Daily News Roundup - Sep 21 2011

The promoters of KS Oils may face obstacles in their plans to sell the company as accounting issues and a possible loss of around Rs4bn deters buyers. (ET)

Everonn Education will sell a 12% stake for Rs1.38bn to GEMS Education via a preferential allotment of shares. (ET)

Subex is selling part of its business to Netcracker to pay back nearly US$54.8mn to foreign currency bond holders in March. (ET)



Welspun Infratech has bought 50% in a Rs4bn project being developed by ARSS Infrastructure in Bhubaneshwar, Orissa. (ET)

Lupin has received final approval from the USFDA to market a generically similar version of Watson's oral contraceptive NOR-QD tablets. (BL)

The 2,400-MW gas-based Samalkot power project of Reliance Power is gathering steam with all six turbines from GE arriving in India. (BL)

A consortium led by IVRCL Infrastructures & Projects Ltd has become L-1 EPC contractor at a quoted price of Rs11.76bn for the 3 mtpa Malanjkhand underground mine expansion project of Hindustan Copper Ltd. (BL)

Jet Airways Ltd plans to raise US$210mn in fresh debt by the end of this fiscal to cut borrowing costs. (BL)

NTPC Ltd is on course to achieve a target of 75,000 MW in just over five years, up from the current installed capacity of 34,854 MW. (BL)

Coal India is planning to interest major firms by inviting bids for abandoned mines again. (BS)

The Kerala government would take over the 85.21 acres in the tribal area of Attappadit in Palakkad district where Suzlon had set up two wind mills. (BS)

Larsen & Toubro is set to partner Hindustan Shipyard for shipbuilding as the defence ministry has recommended the company as the preferred partner. (BS)

Tata Steel proposed to invest about Rs335mn on environment protection and Rs400mn towards CSR activities for its industrial park coming up at Gopalpur. (BS)

NTPC is mulling an exit from ICVL, which was formed for acquiring coal properties overseas. (ET)
Economy Snippets

The IMF trimmed its growth forecasts for India, China and other Asian economies. (ET)

Banks have scrapped personal guarantee clause to bail out four microfinance companies, but they could be on the hook in the Rs70bn debt restructuring, if business prospects do not improve dramatically. (ET)

India's steel production grew 7.4% during August 2011 to 6.16mn tonnes, marginally slower than the global rate of 9.8%. (BL)

Uttar Pradesh is likely to witness its total power generation breach 4,000 MW by the end of this financial year. (BS)

Parliamentary panel has pulled up the Railways for delay in installing anti-collision devices and asked it to come out with a concrete strategy within six months to address the issue. (ET)

S&P cut Italy’s credit rating that increased strains on the debt-stressed euro zone and raised pressure on policymakers to take more decisive action to resolve the crisis. (ET)