Daily News Roundup - May 28 2009

RIL strikes two gas reserves of estimated 20 trillion cubic feet (BS)

Axiata (formerly Telekom Malaysia) mulls open offer to raise stake in Idea (BS)

Swiss Re, the world's second-largest reinsurer, is in talks with Religare Enterprises to form a joint venture to launch a health insurance company in India. (ET)

Infosys eyes US$250mn deals from existing customer British Petroleum. (ET)

Escorts is working on restructuring plan, which includes clean-up of books, launching product and increasing margins. (ET)

Government has evolved a new subsidy-sharing formula to rescue HPCL. (ET)

Tata group is close to finalizing succession plans for Tata Motors and Tata Steel, Prakash telang to be MD of Tata Motors and HM Nerurkar to be the new MD of Tata Steel. (ET)

Tatas to raise US$1bn for the realty arm. (ET)

Cairn India to start production from its Rajasthan fields by next week. (ET)

Tata Motors to extend JLR bridge loan tenure. (ET)

Essar Oil to step up refining capacity to 1mn barrels a day. (ET)

Tata Realty and Infrastructure, a closely-held unit of Tata Sons, plans to invest Rs200bn in core sector projects (BS)

ONGC shelves plans to build a new 15mn ton refinery adjacent to its subsidiary MRPL (BS)

Novartis may revise open offer price to buy back an additional stake of up to 39% in the Indian subsidiary (BS)

GMR ties-up funds for its 1,050MW thermal power project in Orissa (BL)

Corporation Bank to raise Rs10bn in FY10 (BS)

Jaiprakash Associated Ltd receives High Court approval for merger of four group companies with itself (BS)

MRF lifts lockout at its Tamil Nadu factory (BS)

IVRCL Infra gets Rs3bn orders from the Bihar Government for construction-related work (FE)

Simplex Projects has received construction orders worth Rs4bn from various state governments (BS)

Prajay Engineering to increase its authorized share capital (BL)

Godfrey Phillips plans national roll-out (BL)

Hindustan Copper to sell concentrate after the closure of one of its two smelters (BL)

Dena Bank raises Rs1.25bn through perpetual bonds (BS)

UCO Bank has put on hold its plans to raise Rs4.5bn through a FPO (BS)

Gammon Infrastructure has bagged an order worth Rs8.6bn for Godavari Bridge Project. (FE)

Grasim Industries has suspended operation at its viscose staple fibre unit at Nagda in Madhya Pradesh till monsoons. (FE)

SEBI is considering a proposal to ease fund raising rules for Infrastructure companies. (ET)

Nine infrastructure projects worth over Rs700bn have achieved financial closure in the past three months (BS)

Textile ministry to seek cabinet approval for Rs32bn debt waiver scheme for handloom weavers. (ET)

India’s PC shipments rise 7% sequentially in the first quarter of 2009 (BS)

Global air passenger and cargo demand declined by 3.1% and 21.7% respectively in the month of April (BS)