Daily News Roundup - Oct 20 2009

Sterlite Industries raises US$500mn via convertible bonds. (ET)

A cabinet committee has approved the sale of 5% stake in NTPC which is likely to fetch the government around Rs90bn. (ET)

Reliance Industries has been asked to rework certain technical aspects in its investment proposal for bringing to production, gas finds from its Mahanadi Basin. (BL)

HCL Infosystems raised Rs4.7bn through qualified institutional placement (QIP) of equity shares. (BL)

Government approves stake sale in power firms NTPC and Satluj Jal Vidyut Nigam (SJVNL), but postponed a decision on the overall disinvestment policy. (BS)

HCL Infosystems bags a contract worth over Rs5bn from the Rajasthan State Electricity Board. (ET)

RIL plans to own refining assets in the US and Europe. (BS)

The government approved Telenor’s proposal to raise stake in its Indian joint venture Unitech Wireless to 74%. (BS)

Supreme court to hear RIL-RNRL arguments from today (FE)

The Company Law Board allows Satyam Computer Services to adjust past irregularities and finalize its accounts for the year 2008-09. (ET)

Axis bank recasts business into strategic units. First Bank To Go In For SBU Structure; Retail & Corp Banking, SME And Agri Among The New Units. (ET)

Uco Bank is looking to raise upto Rs9.5bn through follow-on-public offer (ET).

The Edelweiss group receives approval from RBI to set up an asset reconstruction company. (ET)

Etisalat has pipped Bharti Airtel and BSNL, Russia’s Vimpelcom and Axiata to buy Luxembourg based Millicom’s Sri Lankan mobile network. (ET)

Rural Electrification Corporation board of directors has approved the proposed follow-on public offer. (ET)

ITC could make a killing from its 14.98% stake in EIH. (BS)

Ranbaxy Lab wins a decisive ruling from the District Court of New Jersey. (FE)

Hero Honda unveiled two new variants of Hunk and Splendor. (BS)

International Finance Corporation concludes a US$250mn loan agreement with Cairn India to support the company in developing oil resources in Rajasthan. (FE)

Wyeth becomes part of Pfizer Inc, following the merger of its parent company Wyeth with the global pharma major. (FE)

Tata Steel shareholders approve an enabling proposal for raising Rs50bn through issue of securities. (FE)

The disinvestment department to seek Cabinet approval for sale of government equity in MMTC Ltd in the next financial year. (BS)

CIL against use of Jamuria coal bed for Videocon plant. (BS)

TVS Motor to launch the country’s first motorcycle with automatic clutch by the end of 2009. (BL)

Gemini Communication has emerged as on of the lowest bidder for BSNL WiMax deal. (BL)

Foreign exchange reserves rose by US$1.5bn during the week ended October 9. (ET)

Cement companies to add 31mn tons capacity in H2 FY10. (BL)

The Reserve Bank of India plans to direct banks to stop levying penalty on pre-payment of retail loans. (ET)

In a bid to attract private developers for six-lining of the ambitious golden quadrilateral highways project through public-private partnership, the government has decided to double the grant given to the developer. (ET)

In its consultation paper on issues related to spectrum management, licensing and M&A, TRAI says it is not possible to entertain any new applicant for 2G telecom license under the current policy. (DNA)

Government approved a proposal to release wholesale prices-based inflation data on a monthly basis, instead of every week now, and changed the base. (DNA)

Centre is looking at the option of having dual tax rates on services as well. (FE)

The government to soon come out with a new series of data on factory output. (ET)

TRAI seeks shareholder’s view on broadcasting and FDI guidelines (FT)

The government orders audits of IT companies across the country on possible violations of the Software Technology Parks of India Act. (BS)