Daily News Roundup - July 27 2009

SBI trims deposit rates by 25-50 basis points.(BL)

Indian Railways cancels a locomotive management system contract awarded to Mahindra Satyam in January this year. (ET)

BHEL rules out FPO, government may divest stake by open market sale. (BS)

ITC to invest Rs130bn in paper, hotels business.(BL)

Wockhardt is likely to go slow on its plans to divest non-core assets, including the proposed stake sale of its hospital chain. (BS)

Tata Motors will launch three new passenger cars over the next eight months.(TOI)

ONGC keeps on hold development of six prospective discoveries made in recent years due to lack of infrastructure. (BS)

Everonn Systems plans to set up training centres for the ITIs and polytechnics in the state. (BS)

NMDC plans to invest about Rs 12bn in Sponge Iron India.(DNA)

Areva SA has offered state-owned Nuclear Power Corp minority stakes in a handful of uranium mines.(BL)

GMR Infrastructure said its fully owned subsidiary GMR Energy has acquired EMCO Energy, which is developing a 600MW coal-based power plant in Warora, Maharashtra.(BL)

ONGC hires an ultra deep-sea drill rig from Reliance Industries for four years at close to Rs39.15bn. (BS)

Financial closure for CESC’s proposed Rs24bn, 2x300MW thermal power plant at Haldia is delayed as a small parcel of land is not available.(BL)

GMR has emerged as a surprise bidder in the £300mn auction for EDF Energy’s Eggborough power station in North Yorkshire, a media report has said.(TOI)

Air India plans to go ahead with its proposed acquisition of 111 aircraft, in spite of the huge losses of Rs50bn on its books. (BS)

Supreme Court paved the way for Daiichi Sankyo to go ahead with the proposed open offer to acquire 20% stake in Zenotech Laboratories.(BL)

Bank of Baroda plans to raise Rs35bn.(BL)

Gharda Chemicals, an Rs10bn agro-chemical firm, is

in takeover talks with around half-a-dozen peers, including United Phosphorus (DNA).

Finance ministry would give a final shape to a bailout package for Air India over the next fortnight.(DNA)

Oil India plans to float an IPO this September to raise around Rs25bn to fund its various exploration and production activities. (BS)

DCB board approves raising up to Rs4bn through a variety of instruments. (BS)

Godrej Consumer plans to acquire control of its FMCG joint venture with US-based Sara Lee Corp. (BS)

The EGoM has suggested a price band of Rs30 to Rs36 for the NHPC IPO. (ET)

Oil India plans to invest around Rs23.35bnn during the fiscal. (BS)

TajGVK Hotels is exploring the possibility of entering the value for money segment through the ‘Ginger’ brand in Andhra Pradesh. (BS)

Rashtriya Ispat Nigam may acquire majority stakes in 5 ailing PSUs. (BS)

ESS DEE Aluminium is in advanced talks to buy Comital, an Italian firm, for US$125-150mn. (ET)

Yes Bank plans to reconsider some of its diversification plans and instead focus strongly on growing its core banking business. (ET)


Foreign exchange reserves rose by US$2.3n to $266bn for the week ended July 17.(BL)

DoT may stop issuing any more cellular licences given the scarcity in spectrum.(BL)

Interest rate futures to be launched by August end.(FE)

The CERC is reviewing the 4 paise per unit cap on power traders’ margin. (BS)

SEBI proposes that stock brokers must settle the balance funds or securities in the trading accounts of clients on the last day of every month. (ET)

Retail sales of medicine in the domestic market grew by 18.3% to Rs32.3bn in June. (ET)