Daily News Roundup - Aug 29 2011

Wockhardt plans to launch 12-15 products in the US market this financial year and also increase its reach in the European market.(BS)

ONGC is likely to start oil and gas production from Krishna-Godavari basin field GS-15 next month.(BS)

Maruti is gearing up for a major product onslaught with the launch of 15-20 new vehicles in the next five years.(ET)



Godrej Consumer Products Ltd is looking to consolidate gains made in the first quarter of this financial year.(BS)

Tata Steel Ltd proposes new tube units to tap the growing demand from oil and gas, and construction sectors.(BL)

ITC Infotech has reportedly expressed interest in shifting its engineering design and technical division to West Bengal.(BL)

The department of telecommunications has rejected state-run telecom operator BSNL’s proposal to reduce its workforce by only 21,000.(BS)

Kingfisher Airlines has said it has got board approval to raise up to Rs20bn through a rights issue (ET)

Wipro has changed the quarterly variable pay structure for its middle and senior-level executives to bring down attrition.

Wockhardt told RBI about a possible violation of the Fema by Sun Pharma — an allegation denied by the latter.(BS)

SpiceJet said it will issue 35.9mn shares to promoter Kalanithi Maran on preferential basis, amounting to Rs780mn at the current market price.(FE)

Bank of India has raised a USD200mn through three-year syndicated loan. The proceeds would be used for expansion of overseas business(BS)

Sesa Goa today said it would stop mining in Karnatakas Chitradurga with immediate effect, following the Supreme Courts order banning mining in Chitradurga and Tumkur districts.(FE)

Birla Corporation has suspended limestone mining at Chittorgarh following the Rajasthan High Court's order to stop mining within 10 km of the Chittorgarh Fort.(BL)

SpiceJet's expansion of services to smaller towns and cities with its new Bombardier Q400 turboprop aircraft is not a change of direction in its business, according to Mr Neil Mills, COO.(BL)

Vicco Laboratories has said it was planning to more than double its top line to Rs10.00bn over the next five years and has chalked out a massive marketing and brand-building plan to achieve this.(BS)

The Carlyle Group has invested USD26mn into Value & Budget Housing Corporation, a pioneer in the construction and development of affordable entry level housing in India.(BL)
Economy Snippets

Sugar producers might face a minimum 18 per cent increase in the procurement cost of cane, with the Commission for Agricultural Costs and Prices recommending a floor price of Rs171 a quintal for the 2012-13 harvested crop.(FE)

The RBI has asked banks to develop proper risk management controls for lending to the SME sector.(BS)

Market regulator Sebi on Friday allowed infrastructure finance companies to raise funds overseas through longterm corporate bonds.(BS)

Commercial Vehicles Market Set to Register 14% Growth During 2011-12 (ET)

A slight slowdown in monsoon rains over most of India during the week ended August 24, after intense rainfall the previous week, did not have any significant impact on the sowing of kharif crops, which is nearing its end.(ET)

INDIA Inc’s confidence level was at a two-year low in the first quarter of this financial year due to the Reserve Bank’s tight monetary moves and growing apprehension about major economies slipping into recession, shows a survey by Ficci.(BS)

Rubber declined, paring a weekly advance, amid concern data on Friday may signal a slowdown in the US recovery, weakening demand for the commodity used in tires.(FE)