Daily News Roundup - Nov 9 2009

Reliance Industries is looking to acquire a part of the assets owned by LyondellBasell. (ET)

SBI has cut interest rates by 25-50bps on deposits up to five years duration. (BL)

BSNL has joined the ongoing mobile tariff war by announcing a slew of initiatives including a scheme based per second billing. (BL)

SAIL plans to build a 10mn metric tonne steel mill in expectation of beating ArcelorMittal for the rights to control the nation's biggest iron ore reserves at Chiria. (DNA)

Workers at Rico Auto Industries ended their about 50-day strike following an agreement with the management on reinstatement of some employees
Tata Steel says October sales rose 38% yoy. (DNA)

Patni Computer plans to spend US$200-400mn in acquiring an IT company that is into Enterprise Application Integration space and specializing in the insurance industry. (BL)

Mahindra & Mahindra is to set up an automobile plant at Cheyyar, about 100 km from Chennai. (BL)

ONGC may be allowed to sell gas from its marginal C-series field at the current market determined price of $4.75/mBtu. (BL)

BEML says it has received an Rs1.9bn order for supplying waste excavating bucket for Northern Coalfields. (BL)

Tata Power says it would raise up to US$300mn through FCCBs. (BL)

SBI has extended its special home loan scheme at 8% interest rate by over four months to March 31, 2010. (TOI)

Tata Motors to shut down manufacturing operations at its Pune’s commercial vehicle unit for three days. (BS)

NTPC plans to add 25,000MW to its capacity during the twelve five year plan. (BS)

Emami is diversifying into cement business and will invest Rs17.5bn to set up production units in the next three years. (FE)

IDBI Bank is planning to launch a follow-on public offer of shares in January. (DNA)

Jet Airways, Kingfisher raise fares on higher ATF prices. (FE)

MRPL plans to raise around Rs50bn by 2011 for setting up a polypropylene plant and to install a Single Buoy Mooring (SBM) at the port. (BS)

Sical Logistics receives LOA from the New Mangalore Port Trust for setting up an iron ore handling facility at the deep draft multi purpose berth on BOT basis at New Mangalore Port. (BS)

Workers at Rico Auto ended their about 50-day strike. (ET)

Jubilant Organosys plans to invest Rs2.5bn this fiscal. (BS)

Spice Group eyes takeovers for insurance and Mutual Fund foray. (BS)

Power Finance Corporation has decided to lend Rs500bn, over two-third of its total asset base, to fund various proposed power projects in the country. (BS)

IDBI Bank plans to open its first foreign branch in Dubai by the end of next month. (ET)

Dhanalakshmi Bank forays into merchant banking. (BS)

T Rowe to pay US$135mn for 26% in UTI AMC. (ET)

Foreign exchange reserves fell by US$1.1bn to US$284bn, for the week ended October 30. (BL)

Prime Minister says stimulus measures announced in the last fiscal to combat the economic slowdown would be wound down next year following recent signs of an upturn in the economy. (Mint)

IRDA has constituted a working group to examine the current status of annuity products and to come out with recommendations to strengthen the same. (BL)

Government staff pension funds to hike equity investments by this fiscal. (BL)

Government will award the first ultra mega road project in two months, says minister for Road Transport and Highways. (DNA)

Government may take spectrum refarming route for 3G. (FE)