Daily News Roundup - Aug 11 2009

Tata Steel plans to raise Rs50bn through securities issue in either the domestic or international market. (ET)

Tata Steel looks to acquire mines for Corus, to ensure raw material Security for its European operations. (BS)

Tata Motors owned JLR secured a three year financing facility of upto £75mn from London based banking entity Burdale Financial. (ET)

M&M in talks with Renault for re-engineering and fits in small cars segment to avail low excise duty. (BL)

Unitech launched two residential projects in Chennai including Uni Homes in the affordable segment in a southern suburb and Rs45bn township in North Chennai. (BL)

Ministry of Petroleum and Natural Gas, has launched the business-to-business initiative of BPCL and IOC. (BL)

L&T is yet to seek SEBI approval for selling its 8% stake in Satyam. (FE)

Supreme Court dismissed a petition filed by Midas Touch Investors Association seeking Rs50bn as compensation for the retail investors hit by Satyam fraud. (ET)

CanvasM, a joint venture between Tech Mahindra and Motorola, bagged a multi-million dollar deal from Bahrain’s Aytaf Telecom to provide value added services. (BS)

IOC and Adani Energy combine has bagged rights to retail CNG to automobiles and piped gas to industries in Chandigarh and Allahabad by quoting nil or zero pipeline tariff. (FE)

GMR eyes London listing for holding company, GMR Infrastructure International. (BS)

Lanco Infratech has achieved financial closure for the 76 MW Phata-Byung project in its subsidiary Lanco Hydro Energies. (BL)

Daiichi Sankyo, owners of Ranbaxy, has postponed its open offer to acquire 20% in Zenotech Labs after the Securities Appellate Tribunal ordered a status quo on the issue. (FE)

Punj Llyod raises Rs6.7bn through private placement of shares to institutional investors. (BS)

Petronet LNG signed SPA with the Australian subsidiary of Exxon Mobil Corp for buying 1.5 million tons a year of LNG for 20 years from the proposed Gorgon LNG project. (BS)

Shree Renuka Sugars will receive the Forward Markets Commission’s approval to acquire five per cent stake in the NCDE from Goldman Sachs and Inter-Continental Exchange. (BL)

Fortis Healthcare has fixed the price of its Rs1bn rights issue at Rs110/share. (ET)

GE Shipping plans to raise Rs7bn from a minority stake sale in its offshore services subsidiary Greatship to part finance expansion plans. (ET)

Andhra Pradesh government plans to review the Rs16bn Machilipatnam port project currently being executed by Maytas Infrastructure as it has failed to achieve financial closure. (ET)

OIL fixes the price band of its IPO that opens on September 7th between Rs1,000-1,100/share. (ET)

Suven Life Sciences plans to raise US$20mn through debt and private equity placement for conducting phase II trial of its molecule indicated to treatment of Alzheimer. (FE)

Mahindra Group has set up an in house PE division Mahindra Partners to serve the new projects within the group. (ET)

Coal India plans to enter into strategic tie up with BHP Billiton and Rio Tinto to mine coal abroad. (ET)

Austral Coke and Projects’ Guinea based subsidiary Astra Energy Ltd SARI received 16 mining licenses in Guinea, West Africa. (FE)

Oberoi Constructions plans to raise ~Rs10bn through a public issue by the end of this calendar year. (ET)

Electrotherm plans to invest Rs2.2bn in capacity expansion in steel, engineering and e-bikes businesses. (ET)

LIC has switched to funding projects of state owned power sector and infrastructure entities. (BL)

Aditya Birla Nuvo assigned 'LAA+' rating by ICRA. (BS)

Himalaya International plans to set up a mega food processing plant in the Mehsana district, Gujarat, with an initial investment of Rs1.3bn. (BL)

Manufacturing units in North East, Kutch, Himachal Pradesh Uttarakhand and J&K will continue to enjoy excise duty benefit even after the levy is replaced with GST on April 1, 2010. (ET)

Government plans to use the surplus cash with the commercial banks to meet its short term needs. (ET)

Direct tax collection grew by 3.3% to Rs740bn in the first four months. (ET)

Government plans to set up National Information Highway Authority, headed by Sam Pitroda, on the lines of UID. (FE)

RBI will issue short term bills, cash management bills to help government meet cash flow gap. (BS)

Government will import 200mn pills of oseltamivir, a generic version of Tamiflu, and also allow it to be sold in the open market. (ET)

Government is likely to roll out a plan to add 20 GW solar based power generation capacities. (BL)

July car sales were higher by 31% yoy on the back of a lower base to 0.1mn cars in the domestic market. (ET)