Daily News Roundup - Feb 22 2010

SBI may not raise deposit rates before May-June. (BL)

REC FPO subscribed just 0.29 times receiving bids for 34.90mn shares out of the total issue size of 171.73mn shares on opening day. (BS)

HDFC Bank increases the rates on fixed deposits by up to 150bps across maturities. (BL)

Reliance MediaWorks has made an open offer to purchase a controlling stake in Fame India. (Mint)

Bharti Airtel chairman says his company does not need any regulatory approvals in India to acquire African assets of Zain Telecom; hopes the deal would be concluded by the end of April. (TOI)

Bharti Airtel lines up funds aggregating US$9bn from foreign and local banks for its proposed acquisition of Zain Telecom, as it settles to finance the entire deal through debt in the first phase. (ET)

S&P and Crisil placed Bharti Airtel’s long-term bank facilities and debt programme on ‘rating watch with negative implications. (ET)

Ambuja Cements plans to spend around Rs35bn to expand its capacity to 24mn tons from the current 19mn tons by year-end. (ET)

Shree Renuka Sugars announces the acquisition of 51% stake in Equipav S.A. Acucar e Alcool, one of the largest sugar and ethanol companies in Brazil, for Rs15bn. (BL)

Patel Engineering plans to dilute as much as 40% of equity in its power subsidiary, Patel Energy Resources. (BS)

The Foreign Investment Promotion Board asks United Breweries Holdings to clarify some issues on an application to bring in foreign investment. (BS)

Nestle India reports 6.7% fall in net profit at Rs1.13bn for Q4 as against Rs1.21bn. (BS)

Offshore services provider Great Offshore plans to raise funds up to Rs17.5bn by issuing securities. (BL)

The government is likely to sell its 330mn shares in NMDC next month through a price band of Rs415-430 per share and leave the auction route adopted in the case of NTPC and REC. (BS)

NMDC is set to pick up a 50% stake in Ferrous Resources’ Brazilian operations for US$2.5bn. (ET)

Kingfisher Airlines, British Airways in talks for code-sharing in India. (ET)

Videocon’s Elcoteq bid take a hit as creditors’ eye higher compensation to cede controlling stake. (ET)

Emami enters F&B business; launches edible oil brand. (FE)

Apollo Hospitals plans to come up with three more liver transplant clinics across the country. (BS)

Godrej Industries’ real estate arm has lined up Rs20bn of investments for developing five projects over 30mn square feet in Bangalore. (DNA)

Jaypee Infratech says it was proposing to raise Rs16.5bn through initial public offering and the issue was likely to be launched by next month. (FE)

Star Aviation, the country’s first regional airline to get a licence in 2007 but which is yet to launch service, has initiated sale talks with the GMR group. (TOI)

United Spirits enters the non-alcoholic drinks category with Romanov Red Energy Drink. (BS)

Burnpur Cement plans to set up cement plants in Uttar Pradesh, Bihar and in neighboring countries like Nepal, to increase capacity to 10mn tones in the next few years. (ET)

Coal India plans to file the draft red herring prospectus with SEBI for its initial public offer by June. (BL)

A more than three-fold jump in private remittances is expected in 2009-10 as the economy stages a stronger-than-estimated rebound in the second half, the Economic Advisory Council to the Prime Minister has projected. (BL)

The Reserve Bank of India reduced the ceiling rate on export credit in foreign currency by banks to Libor plus 200bps from Libor plus 350bps. (BS)

New FDI policy to be unveiled on March 31. (BL)

India's PC market sales touched ~2mn units in Oct’-Dec’ 09, a 25.7% growth over corresponding quarter of previous year. (BL)

Foreign exchange reserves rose US$485mn to US$279bn for the week ended February 12. (BL)

Cement dispatches by major manufacturers grew by a healthy 12.6% yoy in January at 18.2mn tonnes. (TOI)

Communication minister says number portability would be launched in the first week of May; in the first leg, it would be launched in Chennai and Bangalore. (TOI)

The finance ministry is considering a proposal to rationalise end-use exemptions granted to businesses through various duty reliefs. (BS)

Iron ore shipment declined 11% in December to 12.37mn tons in December 2009 compared to 13.85mn tones in the corresponding month last year. (BS)