Daily News Roundup - May 13 2009

Combined debt of Reliance Industries and its subsidiary Reliance Petroleum will be brought down to around Rs570bn from Rs720bn at present. (BS)

Reliance Industries, IOC and Essar Oil are amongst the six companies that have expressed interest in taking on lease the LNG terminal at Dabhol. (FE)

Tata Steel will raise Rs30bn through non-convertible debentures to prepay the debt of its UK subsidiary, Tata Steel UK. (BS)

DLF has raised the shareholding it had put up for sale from 100mn shares or 6% to 168mn shares or nearly 10% to raise Rs38.5bn from QIBs, including FIIs. (BS)

DoT has appointed independent auditors to look into the accounts of Bharti Airtel, Idea Cellular, Vodafone Essar and Tata Teleservices to check whether they had paid lower licence fees to the Government. (BL)

Cairn India has said that crude oil production from Rajasthan field may be delayed if its partner, ONGC, which has a 30% stake in it, withdraws from the project. (BL)

Bajaj Auto has announced the launch of new 2009 Pulsar 150 DTS-I and 180 DTS-i bikes in Andhra Pradesh. (BL)

Japan’s Kawasaki Heavy Industries will introduce a high-powered motorcycle in the Indian market with the help of its Indian partner, Bajaj Auto. (BS)

IOC, HPCL and BPCL are likely to get Rs103bn worth of bonds this week. (FE)

Maruti to set up R&D unit to develop its own cars from scratch, in India. (ET)

The Supreme Court issued notice to Reliance Communications on a petition by MTNL alleging that the private mobile services provider had tampered with the process of deciphering the point of origin of a call. (BS)

Power Grid has tied-up with Netherlands based KEMA to lay the transmission system in Middle East. (FE)

Pantaloon Retail got its shareholders’ nod to raise Rs3.7bn from sale of equity and linked warrants to promoters and select investors. (BS)

Nalco has resumed full-fledged operations at its Panchpatmali mines. (BS)

TDSAT has rejected petitions by BSNL challenging abolition of the access deficit charge by the telecom regulator. (BL)

Indiabulls Real Estate plans to build residential projects over 9.8mn sq ft in the current fiscal year. (BS)

KEC International has bagged an order worth Rs1.1bn for power transmission related work. (FE)

TIL Ltd has pruned its investment plan in the proposed greenfield project in West Bengal. (BL)

AB Nuvo has decided to create a holding company for its financial services business. (ET)

India’s industrial output dipped by 2.3% in March this year as the country’s industries were adversely impacted by a sharp fall in exports and cut in spending by local consumers. (BS)

India’s exports for the month of April dipped by 33% to US$10.7bn, while imports declined by 35% to US$16.07bn. (BS)

FDI inflows fall over 55% in March to US$2bn from US$4.44bn in the same month last year. (FE)

The Indian cement industry despatched 16.65mn tons during the month, registering a growth of 13.03%, the highest since February, 2008. (BS)

Tea exports fall 24% in Q1 CY09. (FE)

According to agriculture ministry sugarcane output has dipped 17% to 289.2mn tons in 2008-09. (FE)