Daily News Roundup- May 29 2009

Petroleum consultant Gaffney, Cline & Associates has confirmed the presence of oil & gas in two offshore blocks in Reliance’s KG basin-D3 and D9. (BL)

Suzlon Energy has successfully renegotiated financial covenants and amended key terms of the bank loan facilities it had taken for acquiring REpower Systems AG and Hansen Transmission. (BS)

Aditya Birla Group may not buy L&T stake in Ultratech Cement. (ET)

Tata Motors may have to infuse funds to bridge JLR pension gap. (ET)

R-Power in talks with Australian mining firm BHP Billiton and Rio Tinto for setting up a coal mining joint venture. (ET)

Tata Motors has concluded an agreement for amending its bridge loan, extending the final maturity of US$1bn by 18 months upto December 31st, 2010. (BL)

JSW Steel plans to raise US$1bn via QIP and a FCCB issue. (BS)

Datacom and Sistema Shyam Teleservices have short listed Wipro, Tech Mahindra and IBM for an IT outsourcing contract worth US$150mn each. (ET)

The 1,000MW NTPC-Simhadri Unit III will be ready by Nov 2010. (BS)

SAIL plans to nearly double it capital expenditure to Rs100bn in FY10. (BL)

Satyam may downsize overseas operations and terminate lease contracts. (BL)

Aditya Birla Group Company to set up 10mn tons captive port at Chudamani. (BS)

Novartis has revised the open-offer price for its shares to Rs450 from Rs351 to buy back an additional stake of up to 39%.(BS)

Finance Ministry mulls special audit of Satyam accounts. (FE)

US FDA to review Ranbaxy corrective plan. (FE)

Government to allow UBI, Dena Bank and Bank of Maharashtra to tap market to boost their capital base. (ET)

Dewan Housing Finance Corporation (DHFL) is planning to issue non-convertible debentures (NCDs) worth up to Rs10bn in July to meet its credit disbursal targets for the current financial year. (BS)

Spice Group is diversifying into financial services with plans to start businesses which will deal with asset reconstruction, remittances, over-the-counter exchange and fixed income products. (BS)

The consortium led by GMR Infrastructure Ltd has won the 181km Hyderabad-Vijayawada highway project to be executed on a BOT basis. (BL)

Coromandel Fertilisers Ltd has signed a JV with Soquimich European Holdings BV, Netherlands, a subsidiary of SQM, Chile, for setting up 15,000 tons water soluble fertilisers plant at Kakinada in Andhra Pradesh. (BL)

Siemens Ltd plans to invest Rs2.7bn to triple capacity of its steam turbine manufacturing facility in Vadodara, Gujarat. (BL)

Religare to acquire Maharashi Housing Development Finance Corporation to foray into home finance business. (ET)

Ericsson bags order worth US$500mn from Unitech Wireless to supply and manage all network equipments for its three telecom circles. (ET)

Government of India raised Rs150bn (US$3.14bn) by selling four bonds maturing between 2016 and 2035. (BS)

SEBI plans to extend the facility of internet trading in securities on exchanges by enabling use of wireless technology. (BS)

The annual wholesale inflation rate remained unchanged at 0.61% for the week ended May 16. (BL)

Moody’s has toned down its pessimism on India by retaining a stable outlook. (ET)

Government has decided not to apply an area limit of 5,000 hectares for SEZ if two or more such zones are merged. (ET)