Daily News Roundup - Jan 29 2009

Reliance Industries expects to commence production of gas from KG basin from February 15. (ET)

Reliance Industries scraps its Rs15bn captive power plant project. (ET)

HPCL, BPCL and IOC receive approval from Forward Market Commission to hedge their refinery margins and end products from crude oil. (BS)

Tata Motors owned Jaguar and Land Rover might get a big chunk of UK’s £2.3bn bailout package for auto makers. (ET)

Reliance Power wins the bid for Tilaiya UMPP. (ET)

TCS may call back 20% onsite staff in US. (ET)

SEBI likely to consider L&T’s proposal on pricing of a possible open offer to Satyam shareholders on 2nd February. (ET)

National Australian Bank has put its outsourcing contract with Satyam under review. (ET)

TCS signs US$100mn deal with UK based 4U Group. (BL)

Promoters of Asian Paints have pledged almost 15% of their stake. (ET)

Infosys will cut employee bonuses and compensation packages. (BL)

Crisil downgrades credit ratings of Ashok Leyland and Tata Motors. (ET)

HDIL is in talks to re-structure Rs12.75bn loans. (BS)

Corus, a subsidiary of Tata Steel, cuts its production by 40% in the current quarter. (BS)

Government cuts prices of petrol, diesel and LPG by Rs5/litre, Rs2/litre and Rs25/cylinder respectively. (ET)

RBI hints at further rates cuts. (BL)

Government increased MSP of wheat by Rs80/quintal. (BS)

Petroleum Ministry has revised estimates of under-recoveries for OMCs during FY09 at Rs1trn. (FE)