Daily News Roundup - Oct 19 2011

The Securities Appellate Tribunal has upheld a regulatory order directing the Sahara group to refund Rs240bn for violating securities laws. (ET)

The government has decided to cut supply of Reliance Industries’ KG-D6 gas to some power plants such as GMR’s Tanir Bavi and Lanco’s Kondapalli units, which sell electricity at market rates, as it wants the scarce, low-cost resource to be used at plants that provide power at steady rates to consumers. (ET)

TDSAT has directed Bharti Airtel to pay 50% of the Rs500mn penalty imposed by the DoT in the matter of alleged violation of licence terms and conditions by the private operator for issuing bulk mobile connections. (ET)



The finance ministry ruled out a rights issue for State Bank of India in this financial year. However, it assured the lender that its capital requirements would be met by March 31, 2012. (BS)

TCS will give out offer letters to 45,000 fresh engineers in 2012-13 through its annual campus recruitment drive. (BL)

The Supreme Court issued notice to the Uttar Pradesh Government and the organiser of the F1 Grand Prix— a Jaypee Group company — on the State Government's move to grant entertainment tax exemption to the company. (BL)

Sun Pharmaceutical Industries Ltd has proposed the acquisition of all outstanding shares in its Israeli subsidiary, Taro Pharma for out about US$370mn. (BL)

Singareni Collieries Co Ltd suffered revenue loss of about Rs6bn due to the 34-days strike by its employees that was called off around midnight on Monday. (BL)

GVK Airport Holdings Private Ltd, a subsidiary of GVK Power & Infrastructure Ltd acquired 13.5% shares Mumbai International Airport Pvt Ltd for US$231mn. (BL)

Max Bupa Health Insurance Company Ltd is in talks with regional rural banks, co-operative banks and post offices to strengthen its distribution network and reach out to the rural masses across the country. (BL)

IDBI Federal Life Insurance has launched an endowment policy, Lifesurance Savings Insurance Plan, which provides long-term savings and life cover. (BL)

Macquarie Group and SBI are drawing up plans to raise US$1-1.5bn for their second fund to invest in infrastructure assets and companies in India. (FE)
Economy Snippets

A surge in the price levels of food, clothing and fuel items pushed up the Consumer Price Index (CPI) by 1.25% on a sequential basis in September. (BL)

The global downturn could lead to a shortfall of 5% in investment targets for the infrastructure sector during the 11th Five-Year Plan, according to the Government. (BL)

Overseas direct investment by Indian companies or entities in September 2011 was 51% higher at US$3.46bn against US$2.28bn in the preceding month. (BL)

The Finance Ministry has shot down the proposal to provide tax exemption for mining and exploration bonds on the lines of infrastructure bonds. (FE)