Daily News Roundup - Nov 2 2011

Reliance Industries is likely to use the towers and fibre optic cables of a telecom company controlled by younger brother Anil to provide high-speed data services. (ET)

Fortis Healthcare (India) Ltd will acquire Singapore-based Fortis Healthcare International Pte Ltd, privately owned by the Indian company's founders for US$665mn. (ET)

IVRCL is close to selling two of its operational road projects to Larsen & Toubro for an undisclosed sum to unlock value and raise funds for projects under execution. (ET)



Maruti Suzuki's production loss of over 40,000 units in October, because of the 14-day workers' strike across its two plants (Gurgaon and Manesar), led to a 52% drop in sales. (BL)

Domestic power equipment manufacturers, including BHEL and Larsen and Toubro, could be authorized by the Government to initiate action against subsidized Chinese gear coming into the country. (BL)

Usha Martin Ltd has begun the process of selection and will decide on location of a new 60,000 tpa steel wire rope facility in two months. (BL)

Pratibha Industries has secured orders worth Rs5.71bn in the building and water segments. (BL)

Two nominee directors of ONGC have resigned from the board of MRPL with immediate effect. (BL)

The West Bengal Government cleared the land ceiling hurdle faced by JSW Steel in setting up the proposed 3 mn tonnes integrated steel plant at Salboni in West Bengal. (BL)

The joint venture company, Oroitalia Sales Ltd, will set up a manufacturing unit at Shree Ganesh's integrated jewellery manufacturing complex at Domjur in West Bengal at an estimated investment of Rs1000mn. (BL)

Onward Technologies, a Mumbai-based engineering design services and IT services provider, is planning to venture into UK and enhance its onshore presence in the US. (BL)

Bharti Airtel moved the telecom tribunal seeking a directive against Tata Teleservices on payment of Rs2.87bn towards termination charges on SMS. (BL)
Economy Snippets

The Purchasing Managers Index rose to 52 from 50.4 in September, when it hit a 30-month low, with festive orders offering a breather to an economy besieged by dampening demand and rising costs of capital. (ET)

Oil companies plan to raise petrol prices by Rs1.50 as state-run firms have reported losses and the finance ministry has not paid a penny for selling kerosene and cooking gas below cost in the current year. (ET)

India’s exports grew by 36.3% in September 2011, demonstrating impressive growth despite a slowdown in US and Europe. Imports also grew by 17.2% coming in at US$34.5bn. (ET)

Ministry suggests foreign retailers be told to source 60% of farm produce from small farmers to push FDI in multi-brand retail. (ET)

The Telecom Regulatory Authority of India has proposed to do away with termination charges within three years. (FE)