Daily News Roundup - Nov 24 2011

Mr Cyrus P. Mistry will take over from Mr Ratan Tata as Chairman of the Tata Group when he retires in December 2012. (BL)

IL& FS Engineering and Construction Company Ltd (IECCL) has convened a meeting of shareholders and creditors next month under the direction of the Andhra Pradesh High Court, to secure approval to restructure the company capital.(BL)

BP and Indian Oil Corporation are planning to set up a 50:50 joint venture acetic acid plant in Gujarat. The two companies entered a memorandum of understanding to invest in a one-mn-tonne a year acetic acid plant with associated gasification facilities for production of synthesis gas. (BL)



Tata Motors launched new tipper, Tata Prima 3138.K, to address the needs of mining sector.(BL)

Muthoot Fincorp, engaged in the financial services segment, has entered into an alliance with the global instant money transfer brand, MoneyGram, through UAE Exchange.(BL)

Yamaha Motors is leaving no stone unturned to meet its targets, which involves setting up a third plant, launching new products and expansion of sales reach to rural areas.(BS)

The Apollo Group of Hospitals has announced plans to take the number of its Sugar Clinics to 100 in 90 days with an investment of around Rs0.3bn.(BS)

Tata Motors, maker of the world's cheapest car Nano, is producing it at less than half of the annual installed capacity of 0.25bn units, a senior company official said today.(BS)

Incofin said it has picked up 24.99 % equity stake in the city-based NBFC Arman Financial Services (AFS) for a consideration of Rs0.15bn.(ET)

Bottled water major Bisleri International is planning to set up its own exclusive retail outlets -- 'Bisleri Shopees' -- in India as it looks to counter shopkeepers pushing rival brands. (ET)

Transgene Biotek will sell one of its bio-generic products 'Erythropoietin', to Tss Export GmbH for a total consideration of US$5 mn.(ET)

Founder and chairman of SKS Microfinance Vikram Akula resigned from the board with immediate effect in the wake of huge losses suffered by the Hyderabad-based firm.(FE)

Ban on iron ore mining activities in Karnataka and disruption in operations in Goa has affected Volvo Trucks India sales.(BL)
Economy Snippets

Till the infrastructure fund is set up in the country, alternative sources of finance should be explored for executing infrastructure projects, said Dr C.P. Joshi, Union Minister for Road Transport and Highways.(BL)

Ignoring the concerns of the Ministry of Agriculture, the Government proposes not to put any obligation on the foreign investor in the multi-brand retail for sourcing agriculture produce locally.(BL)

In a bid to augment dollar supply at a time when the rupee has weakened substantially, the Reserve Bank of India on Wednesday lifted the US$100-mn cap placed on banks' net foreign exchange supply position in the market.(BL)

Irda proposed to open up a bancassurance distribution channel, which indicates, in a particular state, a bank would be allowed to sell insurance products of only one life insurance company, one general insurance company and one standalone health insurance company. However, in another state, the same bank can sell the product of any other life, non-life and standalone health insurance company.(BS)

The government today said it has no plans to lower the Securities Transaction Tax (STT) levied on equity trades even as collections dipped by about 18 % drop during the April-October period this fiscal.(ET)