Daily News Roundup - June 3 2009

The Board of Approval on SEZs agreed to denotify four zones of DLF with the condition that company will have to repay all tax benefits it availed while developing these (BS)

SAIL records 12% yoy growth in domestic sales in the month of May 2009 (BS)

Global rating agency Fitch has downgraded the credit rating of the real estate firm Unitech and placed it in the "default" category. (FE)

Tata Group defers plans to set-up a rural BPO unit near its steel project at Kalinganagar, Orissa (BS)

Moody’s upgrades outlook on Tata Motors from negative to stable (BS)

Total two-wheeler sales of Bajaj Auto fell by 8.42% in May to 1,65,697. (FE)

The LN Mittal group, which had pumped in a foreign equity of Rs5bn in HPCL's Bathinda refinery, has invested Rs3.75bn more as part of its equity share in the joint venture. (ET)

IOC puts on hold its plans to set-up a 15mn tone refinery at Haldia (BS)

BHEL sets up two 100 KWp solar power plants in Lakshadweep Islands (BS)

ACC cement dispatches up 1.1% yoy to 1.82mn tones in May 2009 (BS)

SEBI clears Tech M open offer for Satyam (BS)

Essar Oil is learnt to have decided to raise around US$500mn through the QIP route as part of its US$2bn fund-raising programme. (ET)

Public Investment Corporation (PIC), the largest shareholder in South Africa’s MTN wants higher price from Bharti Airtel. (ET)

SAIL to raise Rs10bn through commercial papers (BL)

JSW Steel defers Rs350bn 10mtpa West Bengal project (BS)

MTNL aims at 300,000 subscribers for its 3G service (BS)

GMR Infra to invest Rs20bn over next 2-3 years to develop various road projects in the country (BS)

Parsvnath to raise Rs5-7bn through private placement of shares by the end of this month (BS)

IDBI Bank and state-run Power Finance Corporation (PFC) have agreed to lend close to Rs 40bn to Reliance Power (R-Power) for its proposed 4,000 MW ultra mega power project (UMPP) at Krishnapatnam in Andhra Pradesh. (ET)

Bajaj Auto is exploring markets in Africa and Europe for its motorcycles, particularly the Boxer, CT100 and the Pulsar. (ET)

HDIL enters into a pact with MMRDA for rental housing project spread across 525 acres in Virar, Mumbai (BS)

Indraprasth Gas to hike CNG prices in Delhi by Rs2.10/kg (BS)

Adlabs receives government nod for transfer of its radio business to Reliance Unicom (BS)

Bajaj Auto has filed a special leave petition in the Supreme Court (SC) against a Madras High Court division bench order which allowed TVS Motors to manufacture and market ‘Flame’ motorbike in its original form. (ET)

Bharati Shipyard fixes open offer price at Rs344 for buying additional 20% stake in Great Offshore (BS)

General Motors India is having tough time raising money from local financial institutions after its parent filed for the largest American bankruptcy on Monday. (ET)


The index of six core industries up 4.3% in April 2009, recording its highest increase since July 2008 (BS)

PM has asked CCEA to decide on planning commission proposal to allocate a portion of power generated by state utilities for open access to large customers (BS)

Government hints at increasing NREGS grants by 50% (BS)

Government mulls cess on natural gas to fund pipeline plans (BS)

A high power Finance Ministry panel has recommended simpler environmental clearance rules for infrastructure projects (BL)

The Government may rope in merchant banker NM Rothschild to put in place a detailed roadmap for selling stakes in state-owned companies. (ET)

Assets under management (AUMs) of the Indian mutual fund industry for May’09 have hit a new record, surpassing the Rs 6 lakh crore mark once again. This level had been last topped in May 2008. (ET)