Daily News Roundup - Apr 4 2011

Wipro buys part of SAIC IT business for US$150mn. (ET)

Hindalco raised Rs78.8bn in debt for a greenfield aluminium smelter plant at Mahan, Madhya Pradesh. (ET)

Communications ministry obtained a stay on the 2008 merger between Idea Cellular and Spice Communications from the Delhi High Court. (ET)



Maruti Suzuki reported 28% yoy growth in sales at 121,000 units in March, including all-time high domestic sales of 110,000 units, up 39%. (ET)

Hero Honda posted its highest-ever sales number of 5.4mn, up 17% yoy. (ET)

Swiss company Rieter decides to exit its JV with Lakshmi Machine Works by selling its 50% stake to the latter. (ET)

Schneider Electric acquires Smartlink’s Digilink for Rs5bn. (ET)

GAIL India launches Asia's first integrated gas management system to track all information on transmission and distribution of natural gas in the country. (ET)

United Spirits says it has acquired a 41.5% stake in Sovereign Distilleries, a producer of extra neutral alcohol. (BL)

ONGC won’t pay royalty to Cairn unless it’s cost recoverable. (ET)

Procter & Gamble India has cut prices of its Pantene brand 15% across stock-keeping units. (DNA)

Crompton Greaves is looking to acquire energy management firm Landis+Gyr, according to media reports. (DNA)

In a possible deal breaker, law ministry wants the government to approve Vedanta Resources'-Cairn India only if the mining group agrees to equitably share royalty on oil produced from Rajasthan oilfields. (DNA)

Government to consider Cairn stake sale on Wednesday. (ET)

L&T Finance files DRHP to raise Rs17.5bn. (FE)

BSNL is likely to begin discussions with potential investors within days regarding its mobile towers network. (Mint)

Temasek looks to buy TPG's stake in Shriram Transport. (BL)

Dr Reddy Lab's unit in pact with Valeant pharma to market Cloderm cream in the US market. (BL)

The Supreme Court directed Glaxo India to pay Rs712.1mn to the state over pricing of the drugs scheduled under the Drug Price Control Order. (ET)

Zuari Industries is looking to set up a phosphoric acid plant abroad as well as scouting for rock phosphate mines in North Africa and Australia. (BL)

Valuation of Andhra Paper defers BILT IPO. (BL)

GMR in talks with major aircraft engine manufacturers to set up engine maintenance, repair and overhaul hub at Hyderabad. (BS)
Economy Snippets

India's exports grew by 50% in February, crossing the US$200bn mark during the first eleven months of 2010-11. (ET)

Oil firms hiked jet fuel prices by 1.4%, the 12th increase in rates in a row since October last year. (ET)

Implementation of service tax levy on transport of goods by rail has been deferred, once again. (BL)

External commercial borrowings by Indian companies hit record high of US$18.5bn in the first three quarters of FY11 as companies sought to benefit from lower borrowing costs. (BL)

Growing expo sure of Chinese banks to India's private power companies has come under the government's scanner with National Security Council sensing potential danger from the lien these banks could have on Indian assets pending discharge of the debt. (FE)

Gas-based fertiliser units will have to pay more for their feedstock as the government is mulling pooling of its price with imported LNG, which is much costlier. (FE)

Centre wants states to waive market fee on perishable goods. (BL)

CNG to become costlier by 30 paisa. (BL)

RBI has asked NBFCs to desist from contributing capital to any partnership firm or be a partner in partnership firms. (BS)

Banks to recast Rs90bn of MFI loans. (TOI)