Daily News Roundup - Jan 16 2012

Reliance Industries is planning to pick up a minimum 26% stake in leading cable operators, including multi-system operators. (BS)

Funds belonging to the IL&FS group have picked up 9.36% stake in a subsidiary of Indiabulls Real Estate for Rs2bn. (BS)

ASK Group is on the road to raise as much as Rs30bn for two funds it is advising. (BS)

Shree Cement has placed equipment orders of nearly Rs7bn for its kiln unit in Rajasthan, even as projects amounting to more than Rs130bn are running behind schedule. (BS)



The state government is considering a proposal to extend the validity period of the MoU signed with Monnet Power Company Ltd for a 1.050 Mw power plant at Angul. (BS)

GMR Energy Limited a subsidiary of GMR Infrastructure Limited has commissioned its first 25 MW Solar Power Plant at Patan district in Gujarat at a cost of Rs3bn. (BS)

State Bank of India will increase the interest rate on car loans by at least 50 basis points to bring these in line with competing banks. (BS)

NTPC Electric Supply Company Ltd is looking at various business models, including forming joint ventures with the existing distribution companies as well as getting into franchise. (BL)

Telenor, Unitech Spar over JV Valuation. (ET)

UB Group will consolidate its foreign liquor assets under Whyte & Mackay and list it as part of a strategy to overcome the financial crisis caused by its floundering airlines business. (ET)

Directorate General of Hydrocarbons has told the government it cannot stop Reliance Industries from recovering costs incurred in the D6. (ET)

Apollo Tyres has been asked to cough up Rs300Mn as penalty for indulging in cartelisation in South Africa. (ET)

Jet Airways is merging Jet Lite with its own low-cost brand Jet Konnect. (FE)

Indian Railways has started negotiations with SAIL for a project to construct a coach manufacturing factory at Kanchrapara. (FE)

Jet Airways will be inducting 17 new Boeing 737 aircraft at cost of around US$1bn beginning 2013, on sale and lease-back. (FE)

An agreement is almost finalised between unions and Coal India and the wage hike will be around 25%. (FE)

Reliance Communications is expected to issue Rs30bn worth NCDs to replace some of its high-cost debt and fund its capex requirements. (FE)
Economy Snippets

Scarcity of iron ore and high prices of coking coal are forcing steel makers, especially smaller ones, into debt restructuring. (BS)

Rating agency Standard and Poor's has lowered the sovereign ratings of nine euro zone countries, including France and Italy, a move that reignited concerns over fiscal sustainability of the region. (FE)

A slew of public offers of unlisted public sector undertakings is likely in the next few years if the recommendations of a government-appointed panel are accepted. (BS)

The country’s first special investment region at Dholera in Gujarat is set to take off. (BS)