Daily News Roundup - Nov 12 2010

Commercial production of Tata Motors’ first electric car to start in Q1 of 2011. (BS)

SAIL ties up with Switzerland-based CBMM Technology Suisse for research and development of high-end steel items used in the transportation of oil and natural gas. (BS)



NTPC to add ~6,550MW in four southern states by 2017 by investing ~Rs33bn. (BS)

Government is likely to issue bonds to avail of its share of SBI right issue. (ET)

M&M plans to expand its tractor production capacity to over three lakh units in two years. (BL)

HDIL to launch residential projects s[read over 27mn sq. ft. in the next six months. (ET)

GMR Infra is likely to sell its 50% stake in InterGen to China Huaneng for close to US$1.5bn. (ET)

Sun Pharma has acquired a further 12% stake, to reach 65%, in Taro Pharmaceuticals, for $82mn (Rs3.6bn). Sun paid $16 per share, ~14% premium to Taro's current market price of $13.75. (BS)

Kalanithi Maran and his firm, KAL Airways, have raised their direct holding in low-cost air carrier SpiceJet to 38.66% by purchasing an additional 7.68% stake for Rs1,469mn. (BS)

Parsvnath Developers has bagged 38-acre railway land in a key area of the capital for Rs16.5bn. (ET)

K Sera Sera has invested Rs600mn to set-up a technology lab in Mumbai. (ET)

PFC received bids worth Rs15bn for its Rs1.5bn 10-yr debenture issue. (ET)

Azure Power plans to invest around Rs4.5bn on solar energy facilities in Gujarat in the next three years. (BL)

Real estate developer Embassy Property Developments (EPD) plans to raise Rs 2.4bn through IPO. (BS)
Economy Snippets

Heavy rains in parts of Karnataka have caused a 20% crop loss, to the extent of Rs5bn. (BS)

The first household-based unemployment survey in the country, conducted by the Labour Bureau, has found jobless rates as high as 9.4%, compared to the 2.8% estimated by the National Sample Survey Organisation (NSSO) in 2007. (BS)

Food inflation, based on the annual Wholesale Price Index, was 12.3% during the week ended October 30, lower than the previous week's 12.85%. (BL)