Daily News Roundup - Nov 11 2011

The UK-based British Gas Group (BG Group) is likely to divest its stake in its majority-owned Gujarat Gas Company Ltd (GGCL), which has emerged India's largest private sector natural gas transmission and distribution company in terms of sales volumes. (BL)

Reliance Industries group has acquired an interest in the education sector. Infotel Broadband Services Ltd (Infotel), a subsidiary of RIL, has bought a 38.5 % stake in Extramarks Education Pvt Ltd (Extramarks.(BL)

HCL Technologies has been selected by United Health Group, a healthcare player in the US, to support the latter's transition to a new diagnostic and healthcare coding system.(BL)



Hindustan Unilever has launched an initiative that allows employees across departments to flag products shortage in any store in the country, a move that can help the country's largest consumer goods maker stem loss of clients to rival brands. (ET)

Hyundai has lined up 10-15 launches in India in the next four to five years, in an attempt to protect and boost its market share that is under pressure due to increasing competition.(ET)

Samsung SDI the world's No.1 rechargeable battery maker in joint venture with Germany's Robert Bosch would supply lithium-ion batteries for Mahindra & Mahindra's electric cars.(ET)

NTPC has lost Rs19bn due to six months' delay in award of an equipment tender related to power projects worth Rs530bn because of a court battle over the award of the contract, company sources said. (ET)

KEC International said it has secured new orders worth Rs 4bn from Saudi Arabia and India for supply and construction of transmission lines on a turnkey basis.(ET)

GlaxoSmithKline Consumer Healthcare announced its entry in the breakfast space with the launch of oats under its Horlicks brand.(ET)

Indian Hotels Company Ltd (IHCL), which owns a chain of luxury hotels and resorts, is laying the foundation for its maiden entry into China. The city-based company will inaugurate a 110-room hotel, the Taj Palace Temple of Heaven, in the heart of Beijing, the capital of China, by the end of next year.(BS)

Kingfisher Airlines plans to cancel 31 flights daily till Nov 19, including four international flights to Bangkok.(FE)

The Managing Director of Karnataka Bank Ltd, Mr P. Jayarama Bhat, has stressed on the need to prevent the malady of non-performing assets (NPAs) in the banking industry.(BL)
Economy Snippets

India's merchandise exports fell to a 12-month low of US$19.9bn in October. As a result, the trade deficit rose to a four-year-high of US$19.6 bn in the month.(BL)

The government has asked banks to accept identity proofs issued in other states as valid documents for opening no-frills bank accounts, in a move that will help millions of migrant workers, including domestic helps and drivers, access banking services.(ET)

Moderation in economic growth has started affecting the government’s kitty, which may pose a problem for its fiscal consolidation efforts. After gross direct tax collections registered a marginal dip in October, the Centre’s indirect tax revenue dropped 2.5 % to Rs 302.78bn in October..(BS)

A notification on Initial Public Offering (IPO) norms for insurance companies is expected anytime soon, as the Securities and Exchange Board of India (Sebi) has already finalised the guidelines framed by the Insurance Regulatory and Development Authority (Irda).(BS)