Daily News Roundup - June 5 2009

ICICI Bank cuts retail floating, lending rates by 50 bps.(BL)

Aban Offshore asks bankers to moderate or change its huge debt repayment schedule and terms. (ET)

Gujarat NRE Coke arm plans to take over Australia’s Rey Resources.(BL)

Axis Bank announced plans to raise Rs30bn debt in local or overseas markets for meeting its tier-I and tier-II capital needs.(FE)

ITC plans 26 new Fortune hotels by 2011.(DNA)

Orbit Corporation to raise nearly Rs5bn through sale of shares to meet its long-term fund requirement. (ET)

MCX Stock Exchange announced the divestment of 6.48% equity to Union Bank of India and Bank of India.(BL)

Tata Motors to introduce Nano in Thailand and other markets in the South East Asia. (BS)

Top executives in ICICI Bank forgo either performance bonus or stock options during the year ended March 2009. (BS)

Suzlon's Pune wind park gets a major setback after a group of locals started an agitation demanding more money from the company for the acquired land. (BS)

Air India set to seek Rs120bn bailout.(DNA)

Kingfisher Airlines to raise Rs20bn from banks.(TOI)

SingTel seeks US$4 bn to shore up Bharti Airtel stake.(FE)

Satyam Computers to rationalize staff costs ahead of board meeting.(Mint)

Subhash Projects & Marketing has secured an order worth Rs1.1bn from NTPC.(BL)

Coal India will award tenders for development of seven large mines to global mining majors in 15-20 days.(BL)

Bank of Baroda, IOB and Andhra Bank to set up a Malaysian bank, India BIA Bank (Malaysia) Bhd.(ET)





The annual WPI-based inflation rose 0.48% during the week ended May 23, holding below 1% for the twelfth straight week.(BL)

Private players line up power projects of over 25,000MW.(BL)

Government likely to pass general and railway budgets, eco survey in July first week. (BS)

Government is drawing up a roadmap for listing and divesting of its equity in public sector units.(BL)

FTA between India, ASEAN to be signed in August.(Mint)