Daily News Roundup - Nov 21 2011

Maruti Suzuki India is planning to add more models with environment-friendly CNG option to its existing fleet of five such cars.(ET)

The Directorate General of Hydrocarbon has given a clean chit to Reliance Industries' capital expenditure of US$2.5bn spent up to 2007-08 in developing the KG-D6 gas fields because the CAG's audit has not quantified any loss to the exchequer.(ET)

Dr Reddy's Laboratories has requested the government to denotify its Special Economic Zone (SEZ) at Medak in Andhra Pradesh. (ET)



Future Group is set to exit from the life insurance venture that it operates in partnership with Italy's Generali Future and is in advance discussions with the Mumbai-based Industrial Investment Trust (IITL) to sell a controlling stake in a phased manner. (ET)

ONGC is tapping global companies for a possible tie-up to boost its domestic deep-water hydrocarbons hunt. On offer are 19 oil and gas acreages, including the East Coast ultra-deepwater gas discovery of the company, won through domestic licensing rounds.(BL)

The government has decided to ask the LIC to consider picking up 10 % stake in the troubled Kingfisher Airlines.(BS)

Hinduja Foundries is planning to come out with a Rs1.25bn rights issue even as the the country’s largest casting maker is facing delay in its proposed plant at Toopran in Andhra Pradesh.(BS)

Southern Petrochemical Industries Corporation (Spic) is to invest around Rs3bn to convert its urea plant at Tuticorin, Tamil Nadu, to run on gas from naptha.(BS)

DLF Limited has moved the Delhi High Court challenging the order of market regulator SEBI to probe accusations by a Delhi-based businessman that he was duped of Rs0.34bn by the realty major and its alleged associate firm Sudipti Estates.(FE)

PTC India Financial Services (PFS) expects to garner as much as Rs0.5bn from sale of over 16 % stake in the country's largest power bourse, Indian Energy Exchange (IEX).(FE)

Anupam Industries said it is targeting a revenue of Rs4bn this year and aims to double it in the next three years on the back of its capacity expansion plan.(FE)

Tata Capital and International Finance Corp have set up a joint venture that will offer financing as well as advisory services to entities pursuing green initiatives.(FE)

FMCG firms like HUL, Emami and ITC are increasingly moving towards selling premium products to align with the aspirations of modern day Indian consumers.(ET)


India's foreign exchange reserves fell by US$326mn to US$314.34bn for the week ended Nov 11, declining sharply for the second straight week due to a slump in the value of foreign currency assets, official data showed. (ET)

Despite frantic lobbying by the automobile industry, the Government is likely to hike the excise duty on diesel cars in the next Budget. (BL)

A public-private partnership (PPP) fund of Rs50bn is being set up to support research and development efforts as well as commercialisation of products and services", Mr Ashwani Kumar, Minister of State for Science & Technology.(BL)

Prime Minister's Economic Advisory Council Chairman C Rangarajan has projected a GDP growth rate of 7.5 % to 8 % in the 2011-12 financial year.(FE)