Daily News Roundup - Sep 5 2011

Under pressure from NTPC to clear dues, Reliance Infrastructure subsidiaries BSES Rajdhani and BSES Yamuna are expected to pay Rs800mn by Monday. (BS)

Maruti Suzuki India has rolled out 150 cars from its Manesar plants with another batch of 125 people joining production operations, even as the impasse between management and workers at the first unit of the facility continues. (ET)



The Government proposes to disinvest 10% stake in Rashtriya Ispat Nigam Ltd through an initial public offering. (BL)

Mahindra & Mahindra will launch its new global sport utility vehicle in the domestic market and South Africa by December end. (ET)

NMDC Ltd has signed a contract with BHEL for providing a raw material handling system package to its upcoming 3mtpa integrated steel plant at Nagarnar in Chhattisgarh. (BS)

Reliance Power plans to develop 500 MW of solar capacity at a cost of Rs80bn. (BL)

Lupin and Sanofi-Aventis Philippines Inc have entered into a marketing and distribution agreement for the Philippines market. (BS)

Indian telecoms tribunal has dismissed Idea Cellular’s petition that challenged show cause notices issued by the government on the teleco’s merger with Spice communications. (ET)

Aban Offshore Ltd has planned to raise around Rs43bn. The drilling contract company aims to do so through QIP, FCCBs and GDR. (BS)

Reliance Communications is merging its three business divisions, a move that will make around 10% of its 7,000 executives redundant and also result in redeployment of another 2,000 employees to ‘field functions’. (ET)

Oil and Natural Gas Corp is unlikely to exercise its preemption rights to acquire Cairn India as it finds the reduced price of Rs355 a share that Vedanta Resources is paying for the company still too high. (BS)

Marico will enter the Rs45bn skincare market in the country by extending its coconut hair oil brand Parachute to body lotion and other skincare products. (ET)

Steel Authority of India would appoint 1,000 new dealers in rural areas to increase the market penetration of its products. (BS)

Nagarjuna Construction Company’s joint venture with Gayatri Projects is likely to announce the financial closure of its Rs71bn power project being set up at Krishnapatnam in Andhra Pradesh in September. (ET)
Economy Snippets

According to Reserve Bank of India data, the ECB dues of Indian companies as on March 31 this year were US$88.27bn (BS)

The Supreme Court allowed the auction of 25mn tons iron ore that was excavated from the Karnataka mines earlier to ensure that steel mills can operate smoothly till a final decision is taken on environmental issues. (BS)

The CAG has detected instances of "procedural deficiencies and absence of clear provisions" in the duty drawback scheme, aimed at promoting exports by neutralising all duties/taxes embedded in the cost of manufacture of exported products. (BL)

The government said it is likely to come out with a National Manufacturing Policy by the end of this month. Commerce and Industry Minister said it aims to increase the share of manufacturing in the GDP from 16% to 25% while creating 100 million jobs by 2022. (BS)

Telecommunication Minister has decided to overrule department’s view and issue show cause notice to 74 licensees that failed to meet the rollout obligations. (ET)