Daily News Roundup - Sep 22 2011

The agitating workers of Maruti Suzuki India are convening a joint convention of various unions in the Gurgaon-Manesar manufacturing hub for a final showdown. (ET)

Sterlite Technologies has received a contract worth Rs1.14bn from BSNL to build a broadband network. (ET)

Apollo Hospitals will divest minority stake in Apollo Health Street, the group's BPO division. (BL)



It is an open-and-shut case against Suzlon Energy in Palakkad district after having been indicted by a high-level committee for land grab, according to Kerala Electricity minister. (BL)

HCL Technologies has signed a five-year application support transformation deal with Deutsche Bank's capital markets arm. (BL)

YES Bank and Malayan Banking Berhad entered into an agreement to collaborate on cross-border investment banking advisory, corporate banking, trade finance, remittance and other allied services. (BL)

Religare Enterprises Ltd announced the appointment of Mr S. K. Bhattacharyya as an addition to its banking advisory panel to support the management's efforts in charting out the group's banking strategy and its application for a new banking licence. (BL)

The merger of ACC and Ambuja Cements, the companies controlled by Holcim, has been deferred indefinitely. (BS)

GMR Infrastructure is setting the stage to raise private equity around Rs9.6bn in its road business. (BS)

Wabco India Ltd said it was implementing Rs600mn capex plan to support its business in India and to cater to exports. (BS)

Maruti Suzuki will invest nearly US$1.3bn to set up a new plant. (FE)

Fortis Healthcare International has pulled out of talks to buy a controlling stake in Turkish hospital group Acibadem. (ET)

IDFC will acquire an IT park jointly owned by DLF and The 3C Company in Noida for Rs5.12bn. (ET)

The coal ministry has approved in-principle allotment of five
coal blocks to four thermal power plants of NTPC. (ET)

Videocon Energy Brazil, a subsidiary of Videocon Industries, has announced that Petrobras Brasileiro, the operator of the BM-SEAL-11 Consession has found oil and gas accumulations. (FE)
Economy Snippets

Non-food credit rose 20.1% during the fortnight ended September 9. (ET)

The shortfall in domestic coal production is likely to stand at 114 MT in FY12, as against the earlier projection of 142 MT, due to the evacuation of stocks lying idle. (ET)

India's sugar production is estimated to increase marginally to 24.6 MT in the 2011-12 crushing season, which starts next month, owing to a rise in sugarcane output. (ET)

Political instability in Mauritius has offered a breather to foreign institutions that route investments to India through the island nation. (ET)

The Commerce Ministry plans to come out with draft guidelines to amend the Special Economic Zones Act, 2005. (BL)

RINL disinvestment to be postponed to 2012-13 after it completes the Rs125bn first phase expansion. (FE)