Daily News Roundup - May 12 2009

Reliance Power Transmission (RPTL), Essar Power, L&T and JSW Energy are among the eight companies that have been selected to place price bids for three large power transmission projects worth Rs56.5bn. (ET)

The Delhi Development Authority announced a Rs7bn bailout package for cash-drained Emaar MGF, which is developing the Commonwealth Games Village (CGV) project. (BS)

JSW Steel plans to sell its plants in the US at a price lower than its acquisition cost to cut rising losses. (ET)

Tata Teleservices, Vodafone and Idea Cellular are expected to issue multi-year BPO contracts of ~Rs5bn in the next couple of months. (ET)

United Breweries to bottle and distribute Heineken brands in India; will get a one-time fee of Rs3bn. (ET)

ONGC to invest Rs60bn in new and existing fields in current fiscal to raise output. (ET)

Maruti to expand presence in diesel segment. (BL)

ONGC may see its natural gas output almost double to 100mn cubic meter a day by 2015-16. (FE)

Maruti plans to focus on the rural market, to double its outlets in rural India from the present 231 to around 450 in the next two years. (BL)

GMR Infrastructure to raise up to Rs50bn through private placement of shares in domestic and international markets. (ET)

Maytas Infra is expected to achieve financial closure for the Hyderabad metro rail project in about three months. (BS)

Tatas-Srei JV may share passive infrastructure with two new operators Swan Telecom and S-Tel and targets to build over 30,000 towers by end of current fiscal. (ET)

RCom and Tata Teleservices have opposed a proposal to auction extra airwaves. (ET)

Bhel shelves plans of offshore oil rigs. (FE)

IOC likely to cut stake in Farsi gas and oil field in Iran as it faces financing pressure due to continuing losses on fuel sales. (FE)

GMR Energy, a subsidiary of GMR Infrastructure Ltd, is planning to set up a 2,000MW thermal power plant near a port on the west coast as it has already tied up coal supplies by acquiring a mine for US$100mn in Indonesia last year. (BS)

TCS likely to take a call on promotions at the end of Q1 FY10. (ET)

GMR Infrastructure will be issuing preferential equity shares to India Development Fund, the private equity arm of IDFC Infrastructure Fund. (BL)

Lupin has settled all patent litigation with US drug maker Wyeth for Effexor XR capsules; the US firm’s branded anti-depressant. (BS)

Bajaj Auto to ramp up production at Pantnagar. (BS)

Sri Lanka has assured to expedite the implementation of a NTPC’s 500mw imported coal-based power project at Trincomalee in Sri Lanka. (FE)

With a 24% increase in its wage bill, Coal India is looking for a price hike to protect its bottomline. (FE)

HMSI, the two-wheeler arm of the Japanese parent, has drafted an aggressive strategy for motorcycles that will also act as a key differentiator with its sibling, Hero Honda. (BL)

The Central Electricity Regulatory Commission has penalised Tamil Nadu Electricity Board, Karnataka Power Transmission Corporation and Rajasthan Rajya Vidyut Prasaran Nigam for grid indiscipline. (FE)

Bajaj Auto has launched new Pulsar model Pulsar 150 DTS-i and 180 DTS-i. (FE)

India’s apex consumer disputes panel rejects Satyam shareholder’s compensation plea of about Rs50bn. (ET)

Reliance Life Insurance reduced the number of agents by almost a third in H2 FY09. (BS)

Gujarat NRE Minerals Ltd (GNM), the Australian subsidiary of Gujarat NRE Coke Ltd, has secured a US$50mn long-term loan facility from a consortium led by Axis Bank. (BL)

Production at tyre giant MRF’s factories at Arakkonam and Puducherry, has been hit following a sit-in strike by around 3,000 workers. (BS)

Damodar Valley Corporation plans to raise Rs20bn from the debt market in order to fund the first phase of the proposed 500mw Bokaro project. (ET)

Loop Telecom, a subsidiary of Ruias-managed Loop Mobile (earlier BPL Mobile) announced the soft launch of cellular services in Tamil Nadu and Orissa circles. (ET)

LG Electronics India and Samsung India are in the process of creating new category of LCD TVs, called the light emitting diode (LED) TVs. (FE)

Rasna Pvt Ltd holding ~93% market share in the soft drink concentrate market in India, plans to enter the ready-to-drink segment. (FE)


Central Electricity Regulatory Commission is likely to notify the amended open access regulations this week, paving the way for the top power exchanges – IEX and PXIL – to launch long-term contracts. (ET)

The Government has deferred a decision on a proposal to impose provisional safeguard duty on hot rolled coils/sheets/strips as the matter needed to be examined further after taking views of the consuming industry. (BL)

Sebi has made it mandatory for companies seeking listing of corporate bonds and other debt instruments to maintain adequate security cover for them at all times. (BS)

The National Highways Authority of India (NHAI) has decided to cancel and re-invite bids for six projects, for which it had received single bids. (BL)

India could soon receive up to 2,500 tons of uranium from Kazakhstan as an agreement in this regard is set to be signed between the two sides by the month-end. (ET)

IRDA has rejected its pension counterpart’s proposal to involve insurers in the distribution of the New Pension System. (ET)

Pension fund regulator PFRDA will get to supervise pension plans offered by private insurers and mutual funds. (ET)