Daily News Roundup - Sep 14 2009

Sterlite Industries raises its offer price by a fifth to US$2.56bn to acquire Asarco in an all-cash deal. (BS)

Tata Motors plans to soon raise Rs20bn from overseas investors through a sale of GDRs and use the proceeds to pare debt burden.(Mint)

Jet Airways decides to cut economy ticket prices by a flat 50% on its flagship airline for travel up to September 18.(BL)

Bharti Airtel and MTN may extend deadline for deal. (ET)

Petroleum ministry asks Cairn India to pay a production tax on oil it has started producing from its Rajasthan fields.(FE)

BHEL says it has received Rs13bn order from NTECL, a joint venture between NTPC and Tamil Nadu Energy Company.(FE)

Biocon, Amylin Pharma tie up to develop new diabetes drug.(BL)

Glenmark Pharma plans to set up a facility to produce oncology drugs in Buenos Aires in Argentina. (ET)

Infosys may acquire consulting businesses for as much as US$200mn. (ET)

Government is mulling a JV between Nalco and Hindustan Copper as one of the options to revamp the state-owned copper producer.(DNA)

The promoters of Patni Computer and PE firm General Atlantic have revived consultations with potential buyers to sell a part of their stake in the company. (BS)

Jet Airways resumes flights, full normalcy expected. (BS)

HCL Technologies raised Rs5bn by way of debt through allotment of debentures. (ET)

HDIL has allegedly admitted to the existence of unreported income of around Rs3.5bn. (ET)

BPCL talks to PE investors for stake sale in Bina refinery. (BS)

Jet Airways plans to raise capital through the sale of shares to institutions within the next 2-3 months. (BS)

Essar Oil says its subsidiary Vadinar Power Company has raised additional equity, following which the company's stake in the unit has reduced to 26%.(FE)

Jaypee Hydro says its 1,000MW project in Himachal Pradesh would be commissioned in the second half of the next calender year.(FE)

Adani Power ties up for coal linkages with a central PSU, while it has been alloted blocks for captive coal mines by the Union Government. (BS)

HCC plans to develop a mini township on 500 acres of land at Nashik in Maharashtra, with an investment of around Rs8bn. (ET)

Dabur plans to set up its second manufacturing facility in Egypt as part of its expansion plan in the region. (ET)

RBI has for the first time made an exception and allowed Indiabulls Financial, an NBFC, to take 74% stake in an insurance JV.(TOI)

NMDC says it is in discussion with the West Australian government to acquire an iron ore mine for the first time outside the country.(DNA)

Rural Electrification Corporation is planning to raise around Rs90bn in 2009-10. (BS)

BSNL to award US$2bn equipment contract ITI Industries. (ET)

Novartis receives the government nod to start human trials for its swine flu vaccine in India. (ET)

Adhunik Metaliks’ subsidiaries, Orissa Manganese & Minerals Ltd and Adhunik Power will be investing Rs33.5bn in mining and power over the next two years. (BS)

Brigade Enterprises is looking to raise close to Rs9bn through the PE route to expand its hospitality vertical as well as to develop a 120 acre township in Bangalore. (BS)

Coal India is eyeing acquisition of a mid-sized thermal coal block in Australia. (BL)

GSPC likely to file for IPO in October; proposes to raise Rs50bn for KG basin development.(BL)

Centre may allow PSU coal miners Coal India and Singareni Collieries to revise prices next month.(BL)

Oberoi Constructions plans to raise Rs1bn through an IPO by March next year.(DNA)


Foreign exchange reserves increased by US$1.3bn to US$278bn for the week ended September 4.(BL)

Major ports may be allowed to invest their surplus of over Rs120bn in the equities of PSUs in case the ports do not have any immediate need for funds.(BL)

IIP grows 6.8% in July’ 09 as compared to 6.4% a year ago.(TOI)

Cement production rose by 17.6% YoY in August while dispatches improved 17.0% as per CMIE data.(TOI)

Cumulative industrial growth for the first four months of the current fiscal stood at 4.6% as compared to 5.6% for the same period a year ago.(BL)

Union Minister for IT and Communications favours extending the tax benefits enjoyed by ICT firms in Software Technology Parks by a further three years from 2011.(BL)

The pre-bid meeting on 3G spectrum will be held on October 12, according to the Union Minister of Communication and Information Technology; spectrum auction will begin on December 7.(FE)

RBI deputy governor says central bank will soon come out with draft norms on repoability in corporate bonds and credit derivatives; also examining the issue of hiking the cap on HTM segment.(DNA)

RBI removes the clause for hotels to be classified as commercial real estate; relief to make room for easy credit, cheaper rates for hospitality industry.(FE)

CERC notifies a price band from 10paise to Rs8 per unit on electricity prices; cap will be applicable to power exchanges and bilateral markets for a period of 45 days.(FE)

The central government has given in-principle approval to connect educational institutions and colleges in the country, said Sachin Pilot, Minister of State for Communications and Information Technology. (BS)

PSU banks seek government help to meet capital needs. (ET)