Daily News Roundup - June 11 2009

L&T is close to pulling out of Ultratech by selling its entire 11.5% stake. (ET)

Reliance Industries increases LPG supplies to IOC, BPCL and HPCL. (BS)

Tata Communication raises Rs1.5bn through sale of bonds. (BS)

M&M is likely to buyout its local partner in Mahindra South Africa. (BS)

Bharti Airtel has entered into a managed services deal with Conviva, a provider of value added services to mobile operators. (BS)

Unitech to launch a new home brand "Uni Homes" for affordable housing projects. (BL)

Tata Tele to roll out GSM services by month end. (ET)

Dr Reddy’s received USFDA approval for its ant-heart burn capsule. (BS)

Infosys to bet big on Latin American region. (ET)

Wipro expects muted revenue growth in current year. (BL)

SAIL may get full operational rights of the Chiria mines in next 100 days. (FE)

Cairn India arm plans to invest US$10mn in Sri Lanka. (FE)

DLF has received shareholder approval to hive-off its wind power business into a wholly-owned separate arm. (FE)

TVS exits air-brake JV with Wabco of US. (ET)

Promoters of Suzlon have revoked 4.2% stake in the company. (FE)

REC has sought government approval to raise Rs30bn by selling 20% stake to institutional investors or through an FPO. (FE)

REC is looking to place Rs20bn worth of bonds with LIC. (ET)

NMDC to acquire 51% stake in ailing public sector undertaking Kudrenukh Iron Ore company, under a share swap deal. (ET)

GMR Energy has finalized Rs4bn investment plan to relocate and restart its naphtha fired power project from Mangalore to Kakinada. (BS)

Corporation Bank may restructure another 2% of its advances in FY10. (BS)

Jet Airways, JetLite and Spice Jet have cut fares by about 48%. (ET)

Yes Bank plans to lower its BPLR by 50bps in next month. (FE)

PSL plans to raise Rs3bn through preferential private placement. (FE)

Mercator Lines is set to acquire three gearless post Panamax bulk carriers totaling 277,000dwt on a charter basis. (ET)

Kingfisher Airlines may roll over Rs8bn debt. (BS)

Royal Orchid is looking to invest Rs5bn over next two years for setting up 5-star and 4-star hotels in major cities. (ET)

Zensar may expand its delivery network in the next two years. (BL)






FM has asked public sector banks to cut rates in the next three weeks. (FE)

Service tax rate may return to 12%. (ET)

GST rate may be set at 16%. (ET)

DoT puts 2G spectrum allocation on hold. (ET)

Gold imports in the country fell by 39% in May 2009. (FE)