Daily News Roundup - March 19 2009

ONGC–Teri Biotech Ltd, a JV between ONGC and The Energy and Resources Institute, is competing to get a contract worth US$3bn for cleaning the huge oil spill left over from the 1991 Gulf war in Kuwait. (BS)

ONGC Videsh Ltd’s efforts to get back two highly prospective deep-sea oil blocks in Nigeria have hit a roadblock, with a court in the African nation granting an interim injunction on the transaction. (BS)

Reliance Industries plans to sell petrol and diesel from its twin refineries at Jamnagar in Gujarat directly to US. (ET)

TCS will complete the process of bringing on board the campus recruits of 2008-09 by this month-end. (BL)

IDBI Bank will lead a consortium in arranging US$1bn needed to bail out national carrier Air India. (BS)

IOC plans to raise almost Rs150bn from the domestic and external markets to part finance its grassroot refinery complex at Paradip, Orissa. (BL)

Reliance Communications and TTML are ready to offer internet services at a speed of up to 3.1 Mbps. (FE)

The Government is believed to have put on hold Unitech’s plan to raise Rs50bn through a GDR issue. (FE)

IOC may reply in favour of Reliance Industries’ proposal for forming a JV for reviving its 1,432 petrol pumps closed last year. (FE)

Coal India Ltd expects to complete the tendering process for revival and development of the abandoned coal mines, having reserves of ~1.6bn tons, by the end of 2009-10. (BS)

The eastern zone of Axis Bank, comprising West Bengal, entire North-East, Bihar, Jharkhand and parts of Chhattisgarh, would curtail its personal loan portfolio following an increase in delinquencies. (BL)

BEML has signed a MoA with NFM Technologies, France, for the manufacture of tunnel boring machines in India. (BL)

Telecom infrastructure companies including Acme, GTL Infra, Spanco and KEC have emerged as the lowest bidders for BSNL’s project to roll out passive cellular infrastructure across the country. (BL)

BSNL and MTNL have told the government that it will not stop offering 3G services even as security agencies have raised concerns about lack of adequate monitoring facility. (BL)

Essar Shipping has chalked out plans to expand its operations with an investment of over US$1bn in a couple of years. (ET)

Ashok Leyland plans to set up a captive vehicle financing arm by the middle of FY10. (FE)

MindTree Ltd has decided to restructure its business into five dependent business units under different CEOs. (ET)

Tata Teleservices is expected to close this fiscal with highest-ever revenues of Rs20bn. (ET)

MMRDA has proposed the cancellation of two major land deals with Jet Airways and Starlite Systems. (ET)

Gati has discontinued the arrangement with Air India for aircraft lease. (FE)

M&M likely to look for PE investment in new ventures. (FE)

BSNL to launch BlackBerry services by next month. (FE)

United Spirits expects to sell 90mn cases by March-end. (FE)

CERC and power traders have differed over procurement of power by distribution companies. (FE)

Future Group has downsized its target for retail expansion for the year to 2.5mn sq ft from 4mn sq ft of space following the economic slowdown. (BL)

UTV group has decided to sell substantial stake in UTVi to a strategic partner to raise Rs1-1.25bn. (BS)

Essar Group company Essar Oilfield Services plans to procure two jack-up rigs for US$440mn. (FE)

Satyam Computers to miss the March 31 deadline for reporting its Q3 FY09 results. (ET)

Kingfisher Airlines is in talks with the GVK-led Mumbai International Airport over repayment of Rs197mn dues for a host of overheads relating to landing, parking, route navigation levy and terminal charges. (BL)

Ramsarup Industries has bagged Rs1.6bn orders for rural electrification in West Bengal. (ET)

iGate Corp. has entered into an alliance with the Tokyo-headquartered CAC Corporation to offer integrated technology and operations services to the latter’s Japanese clients for their global operations, targeting revenue of over US$50mn in three years. (BL)

An IDFC group company is investing Rs3.5bn in Essar Power to par-finance the latter’s ongoing expansion projects. (ET)

Dhoots of the Videocon Group to buy promoter’s stake of 36% in Himachal Futuristic Communications for ~Rs13bn. (ET)

The Russian government is picking up a 20% stake in telecom service provider Sistema-Shyam for ~Rs34.3bn. (ET)

The International Monetary Fund (IMF) projects India’s economy to slow down to 6.25% GDP growth this fiscal and further to 5.25% in 2009-10. (BL)

The government has extended the imports of pulses at zero customs duty by one more year. (BL)

The Government will award three more Ultra Mega Power Projects of 4,000MW each in FY10. (ET)

The Government has scrapped 20% import duty on soya oil to narrow its premium over imported palm oil. (ET)

The Department of Industrial Policy and Promotion is examining a proposal to allow real estate developers to buy-back built-up area sold in software technology parks of India units and lease out the same to other businesses. (ET)

South India tea production seen 35% down in Q1 on drought. (BL)

India’s holdings of the US Government securities rose by US$17.9bn on a year-on-year basis despite a sharp contraction in foreign exchange reserves. (BL)

Net direct tax collections grew at 19% per cent to touch Rs3.1trn till March 18 this year. (BS)