Daily News Roundup -May 11 2009

Reliance Industries and five others have envisaged interest in the erstwhile Dabhol project, now called Ratnagiri Gas & Power for leasing the liquefied natural gas terminal of RGPPL.(BL)

SBI Q4 net spurts 46% to Rs27.42bn, total income grew to Rs220.60bn. (ET)

Alcatel-Lucent and Huawei have bagged a US$400mn GSM equipment contract from Unitech Wireless.(FE)

Temasek, GIC stake rise in ICICI Bank under scrutiny. (BS)

ONGC may be asked to help in bailing out refiners.(BL)

GMR Infrastructure plans to raise up to US$1bn to fund growth. (BS)

Airtel DTH reduces prices of paid movie services by 33% and Big TV cuts prices by around 50%. (BS)

ESSEL Propack is exploring the option of picking up a controlling stake in UK’s tube maker Betts. (ET)

JSW Energy plans to invest Rs80bn in building two thermal power projects of a combined capacity of over 2,000 mw in Chhattisgarh and Orissa in the current fiscal year. (ET)

Hindustan Unilever Q4 net jumps 20% posted a net profit of Rs4.57bn, total income grew 5% to Rs39.88bn. (ET)

L&T to sell its 11.5% stake in UltraTech Cement by December, pegged at around Rs8bn. (ET)

IOC to shut down five out of its eight depots in Orissa. (BS)

NMDC may float JV company with South Africa's Kopano by July to scout minerals like iron ore and manganese in African nation. (ET)

Satyam offers US$10mn to settle Upaid’s US$1bn claim.(Mint)

Gujarat State Petroleum Corp may increase its business with Petronet LNG.(BL)

Tata Steel’s Corus unit in UK on verge of closure.(BL)

Peninsula Land defers its plans to build business hotels by at least six months to preserve cash. (BS)

PNB to infuse US$50mn more in UK subsidiary.(BL)

The government has sent a letter to Tata Power asking for details on US$437mn raised by the company overseas in 2007. (BS)

BHEL cuts prices by 5% to beat China competition.(Mint)

Tatas to raise Rs74bn for JLR by Sep’ 09.(TOI)

Maytas Infra board clears debt recast plan.(BL)

H-1B cap may affect business says Infosys Technologies.(TOI)

Godrej Properties plans IPO this fiscal.(BL)

Religare bids for AIG Investments.(Mint)

DBS Bank offloads entire stake in HDFC Bank.(BL)

HPCL’s Bhatinda refinery to be commissioned in 2011.(FE)

Petronet LNG has tied up 1.5mn tonnes a year of LNG imports from the Gorgon project in Australia for Kochi terminal.(BL)

SBI to review deposit rates by end-May; may raise Rs 200bn through rights, other options.(BL)

Ericsson, Huawei short listed for BSNL’s US$6bn GSM contract. (BL)

DoT has set a deadline of September 20 for mobile operators to upgrade their respective networks for implementing number portability. (ET)

DoT panel against 3-year equity lock-in for existing players.(BL)

Inflation rate rises to 0.70% on costlier food during the week ended April 25.(BL)

Telecom operators buying each other may have to pay 10-20% of the acquisition price to the government.(ET)

CEA clears Rs210bn bulk power equipment order.(FE)

Steel production rises 4% in April.(Mint)

Foreign exchange reserves fell by US$1.4bn to $251.7bn for the week ended May 1.(BL)

CERC to regulate power futures trading in MCX.(Mint)

The Pharma industry seeks an upward revision in drug prices by submitting a report on the increase in conversion and packaging costs to the Indian drug price regulator National Pharmaceutical Pricing Authority. (ET)