Daily News Roundup - Aug 23 2011

Dish TV is set to launch Conditional Access Module (CAM), a device that will enable consumers with set-top boxes of other DTH service providers to switch to Dish TV's feed of television channels. (ET)

Religare Finvest plans to increase its loan portfolio to Rs 140bn by the end of the current fiscal, betting big on the small and medium enterprises (SME) sector. (ET)

The downturn in global markets has taken a toll on Essar Oil's plans to raise US$1.5bn in foreign currency loans to finance its expansion plans and forced the company to look for options in a difficult environment. (ET)




Japan's JFE Corp is planning to increase its shareholding in the JSW Steel to meet corporate norms. (ET)

FMCG majors Wipro, Godrej and Dabur may participate in an auction process initiated by global consumer healthcare giant Reckitt Benckiser for the sale of its personal care products division in India, which it acquired as part of the acquisition of Paras Pharma last year. (ET)

Sanofi-Aventis is in advanced talks for a strategic tie-up with nutraceuticals firm Universal Medicare, maker of popular codliver oil capsules brand Seacod, which will help the French drugmaker scale up its over-the-counter (OTC) business in India. (ET)

Coal India Unions have demanded a 100% jump in their salaries-a demand that would put the state-run entity under a severe strain. (ET)

GVK Power and Infrastructure will become the largest shareholder in Bangalore International Airport (BIAL) after agreeing to bite the bullet and pay a premium in difficult market conditions to buy Siemens' 14% stake. (ET)

The Satyam ghost continues to haunt Mahindra Satyam. The Income-Tax Department has asked the new management to pay Rs 21.14bn for the assessment years 2002-03 and 2007-08 when Mr B. Ramalinga Raju, the founder Chairman of Satyam Computer Services, allegedly perpetrated the financial fraud. (BL)

Brigade Hospitality Services, the hospitality arm of real estate developer Brigade Group, is looking at entering the mid-range hospitality segment in the South. (BL)

Mahindra Satyam has opened a near shore delivery centre in Eindhoven (Netherlands), with an aim to strengthening its presence in the Benelux region. (BL)

JSW Ispat Ltd has completed the Rs 6obn debt refinancing deal. the new average interest rate for the refinance is 11.75 % lower than the earlier rates. (BS)

Aditya Birla Minacs is exploring the possibility of tapping private equity investors for a significant minority stake in the company or may even exit the business, provided it gets a significant exit premium. (BS)

Nagarjuna Oil Corporation Limited (NOCL) is aiming to ready its petroleum refinery project in northeastern Tamil Nadu by this year-end, with an additional investment of Rs 120bn. (BS)

Suzlon Energy Limited (SEL), announced that it has won a repeat order from the Malpani Group to set up, operate and maintain projects totalling 29.70 mega watt. (BS)

The Tamil Nadu Newsprint and Papers Limited is planning to invest over Rs3.7bn during the present fiscal. The proposed investments include setting up a cement manufacturing facility, de-inking plant among others. (BS)

Ford and Toyota announced plans to jointly develop a new hybrid system for light trucks and sport utility vehicles. (ET)
Economy Snippets

India plans to allow more foreign carriers under an upcoming policy to keep pace with rising demand for international travel that domestic airlines are unable to service. (ET)

India can achieve 9.5% average economic growth in the 12th Five Year Plan, provided steps are taken to push agriculture growth rate to 4.2% and manufacturing to 11.5%. (ET)

Prime Minister Manmohan Singh said the central government was open to a "reasoned debate" for resolving differences on the Lok Pal bill. And, maintained such an institution was not the sole solution for eliminating corruption. (BS)

The Confederation of Indian Industry (CII) has asked the ministry of petroleum and natural gas to withdraw price preference policy for domestic companies and ensure a "level playing field" among all categories of bidders. (BS)