Daily News Roundup - June 12 2009

Reliance and Essar Oil are in talks with the Petroleum Ministry and Cairn Energy to lift a portion of Cairn’s Mangala crude in Rajasthan. (BL)

Sesa Goa has agreed to takeover the mining assets of Dempo Group for Rs17.5bn in an all cash deal. (BL)

Infosys is in discussion with five-six of its clients for acquiring their technology units. (BL)

ONGC to borrow Rs270bn in the next three-four years to fund projects. (ET)

Tech Mahindra may not hike open offer price for Satyam Computer from Rs58 per share. (ET)

NTPC-BHEL, plan to jointly set up a Rs60bn power equipment manufacturing unit in Andhra Pradesh, has been allocated 750 acres of land for the greenfield project. (BL)

Hindustan Unilever has decided to enter into the kitchen cleaning surface market by bringing its international brand, Cif. (BL)

Reliance Power to raise Rs120bn debt for its 4,000MW ultra mega power project at Krishnapatnam in Andhra Pradesh. (ET)

Maruti Suzuki will manufacture Nissan Pixo at its Manesar plant. (BL)

Orissa Government has pruned Vedanta Aluminium’s plans to expand its smelter and refining capacity due to lack of bauxite linkages and environmental issues. (BL)

L&T sold its 14.3mn shares in Ultratech, 11.5% stake in the company, thus registering a profit on sale of shares of Rs10.4bn. (BL)

TCS is competing for 5-6 BPO deals worth US$150-200mn. (ET)

Jet Airways is negotiating with Boeing to cancel its order for B777 jet, worth Rs7.3bn. (BS)

Satyam has launched a cost cutting plan which is expected to save Rs10mn a day. (ET)

Maruti to launch A-Star into Africa and Latin America markets. (ET)

SAIL to cut its Rs780bn expansion plans by 13% to save Rs100bn. (ET)

Novartis India has successful closed its open offer to buy shares in Indian arm and rejects suggestion of de-listing. (ET)

Real-estate private equity firm Red- Fort Capital has acquired 18% stake in Parsvnath Developers premium residential project in New Delhi. (ET)

Tata Tea is scouting to acquire global brands in Russia, South America and Asia Pacific region. (FE)

Tech Mahindra will make a preferential issue to raise its holding in Satyam Computers if its open offer flounders. (FE)

Pantaloon Retail’s same store sales grew to the highest in May as consumer demand improved. (BS)

Following a drop in orders Suzlon has decided to cut 160 jobs, more than half of its workforce, at its US plant. (BL)

Jubilant Organosys subsidiary Jubilant Biosys has entered into 3- year collaboration with US based pharmaceutical firm Endo Pharmaceuticals for research in oncology. (BL)

Tata Tea has initiated a strategic reorganization plan of its beverages business. (BL)

ADAG to repay Rs40bn of debt which was backed by shares of its 3 group companies. (BS)

Shiv Vani Oil plans to raise Rs6bn from domestic and international markets. (BL)

GM India beings trial production of new mini car, to be launched later this year. (BL)





Inflation for the week ended May’ 30 dropped to 0.13% as against 0.48% in the previous week. (ET)

Finance Minister is not keen to do away with STT as of now. (ET)

DoT open to hiking reserve price for 3G spectrum to Rs35.4bn. (ET)

World Health Organization has declared first flu pandemic of 21st century. (ET)

PM economic advisory council expects 7% GDP growth in the FY10. (ET)

BJP ruled states are against the introduction of Goods and Services Tax (GST) from April 1, 2010. (ET)

Retail fuel price differential between PSU’s and private players is expected to rise to Rs2-2.5/litre from Rs1-1.5/litre currently. (BL)