Daily News Roundup - Nov 4 2011

30 suspended workers at Maruti’s Manesar plant, including their two leaders Sonu Gujjar and Shiv Kumar, had quit the company, taking home amounts ranging between Rs1.6mn and Rs4mn. (ET)

The Income-Tax Department conducted nationwide searches on the premises of Raymond group in Delhi, Mumbai, Kolkata and Bangalore. (ET)

Ackruti City is in advanced talks with two-three private equity players to raise around Rs1.5bn by selling around 25% in its proposed redevelopment project in Chembur, north eastern suburb of Mumbai. (ET)



A Division Bench of the Calcutta High Court extended the stay order on the distribution of land at Singur till the disposal of the appeal petition by Tata Motors. (BL)

Larsen & Toubro's subsidiary L&T (Oman) has secured two orders from the Muscat Municipality and from the Ministry of Transport & Communication, Sultanate of Oman worth Rs8.75bn. (BL)

The Insurance Regulatory and Development Authority has given its go ahead to the Videocon Group's general insurance joint venture with the US-based Liberty Mutual Group. (BL)

Dhanlaxmi Bank has proposed to infuse fresh capital within the next 2-3 months and is expected to be completed within the fiscal ending March 2012. (BL)

Rajesh Exports has raised US$134.9mn through conversion of 1,349 Foreign Currency Convertible Bonds issued in 2007 into equity shares. (BL)

ICICI Bank could restructure some corporate debts in the coming quarters. (ET)

Maruti Suzuki sought to delink the industrial disputes at Manesar with a decision to set up a new manufacturing plant in Gujarat. (FE)
Economy Snippets

TRAI has recommended that mobile phone companies can merge their operations if the combined market share of the resulting entity is less than 60%, a substantial increase over the current 40% ceiling. (ET)

The Heavy Industries Minister said that his Ministry supports the demand of local power equipment makers for the imposition of a 14% duty on imported power gear. (BL)

Food inflation as measured by the WPI continued to surge at 12.21% during the week ended October 22 as against the previous week's annual rise of 11.43%. (BL)

The government is likely to raise the limit of FDI in single-brand retail trading to 74% from 51% at present, even as it has plans to raise the limit to 100% in a phased manner. (BS)

A "dream plan" of Rs122.88bn has been recommended to the Planning Commission for the 12th Five-Year Plan, to support education and research and development in the pharmaceutical sector. (BL)

RBI has notified the lowering of lock-in period for foreign institutional investments in bonds and debentures issued by infrastructure non-banking finance companies. (ET)