below US$12bn, showing a negative growth for the sixth month in a row. (ET)
The Election Commission has cleared the Government’s decision to abolish import duty on raw and refined sugar. (ET)
The ministry of shipping has written to the ministry of finance to come up with a policy regarding shipping companies’ long-term contracts with PSUs. (FE)