Daily News Roundup - Apr 28 2009

RIL has raised its crude oil production capacity from the KG D6 block to a maximum level of 40,000bpd from the earlier 18,000bpd. (BS)

Honda and Hero Honda plan to further their ties for future launches. (BS)

The government has suggested sharp cutbacks in routes, changes in aircraft deployment and flight timings to reduce losses Air India. (BS)

L&T’s Electrical and Electronics Division has filed 108 patents applications in 2008-09 for its electrical and electronic products. (BL)

The Ministry of Corporate Affairs has asked DoT to reconsider its decision to issue Loop Telecom an all-India mobile services licence, suggesting the company had links with Essar Group that violate restrictions on telecom cross-holdings by groups. (BS)

The board of Godfrey Phillips India (GPI) US tobacco giant Philip Morris to market Marlboro cigarettes through the GPI distribution network in India. (ET)

Pfizer has emerged as the frontrunner to acquire RFCL’s animal health unit, Vetnex, in a deal estimated ~Rs2.5bn. (ET)

Oil PSUs have said that they cannot honour their commitment to lift up to 0.7mn tons of Cairn India’s Barmer crude this year, till it finalises the price. (ET)

Wockhardt lenders have sought more clarity on the extent and nature of its huge foreign exchange losses before initiating any restructuring of the company’s outstanding credit. (BS)

Glenmark Pharmaceuticals has become the first company to get tentative approval from USFDA to sell the generic version of Schering-Plough and MSP Singapore Company LLC’s cholesterol-lowering drug, Zetia (Ezetimibe). (BS)

RIL has resumed oil production at a field off the nation’s east coast after a month-long shutdown. (FE)

Reliance Communications has closed the tender offer for buyback of FCCBs. (ET)

The Government plans to allot natural gas from Reliance Industries’ KG basin to steel companies affected by the shortage of the commodity. (ET)

Cipla is ready to supply 1.5mn doses of oseltamivir, the generic version of the bird flue drug, Tamiflu to West. (FE)

BSNL plans to unveil prepaid broadband services. (FE)

Marico plans to acquire two regional brands in the beauty & wellness sector in India. (FE)

Central Electricity Regulatory Commission has downgraded licenses of three companies – Ispat Energy, Kalyani Power Development and Visa Power. (FE)

Tech Mahindra to appoint two auditors for Satyam. (ET)

The ministry of corporate affairs has asked the communications ministry to reconsider granting a telecom licence to Loop Telecom owned by the Essar Group. (ET)

SBI mulls reduction in education loan rates by 0.25%. (FE)

Jindal India Thermal Power Ltd (JITPL) has started the construction work of its Rs59.6bn 1200MW thermal power plant at Derang, near Angul in Orissa. (BS)

Crisil has given AAA rating to Rural Electrification Corporation’s Rs250bn long-term borrowing program. (ET)

Subhiksha gets interim stay on liquidator. (BS)

Electrotherm to launch 'Yoworld' service centers in 17 states. (BS)

Yash Birla group plans to take ayurvedic wellness business abroad. (FE)

The ministry of petroleum has approached the finance ministry to seek permission to give additional bonds worth Rs100bn to the three public sector oil marketing companies to end the year with a profit. (BS)

Banks continue to park surplus funds with RBI despite rate cut. (BL)

The Director General (Safeguard) has recommended imposition of provisional safeguard duty of 20% ad valorem on all imports of uncoated paper and copy paper into India. (BL)

The new FDI guidelines may be revised with respect to the banking sector to avoid adverse fallout for Indian banks with majority foreign equity. (BS)

The government has cleared 22 proposals that will bring in Rs5.4bn of FDI into India. (BS)

The Government may exempt partnership firms and limited companies from paying stamp duty while converting into limited liability partnerships (LLPs). (ET)

The Centre’s tax collections for 2009-2010 have declined by over Rs200bn compared to previous year. (ET)

The department of industrial policy & promotion (DIPP) has decided to call a meeting to discuss foreign ownership with banks. (FE)

India may miss the US$200bn export target of 2009-10 by about 10%.: Assocham (ET)

RBI has issued the final guidelines for issuance and operation of pre-paid payment instruments in India. (FE)

The high-powered committee of infrastructure wants NHAI to re-design highway projects to renew the interest of bidders. (FE)

The Government is likely to issue a press note which will make it clear that it will ensure sectors like multi-brand retail, agriculture, lottery & atomic energy will be kept out of the reach of indirect foreign investment. (ET)