Daily News Roundup - Oct 16 2009

Mukesh Ambani takes 66% pay cut in RIL. (ET)

R-Infra has bagged a road construction project of around Rs5.9bn in Rajasthan. (ET)

Hindalco Industries has increased the size of its long term finance plan by Rs5bn to Rs29bn. (FE)

Government ruled out any immediate plan to divest its stake in BHEL. (ET)

Sterlite Industries to pump in Rs23bn to double TN plant capacity. (FE)

R-Infra has pre qualified for projects worth Rs500bn. (FE)

R Com is willing to make payment of license fee to DOT, if there are any legitimate dues found payable. (BL)

Wipro to hire more in US as tech market improves. (FE)

NDTV to buy back 26% stake in NDTV Networks Plc. (FE)

DBS files winding up petition against Wockhardt in Bombay HC. (ET)

The battle between Bharti Shipyard and ABG Shipyard for control of Great Offshore may not end any time soon as approval from SEBI for the open offer has been delayed. (ET)

Bank of India has entered into a MOU with TVS to provide finance for customers intending to buy TVS Flame. (FE)

Central Bank of India plans to open branches in London and Hong Kong among others. (FE)

Dhanlaksmi Bank plans to float a Venture capital and an asset management firm. (FE)

Spicejet plans to raise Rs2bn. (ET)

Central Bank of India has decided to convert its trusteeship firm into NBFC. (ET)

Polaris Software Lab to buy laser soft for Rs520mn. (ET)

Indiabulls Financial Services has received the RBI special dispensation to hold upto 74% in proposed life insurance JV with Societe Generale. (ET)

Malaysia’s Petronas the overseas arm of Petroliam Nasional Berhad (Petronas), has increased its stake in Cairn India to 14.94%. (BS)

United Spirits has raised Rs16bn through QIP route. (BS)

SAIL may mine 1bn tonnes iron ore in Jharkhand. (BS)

Post offices may sell cars, in talks with Maruti. (BS)

Falcon Tyres plans to raise Rs1bn via PE route. (BL)

Government allows Coal India to hike prices by 11%. (BL)

Rallis India plans to invest Rs1.5bn in Dahej Plant. (BL)

BPCL, Kingfisher Airlines move to end jet fuel dues row amicably. (BL)

Petron Engg bags Rs380mn order for thermal power related works. (BL)

Bank of India to expand branchless banking. (BL)


India cuts US debt holding to US$38.9bn in July. (BS)

Direct Tax Code unlikely to be tabled in Winter Session. (FE)