Daily News Roundup - June 10 2009

Tata Motors raises Rs4.57bn by selling part of its stake in Tata Steel to the group’s holding company, Tata Sons. (ET)

ONGC and Mittal JV to start hydro carbon exploration in Nigeria by August 2009. (BL)

RIL to set-up a methane gas-based project in Madhya Pradesh. (BS)

Jai Prakash Associates plans to sell treasury shares to raise Rs30bn. (ET)

Infosys, EDS and IBM bags US$1.2bn Telstra deal. (ET)

Unitech exits a SPV, formed to develop several large projects in West Bengal. (BS)

Jet Airways cuts capacity by 20% to wade through crises. (BL)

ONGC expects overseas oil output to fall. (Mint)

Dr Reddy Labs get ANDA approval from US FDA to supply Omeprazole. (ET)

Maytas Infra will soon start work on two airports in Karnataka. (ET)

HDFC to raise Rs40bn debt via QIP. (BS)

SBI to hire 13,000 this fiscal. (ET)

REC seeks government approval to raise Rs30bn. (Mint)

Kingfisher Airlines exceeds FDI limit of 49%. (BS)

RCom has signed a JV with Kribhco to market telecom products. (BS)

Future Group to raise Rs40bn. (BS)

GMR Infra will increase its holding in DIAL by ~4% to 54%. (BS)

OBC plans to raise Rs3.5bn to grow and maintain comfortable CAR. (BS)

TVS Motor to launch Flame bikes under a new name. (ET)

France Tele and Telstra are in talks with Maxis Communication to buy a minority stake in Aircel. (ET)






Government may extend the corporate tax holiday enjoyed by EoUs and software parks by three more years. (ET)

Government plans to add 5,653MW of additional power generation capacity in the first six month of current financial year. (ET)

Government to hike farm credit target by 16% for FY09-10. (ET)

S&P may downgrade India if its external liquidity condition weakens and fiscal deficit worsen. (ET)

Government may hike fuel cess by Re1 to fund highways. (ET)

Finance Minister to meet public sector bank chief’s to review interest rate, credit flow and CAR requirement over the medium term. (BS)

Prime Minister predicts 8-9% GDP growth in 2-3 years. (BS)

Tea shipments falls 20% yoy in the four months to April. (BS)

Mumbai TDS mop-up rises 18% yoy to Rs119bn in the period of 1st April-June 9.