Daily News Roundup - Oct 12 2010

ING Vysya Bank ups base rate by 0.50%. (BL)

Patni Computer opens first centre in China. (BL)

Vedanta Group has ruled out raising the open offer price for Cairn India. (BL)

Vivimed Labs gets Govt nod to develop SEZ in AP. (BL)



Jai Prakash Associate said it will invest around Rs6bn to set-up a 3 mtpa cement grinding unit at Delhi Port. (ET)

Supreme Infrastructure has bagged an order worth Rs854mn. (BL)

NFL cancels 14.7 MW wind energy contract. (BL)

Tata Motors plans to launch a new car that will be positioned between the Nano and the Indica. (ET)

JSW Group emerges as the frontrunner in the talks to buy a controlling stake in Canadian resources company CIC Energy, which could BE value at US$450-500mn. (ET)

Indian Oil Corporation may acquire up to 49% stake in its proposed Joint venture with Nuclear Power Corporation of India Ltd. (ET)

Shree Renuka Sugars has completed debt restructuring agreement with major lenders of its Brazilian Unit. (BS)

Fortis India to buy an arm of Hong-Kong based Quality Healthcare Asia for Rs8.8bn. (BS)

Japan's JFE buys 14.61% in JSW Steel as part of Rs48bn deal. (BS)

Tata Teleservices plans to launch 3G services for its GSM customers on November 5th 2010. (BS)

Production at MRF's Arakkonam and Puducherry unit has come to a halt due to strike by workers. (BS)

Bridgestone India plans to set up a new production facility at Chakan in Pune at an investment of about Rs26bn.

MIC Electronics has entered into an MoU to acquire a 51% stake in Avni Energy Solutions Pvt Ltd. (BL)

Suzlon plans to raise up to Rs50bn from the secondary market and increase its borrowing limit to Rs100bn from the current Rs70bn.
Economy Snippets

Finance Minister promises action on capital inflows as and when it is necessary. (BS)

Government to meet regulators on setting up Financial Stability and Development Council (FSDC) today. (BS)

SEZ contiguity norms are likely to be relaxed. (BS)

Government indicated that domestic coal prices could see an increase if profit-sharing arrangement in the proposed Mines and Minerals Development and Regulation Act were implemented. (BS)