Tuesday, May 12, 2009

Corporate News

Reliance Power Transmission (RPTL), Essar Power, L&T and JSW Energy are among the eight companies that have been selected to place price bids for three large power transmission projects worth Rs56.5bn. (ET)

The Delhi Development Authority announced a Rs7bn bailout package for cash-drained Emaar MGF, which is developing the Commonwealth Games Village (CGV) project. (BS)

JSW Steel plans to sell its plants in the US at a price lower than its acquisition cost to cut rising losses. (ET)

Tata Teleservices, Vodafone and Idea Cellular are expected to issue multi-year BPO contracts of ~Rs5bn in the next couple of months. (ET)

United Breweries to bottle and distribute Heineken brands in India; will get a one-time fee of Rs3bn. (ET)

ONGC to invest Rs60bn in new and existing fields in current fiscal to raise output. (ET)

ONGC may see its natural gas output almost double to 100mn cubic meter a day by 2015-16. (FE)

Maruti plans to focus on the rural market, to double its outlets in rural India from the present 231 to around 450 in the next two years. (BL)

Maytas Infra is expected to achieve financial closure for the Hyderabad metro rail project in about three months. (BS)

Tatas-Srei JV may share passive infrastructure with two new operators Swan Telecom and S-Tel and targets to build over 30,000 towers by end of current fiscal. (ET)

RCom and Tata Teleservices have opposed a proposal to auction extra airwaves. (ET)

IOC likely to cut stake in Farsi gas and oil field in Iran as it faces financing pressure due to continuing losses on fuel sales. (FE)

GMR Energy, a subsidiary of GMR Infrastructure Ltd, is planning to set up a 2,000MW thermal power plant near a port on the west coast as it has already tied up coal supplies by acquiring a mine for US$100mn in Indonesia last year. (BS)

TCS likely to take a call on promotions at the end of Q1 FY10. (ET)

GMR Infrastructure will be issuing preferential equity shares to India Development Fund, the private equity arm of IDFC Infrastructure Fund. (BL)

Bajaj Auto to ramp up production at Pantnagar. (BS)

Sri Lanka has assured to expedite the implementation of a NTPC's 500mw imported coal-based power project at Trincomalee in Sri Lanka. (FE)

With a 24% increase in its wage bill, Coal India is looking for a price hike to protect its bottomline. (FE)

HMSI, the two-wheeler arm of the Japanese parent, has drafted an aggressive strategy for motorcycles that will also act as a key differentiator with its sibling, Hero Honda. (BL)

The Central Electricity Regulatory Commission has penalised Tamil Nadu Electricity Board, Karnataka Power Transmission Corporation and Rajasthan Rajya Vidyut Prasaran Nigam for grid indiscipline. (FE)

Bajaj Auto has launched new Pulsar model Pulsar 150 DTS-i and 180 DTS-i. (FE)

India's apex consumer disputes panel rejects Satyam shareholder's compensation plea of about Rs50bn. (ET)

Reliance Life Insurance reduced the number of agents by almost a third in H2 FY09. (BS)

Production at tyre giant MRF's factories at Arakkonam and Puducherry, has been hit following a sit-in strike by around 3,000 workers. (BS)

Damodar Valley Corporation plans to raise Rs20bn from the debt market in order to fund the first phase of the proposed 500mw Bokaro project. (ET)

Loop Telecom, a subsidiary of Ruias-managed Loop Mobile (earlier BPL Mobile) announced the soft launch of cellular services in Tamil Nadu and Orissa circles. (ET)

LG Electronics India and Samsung India are in the process of creating new category of LCD TVs, called the light emitting diode (LED) TVs. (FE)

Rasna., holding ~93% market share in the soft drink concentrate market in India, plans to enter the ready-to-drink segment. (FE)

Source: Indiainfoline.com

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