Daily News Roundup - Sep 16 2011

Mahindra & Mahindra said its board has approved the sale of 8.09% stake in its hospitality arm, Mahindra Holidays & Resorts India. (BS)

SpiceJet expects its new fleet of 15 Bombardier Q400 next-generation turboprop aircraft to start contributing to its bottom line in 12 to 18 months. (BS)

Tamil Nadu Newsprint and Papers Ltd plans to invest Rs3.7bn, diversifying into cement and paperboard manufacturing to derisk its business. (BS)



Bajaj Auto launches its new 150cc commuter segment motorcycle Boxer in the Andhra Pradesh market. (BS)

The labour unrest at Maruti Suzuki India's Manesar plant took a violent turn when a group of workers allegedly assaulted 11 Maruti Suzuki supervisors who were on their way to work. (BL)

Tata Steel's Europe arm has been awarded a major order worth €80mn in France for supplying railway lines for a new high-speed track between the cities of Bordeaux and Tours. (BL)

Reliance Industries gas output has fallen to 44 million cubic metres a day as technical issues continue to dog its gas field. (ET)

Nalco is in a difficult situation as heavy rains have forced the company to import about 200,000 tonnes of coal. (ET)

The joint venture of BGR Energy and Hitachi emerged the lowest bidder for NTPCs bulk tender for buying supercritical turbine generator set for units of 800 megawatts each. (ET)

US court okays Mahindra Satyam’s US$125mn settlement. (FE)

Ashok Leyland, which has partnered with Japanese auto major Nissan to foray into light commercial vehicle sector is planning to invest Rs23bn in two phases in next three years. (ET)

ABB has won an order worth more than US$15mn to supply integrated automation and power equipment and related engineering and commissioning services to JK Paper.
Economy Snippets

Food inflation eased to a four-week low but was still high at 9.47% for the week ended September 3. (BS)

Showing adverse effect of global economic uncertainty, India’s services exports dipped in July 2011 to US$10.40bn from US$11.04bn in June. (BS)

The government has allowed firms to raise debt in China yuan upto collective total of US$1bn and US$750mn automatic ECBs. (FE)

Petrol prices have been raised by Rs3.14/litre as the Re touched a two year low against the dollar. (FE)