Daily News Roundup - Sep 26 2011

The Mines Ministry has said NMDC’s foray into steel making is not in the best interest of mineral development and utilisation. (BS)

IVRCL Assets and Holdings Limited, is in the process of signing an MOU for developing a Rs1bn automated multi-level car parking terminal in Kenya (BS)

Cairn Energy will have to fork out about US$1.5bn as tax for its stake sale deal with Vedanta Resources in Cairn India. (BL)



Senior executives Bhagwat Yagnik, Rajbeer Sachdeva of Ranbaxy Laboratories put in papers. (ET)

Maruti Suzuki has raised output of the Swift despite disruption of production at its strike-affected Manesar plant to 700 units a day (ET)

Tata Housing Development Company has joined hands with the MMRDA to invest Rs20bn for a rental housing project near Mumbai. (ET)

Mahindra and Mahindra Financial Services Ltd has stopped making gold loans due to sharp fluctuations in the price of the precious metal. (FE)

Advent International has intensified its negotiations with British Telecom to acquire its sizeable stake in Tech Mahindra. (BS)

Aditya Birla Retail Limited is focusing on expansion of retail store network in semi-urban and rural areas on the back of its experience in smaller towns. (BS)

Wipro is evaluating options to sell data centres and other computer hardware assets of its US subsidiary Infocrossing to unlock value from ‘non-core’ business. (ET)
Economy Snippets

The India-Asean FTA, in effect since January 2010, has ensured greater market access for Indian industry to the Asean region. (BL)

The Finance Ministry has called for granular information from these banks on their exposure to commercial real estate (CRE), textiles and sugar sectors. (BL)

The finance ministry and the RBI have decided to allow Indian firms to borrow overseas at rates that are higher than the ceilings now applicable on short, medium and long-term borrowings. (ET)

The Central Electricity Regulatory Commission is planning to come up with "tools and metrics" to measure anti-competitive acts. (BS)

The finance ministry is considering a slew of fresh measures to ignite the corporate bond market and help companies, big and small, raise cheap funds. (ET)