Daily News Roundup - Dec 30 2010

SAIL agrees to shell out 8% more for imported coal. (ET)

SBI to reduce interest rates to 10-10.5% for setting up high value dairy, poultry, horticulture projects and construction of warehouses, rural godowns and cold storages. (ET)



SBI will extend its teaser home loan scheme beyond December 31. (BS)

NTPC is likely to get a Cabinet nod to invite tenders for a mega Rs180bn procurement of nine supercritical units. (BS)

Mahindra & Mahindra to launch a new premium-end pick-up truck in the first half of next year. (BL)

IOC has decided to go ahead with its massive Rs 550bn refining capacity expansion programme irrespective of the current adverse business conditions. (FE)

Gayatri Projects has stated that its JV with Maytas Infra received an order worth Rs11.31bn. (BL)

STC India makes Rs5.5bn claim on JSW Steel after purchase of Ispat Inds. (ET)

REC is likely to sell US$500mn of bonds on January 18. (BS)

Union Bank of India is planning to raise US$200mn from markets abroad and may go for a FPO or a rights issue after the government’s planned infusion of capital in it. (BS)

Lakshmi Machine Works has announced an offer to buy back shares of the company at Rs 2,045 a share. (BL)

Eveready Industries expects to raise prices again in April for its battery products due to rising input costs. (BS)

Godrej Properties stated that it and its subsidiary Godrej Sea View Properties had signed an agreement with Addison & Company for real estate development in Tamil Nadu. (BS)
Economy Snippets

Sebi has mandated that companies with less than 25% public float will have to raise funds through a public share sale and not through private placement to institutions. (ET)

Cement imports from Pakistan are on a decline due to the non-renewal of their quality license by the Bureau of India Standards. (BS)

The 4,000 MW ultra mega power project in Orissa which has been delayed over environment clearances is likely to be cleared soon by the Ministry of Environment and Forests. (ET)

The government has postponed an EGoM meeting, which was to take place on Thursday, to consider raising diesel and cooking gas prices due to non-availability of some members in the EGoM. (ET)