Daily News Roundup - Apr 15 2010

Infosys will offer up to 17% salary hikes for over 100,000 employees this year, as the company seeks to retain staff and also attract new recruits in the year. (ET)

Tata Steel asked a member of British Parliament not to be "over-critical" about the company’s strategy in dealing with problems in Corus. (BS)

ONGC to challenge the government’s decision to withdraw the seven year tax holiday on production of natural gas. (ET)

Infosys has bagged an order worth US$150mn order from Microsoft. (BS)

Tata Sons is taking a book building to sell its Tata Motors DVR shares. (ET)

Cairn Mangala field to hit peak output in 2010. (BS)

Ranbaxy to recall two consignments of one of its antibiotics from the US market. (ET)

The province of Moselle in France said Tata Motors should explore setting up a manufacturing unit for Nano in the region as it could facilitate the company’s plans to launch the world’s cheapest car in Europe by 2011. (BS)

Bajaj Auto, which is planning launch four-wheelers in both passenger and commercial vehicle segment in 2012, will use the Renault platform for their production. (ET)

Bajaj Auto’s four-wheeler project, a JV with Nissan and Renault, at Chakan in Pune seems to have hit a roadblock, as the company has not been able to acquire enough land. (BS)

ACC said prices of the building material need to rise by at least 20%, if the company has to complete its expansion plans for the next two years. (ET)

Four out of the five subsidiaries of ACC incurred losses in operations in 2009. (BS)

M&M group may foray into banking through its NBFC arm Mahindra Finance. (FE)

HDFC plans to raise up to Rs250bn through non-convertible debentures in the current financial year through private placements. (BS)

DLF group has bagged carbon credits worth Rs400mn for reducing emission of greenhouse gasses. (ET)

RBI may relax exposure norms for state-run power sector lenders such as REC and PFC to ensure healthy flow of funds to cash-starved projects. (ET)

ABB bags an order worth Rs630bn from Haryana Vidyut Prasaran Nigam Limited. (BS)

Strides Arcolab gets USFDA approval for anti-nausea drug. (BS)

HCC bagged a contract worth Rs6.1bn from the Director General of Naval Projects to develop a dry dock and associated north and south wharves at the Naval Dockyard in Mumbai. (BL)

Punjab National Bank ruled out any increase in interest rates in the near future saying there is enough liquidity in the system. (ET)

The Environment Minister indicated to Adani Power that it would not approve the company’s proposal for drawing water from the Pench Tiger reserve for its project in Madhya Pradesh. (BS)

United Spirits is looking at various options to continue its bulk supply of scotch from the stables of Whyte & Mackay, which USL acquired during mid-2007 in a US$1.7bn deal. (BS)

Dewan Housing Finance plans to raise up to Rs500bn in the current fiscal to support its expansion plans besides meeting the capital adequacy needs. (ET)

Dewan Housing Finance plans to launch a finance JV focused on low-income housing in partnership with International Finance Corporation. (BS)

Elder Pharma to hire 1,000 sales and marketing professional for rural sales. (BS)

Godrej Consumer may introduce some of its international brands in India. (BS)

Shree Ganesh Jewellery secured contracts worth Rs5.1bn for gold jewellery from overseas buyer. (ET)

Subhash Projects won two orders worth Rs632mn from PGCIL. (FE)

State-owned Gujarat State Petroleum Corporation, which has lined up its Rs30.7bn IPO, says development of its Deen Dayal West field may be delayed by a year. (BS)

Andrew Yule may defer its Tide Water Oil stake sale plan. (ET)

Both the US and the EU are discussing additional taxes on carbon-emitting products from advanced developing countries, such as India and China, which could render products from the region uncompetitive. (ET)

SEBI asks 14 firms to register before launching new plans; Irda rejects proposal. (BS)

After failing to convince states to keep petroleum products within the ambit of the proposed GST, the Centre has finally agreed to keep petroleum products like crude, motor spirit, ATF and high-speed diesel out of GST. (BS)

Actual FDI by the Indian business declined by 34.1% in April-December 2009 to US$8.4bn from US$12.7bn a year ago. (BS)

After coking coal and iron ore, thermal coal supply contracts have now been signed at about 40% higher than last year. (BS)

The government imposed an export duty of Rs2,500/ton on raw cotton and 3% of the FOB value of cotton waste with effect from April 9. (BL)

Life insurance companies that have completed five years of operations can apply for permission to go public, according to the norms for IPO finalized by the IRDA. (BL)

The telecom operators may get free 2G airwaves. (ET)

Oil marketing companies to get rest of dues next month. (ET)

Petroleum and Natural Gas Regulatory Board feels the need to take a re-look at the gas transmission tariff. (BL)