Daily News Roundup - Dec 24 2009

ONGC issues Rs20bn bonds to refinance debt it took to acquire Imperial Energy. (ET)

ONGC has suggested roping in refineries, including those operated by private players, to share petroleum subsidy burden and make the system more equitable. (FE)

JSW Steel has abandoned its plan to raise funds through QIP after arranging a debt refinance. (ET)

UK asks Tatas to weigh rolling back its plant closure decision. (ET)

Government rejects BSNL’s demand for Rs10bn MNP rollout. (ET)

RCom to raise Rs63bn to scale up its wireless and enterprise business. (BS)

ICICI Bank may sell 3i Infotech stake to US PE firm. (BS)

Nalco to triple its production capacity in next six years. (BS)

Maruti to unveil MPV concept at Delhi Auto show. (BL)

Buoyed by high festival sales, lower interest rates and new models, Maruti has revised its sales target upward for FY10 from 10% earlier to about 20%. (FE)

GTL Infra has agreed to buy Aircel Towers for Rs40bn. (ET)

BoI to launch 8% home loan plan on January 01, 2010. (BS)

Adani Power wins 1,200MW bid in Rajasthan. (BL)

Rural Electrification Corporation's follow-on public offer to raise Rs33bn is likely to open on February 11. (FE)

Pantaloon Retail India will hive-off its value segments Big Bazaar and Food Bazaar into a separate company, Future Value Retail, from January 1. (FE)

Shriram Transport Finance has acquired assets of GE Transportation financial Services for Rs12bn. (ET)

KEC International wins Rs4bn order for transmission and dispatch from Abu Dhabi. (BL)

McLeod Russel buys Uganda’s Rwenzori Tea Investments for Rs1.18bn. (ET)

Citi Bank sells Bharti Tower stake for US$50mn to JP Morgan. (ET)

IDFC to invest Rs2.5bn in Adhunik Power and Natural Resources, a subsidiary of Adhunik Metaliks. (ET)

Madras Cements shelves plan to enter sugar business. (ET)

Coal India disinvestment will not go beyond 15%, says coal minister. (ET)

Hanung Textiles bags an order worth Rs2.8bn for home furnishing goods from US. (BS)

Zee Entertainment to merge ETC Networks with itself. (BS)

Union Bank of India has reduced interest rates on car loans by 100bps up to December 31, 2009. (BL)

Indoco Remedies eyes US, Europe markets, will sign four contract research treaties soon. (FE)

Government eyes to raise Rs325bn in next three months through its revived disinvestment program. (ET)

Government may rejig export sops by withdrawing from sectors doing well and passing on additional benefits to sectors that are still in red. (ET)

Sugar mills get time to meet export obligations as the priority now was to meet domestic demand. (ET)

Government ruled out importing rice this year as they are comfortable with stock positions even after factoring in a strategic reserve requirement. (ET)

GST will cut tax burden by 25-30%, says government. (ET)

PM may deliberate on freeing auto fuel prices. (BS)

IRDA has indicated that it would allow life insurers to hedge 5 to 10% of their exposure in equity portfolios through derivative instruments. (FE)

The steel ministry has sought an amendment in the Mines and Minerals (Development & Regulation) Act, 1957 to bring iron ore, manganese ore and chrome ore under its purview. (FE)

The mobile subscriber base in he country crossed the 500mn mark to touch 506mn in November 2009. (FE)

In November 2009, total approvals received by India Inc to raise capital by way of external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) rose to US$2.35bn from US$1.7bn raised in November 2008. (FE)