Daily News Roundup - Oct 24 2011

The five-member selection committee set up to find a successor to Tata Group chairman Ratan Tata is discussing the creation of a new post of group CEO at Tata Sons. (BS)

Jaguar has recalled nearly 18,000 X-type models in the UK and several thousand abroad because of a potential cruise control problem. (BL)

JSW Steel, currently running at a capacity of 50-60%, is in talks with its long-term customers to raise steel prices in the range of 3-4%. (BS)



The oil ministry has asked its technical arm, the Directorate General of Hydrocarbon, to appoint a global consultant to validate RIL’s optimum field development plan. (ET)

The government control over the price of diesel sold by its companies has rendered over three-fourth of Reliance Industries’ retail outlets non-operational. (BS)

Infosys BPO, the business process outsourcing arm of Infosys is pitching for more number of transformational deals across various sectors to fuel its growth as a part of its new strategy. (BS)

Godrej Properties, the realty development arm of Godrej Group, will raise up to Rs7.5bn through a shares issue over the next 6-12 months to bring down promoters’ shareholding in the company to 75%. (ET)

Association of Power Producers has accused Coal India of violating the provisions of the policy by forcing consumers to sign MoUs, which enable the miner to reduce supply obligation for new projects to 50% of the commitment and supply at its discretion. (BS)

Jaypee Cement, the cement manufacturing arm of Jaiprakash Associates, is seeing a delay in the commissioning its 2mn ton clinker unit in Uttar Pradesh. (BS)

Telecom tribunal TDSAT directed Bharti Airtel to deposit 25% of Rs500mn fine imposed by DoT for camouflaging the calling-line identification and said that "prima facie" the company has violated the licence conditions. (BS)

Indian Oil Corporation Ltd has raised its borrowing limit by Rs300bn to Rs1100bn. (BL)

KPIT Cummins has exited financial services software segment by selling its business to Infrasoft Technologies. (ET)

RIL got a breather in the controversy relating to allegation of inflating the expenditure for exploration of gas in KG basin with Delhi High Court refusing to pass any order saying the matter is before the Parliamentary Accounts Committee. (ET)

After the labour trouble at its Manesar plant, Maruti Suzuki is now scouting for land in Maharashtra for setting up a new production line. (BL)

Gitanjali Group’s ATM-like machines will dispense gold and silver in coins and bars, pendants with religious motifs, besides a range of diamond studded jewellery. (BL)

Bajaj Auto will unveil an all-new Pulsar in early December to celebrate 10 years of the motorcycle's launch. (BL)
Economy Snippets

Paving the way for formulating the 12th Five-Year Plan (2012-13 to 2016-17) document, the National Development Council meeting approved the approach paper to the Plan that pegs economic growth target at an average annual rate of 9%. (BS)

The Government is learnt to have dropped its plan to open up FDI in multi-brand retail. (BL)

The telecom regulator will impose a charge to deter telemarketers from delivering bulk text messages in defiance of a three-week-old ban on unsolicited calls and text messages. (ET)

The Department of Industrial Policy and Promotion has floated a draft cabinet note for inter-ministerial discussions on foreign direct investment in aviation. (BS)

The Ministry of Petroleum and Natural Gas has asked the Finance Ministry for Rs580bn to make up the losses incurred by oil PSUs. (BL)

The Finance Ministry has imposed definitive anti-dumping duty on certain imported rubber chemicals namely ‘MBTS' Dibenzothiazole disulphide from China. This anti-dumping duty will be valid for a period of five years with effect from October 20 this year. (BL)