Daily News Roundup - Sep 8 2009

Tech Mahindra has bagged a 10-year contract worth ~Rs20bn from Etisalat DB, formerly known as Swan Telecom for managing its entire IT operations. (FE)

Maruti plans to expand its Manesar factory capacity by 40% in the next two years. (BS)

Oil India plans to bid for blocks in Iraq jointly with IOC. (ET)

ONGC plans to ramp up Imperial Energy’s crude oil production and consolidate operations. (FE)

IFCI plans to raise around Rs10bn from the market through a bond issue. (BS)

Maruti plans to shift production from its Plant I in Gurgaon to its Manesar plant in a phased manner. (FE)

The government to infuse Rs20bn of equity by December as the first phase of financial restructuring to bail out ailing Air India. (BS)

The Chennai Petroleum Corporation plans to set up a Rs35bn high conversion ‘resid upgradation unit’ to increase the distillate yield. (FE)

Cipla plans to foray into the production of biotechnology medicines. (BS)

Videocon Industries and Bharat PetroResources (BPRL) have bought a 12.5% stake each in Anadarko Indonesia Nunukan Company. (BS)

IOC is exploring the possibility of setting up a wind mill in Paradeep (Orissa). (BS)

Tata Power has opened its first rural BPO facility at Khopoli in Raigad district. (FE)

Indiabulls Power has decided to cancel the Rs4bn placement made ahead of its IPO. (ET)

Dell and MTNL to offer 3G wireless mobility solutions on Dell’s select range of laptops and netbooks. (BL)

Aurobindo Pharma has received USFDA approval for its Risperidone oral solution. (ET)

Suven Life Sciences will receive the first milestone payment from Eli Lilly for identifying a lead compound in their drug discovery collaboration. (ET)

M&M is expected to sell about 0.15mn tractors in FY10, which will make it the world’s number one tractor company by volumes. (ET)

Tata Steel registered a 25% yoy increase in steel sales at 0.49mn tons during August 2009. (FE)

Bharat Forge plans to seek shareholder’s approval to raise US$150mn by issue of warrants or bonds. (FE)

Ruchi Soya plans to invest ~RS2.5bn in capacity expansion in 2-3 years. (ET)

BASF India plans to consider merger of Ciba India Ltd, Diamond Dye-Chem Ltd and Ciba Research (India) Pvt Ltd with the company on September 11. (FE).

L&T Finance among suitors for DBS Cholamandalam AMC. (BS)

KNR Constructions has bagged a Rs2.3bn order from the NHAI for completion of balance work on NH-5. (BL)

McNally Bharat Engineering has decided on fresh issue of shares on rights basis in the ratio of one new share for every 10 held at Rs140 a share of Rs10 each. (BL)

BK Modi acquires 51% stake in forex and money transfer firm, Wall Street Finance. (ET)

UK-based Cadbury rejects Kraft Foods’ hostile takeover offer of US$16.7bn. (ET)


Oil regulator PNGRB has levied a turnover tax of Rs20mn per annum on companies retailing CNG and natural gas, for turnover of up to Rs200bn. (ET)

The Foreign Investment Promotion Board (FIPB) has advised 300-odd companies to pay RBI a penalty for breaching sectoral limits on FDI. (BS)

A high-level committee has asked the Government to make available funds from the fuel cess to the National Highways Authority of India (NHAI) for another 21 years. (BL)

Nine power projects with a total generation capacity of 39,567mw are likely to receive final environmental clearance this month. (FE)

The Government is considering a proposal to raise the tax exemption limit on monthly transport allowance to Rs3,200 per month from current Rs800. (ET)

The Government has imposed an anti-dumping duty on import of a chemical used in foam mattresses from China and Korea. (ET)

The Bengal Government has announced the scrapping of the proposed IT township project. (BL)

India will form a joint working group with Indonesia to explore opportunities for acquiring coal properties abroad. (ET)

NSE has reduced transaction charges by ~10% in the cash and futures segment for its market intermediaries. (ET)