Daily News Roundup - Nov 18 2011

Carlyle, New York Life PE in talks to invest US$100mn in parent, arms of Everonn Education. (BS)

Adani Mining Pvt Ltd has applied for regulatory approval for a new coal terminal at Abbot Point in the state of Queensland, which would potentially raise total coal export from the port by 70%. (BS)

Lupin has agreed to acquire up to 100% outstanding shares of I'rom Pharmaceutical Co from I'rom Holdings Co. (BL)

NCC Ltd has achieved financial closure for the 1320-MW Rs70bn thermal power plant coming up at Nellore district of Andhra Pradesh. (BL)



Balmer Lawrie and Company Ltd plans to develop dedicated packages for domestic and outbound tourism to give a boost to its tourism business. (BL)

Banks have been unable to decide on extending further assistance to Kingfisher Airlines as the company is yet to furnish them with its business plans. (BL)

Employees of public sector telecom company BSNL will go on a one-day strike on December 15, against the proposed voluntary retirement scheme and withdrawal of medical benefits as well as the National Telecom Policy 2011. (BL)

Federal Bank has signed an agreement with Life Insurance Corporation of India for paying maturity proceeds of LIC policies. (BL)

Regulatory authorities have rejected JSW Energy’s plea to revise power tariffs because of difficulty in procuring fuel from Indonesia. (ET)

HCC has discontinued three verticals — thermal power, ports and hydrocarbons — that were started nearly a year ago, due to dwindling contribution of these verticals to its order book. (ET)

Production was hit at Dr Reddy's Laboratories’ Srikakulam unit for the past 3-4 days as some workers are on a strike. (ET)

Suzlon Energy’s promoters sold around 2.08% in the company for Rs1bn through open market transactions, according to data from the bourses. (ET)

Mahindra & Mahindra and Telephonics, a unit of US-based diversified Griffon Corporation, have formed a JV to provide surveillance and communication devices to the Indian defence sector as well as for civilian use. (ET)
Economy Snippets


The Tamil Nadu government claimed that the RBI has blacklisted the state’s electricity board, but banks here said they had not received any communication from the central bank that barred them from lending further loans to TNEB. (BS)

The Union finance ministry has asked board members of public sector banks to focus on policy issues. (BS)

India saw a sharp decline in demand for gold as it fell 23% YoY from 263.9 tonnes to 203.3 tonnes. (BS)

The Finance Ministry has allowed FIIs to invest US$5bn more in Government securities. The limit on corporate bonds will also be increased by the same amount. (BL)

The Annual WPI-based food inflation rose 10.63%, down from the previous week's annual rise of 11.81%. (BL)

Proposal to allow FDI in multi brand retail is likely to be taken up next week by the Union Cabinet. (BL)

There has been a 24% growth in the number of automated teller machines set up by banks to 74,505 ATMs as on March 2011, according to RBI data. (BL)

India plans to allow foreign retail investors to trade in local stocks, a finance ministry official said, a move that could help fund flows into Indian shares. (FE)