News digest for the day

Tax holiday likely for airport recast

The government is likely to extend a 10-year tax holiday meant for infrastructure projects to the Delhi and Mumbai airports modernisation projects and upgrading of port terminals. So far, the tax holiday has been applicable to greenfield airport projects but has not been used for modernisation.

Missing pilots ground Sahara

Thirty-three flights cancelled due to leave taken by around 30 pilots. The mass leave is being seen as a mark of protest by Air Sahara pilots who have been demanding same pay as Jet Airways pilots.

Ranbaxy set for $400mn FCCB

Issue likely to be announced today, part of war chest for European buys.

The Economic Times 

LIC may lose govt cover

Guarantees on policies to go as part of move to cut public debt

Companies may get tax break on stock trading losses

Tax breaks will be similar to those extneded to derivatives trading.

Kerosene, LPG could be sold at market rates

The inter-ministerial committee headed by C Rangarajan wants end to subsidies

The Hindu Business Line

PSU banks cagey on getting more freedom to appoint auditors

Feel RBI better placed on this aspect

Railways' budget hotel concept on track

BOT terms being reworked for easier revenue sharing regime

The Financial Express

IOC, GAIL eye stake in Pak gas companies

Pakistan intends to divest 51% holdings in two its government majority holding companies.

RIL to honour NTPC deal first; R-ADAG cries foul

As per R-ADAG sources, RNRL is entitled to the first 40 mmscmd of gas from RIL.