Daily News Roundup - Nov 17 2011

Titan Industries said it would acquire heritage Swiss watch brand Favre Leuba for €2mn. (BS)

Ashok Leyland Ltd is planning to consolidate its associate companies into one. (BS)

Kingfisher Airlines is exploring hiving off its engineering department into a separate maintenance, repair and overhaul (MRO) unit. (BS)

Bharti Airtel has jacked up its tariffs for international long distance calls to more than 87 countries, including the UAE and Africa in the range of 20 and 40%. (BL)



Jindal Steel and Power Ltd will invest Rs5bn to set up a downstream industrial park spread over 1,400 acres at Parang in Angul, Orissa. (BL)

Indian Oil Corporation Ltd is considering setting up its eighth refinery in a western-coast State by 2021-22. (BL)

Suzlon will set up offshore wind energy projects in the UK, and plans to build a manufacturing facility on the coast to facilitate this. (BL)

iGATE has announced its intention to commence the process to delist its Patni Computer Systems Ltd by mid-2012. (BL)

IDBI Bank said it has raised $102mn by issuing three-year ‘Dim Sum' bonds to investors in the Hong Kong and Singapore markets. (BL)

SAIL and Posco have signed an MoU for commencing a feasibility study to establish a joint venture company for production of cold-rolled non-oriented products. (BL)

Kingfisher Airlines might end up buying more trouble if the Government actually accepts his plea to be allowed to directly import jet fuel. (BL)
Economy Snippets


The reserve or provisioning requirement for the third-party commercial motor portfolio of general insurance companies might be raised to 175% from 153%. If implemented, the industry might take a hit of Rs100bn. (BS)

Banks' advances grew 18.4% on a year-on-year basis, as on November 4, marginally recovering compared to last week. (BS)

The SEBI is considering imposing circuit filter on the day of listing to check excessive volatility. (BL)

The Government is likely to allow up to 26% FDI in the pensions sector. (BL)

The road, transport and highways ministry would award 15 road projects worth Rs156.8bn, which got Cabinet approval, in a month. (FE)

The country’s iron ore exports have fallen over 25% to 35.38mt during April-October from 47.27mt in the same period last year. (FE)