Daily News Roundup - Dec 1 2011

Reliance Industries will not make fresh investments needed to revive sagging output from the D6 block until legal issues are resolved. (ET)

Public sector oil retailers have cut petrol prices by up to Rs 0.83 a litre. (BL)

Ranbaxy is expected to earn US$600mn if it manages to sell the Lipitor generic, exclusively for six months. (BS)

Kingfisher Airlines, which was supposed to pay at least its interest dues to lenders by November 30, has failed to do so rendering the account a potential non-performing asset for banks. (BL)



The Central Bureau of Investigation issued a notice to Dr Reddy’s Laboratories seeking details of the tax benefits it had availed during the reign of N Chandrababu Naidu as chief minister in Andhra Pradesh. (BS)

Suzlon Energy is planning to establish a production facility near Madurai. (BL)

Bharti Airtel said it has crossed 50mn customers in Africa. (ET)

The SAIL-led consortium that emerged as the preferred bidder for Hajigak iron ore deposits in Afghanistan may have to invest about US$11bn in developing the mines over 10 years. (BL)

Emami Group may firm up its succession plan in the next three to six months. (BL)

State-run banks led by State Bank of India plan to install 40,000 ATMs, across the country to widen their reach. (ET)

Gujarat Government is likely to take a call in the next two months on whether Gujarat Minerals Development Corporation Ltd should form a JV with the Nalco or sign a long-term supply agreement with the Nalco. (BL)

SKS Microfinance Ltd is planning to increase the upper limit of foreign institutional investment in the company. (BL)

Gayatri Projects Ltd has convened a meeting of the board of directors on December 5 to consider the withdrawal of the Draft Letter of Offer on its rights offer and to reconsider its terms. (BL)
Economy Snippets

A slowdown in the manufacturing sector, decline in mining output and some delay in decision making pulled down the Indian economy's growth in the second quarter to 6.9%, much lower than the 7.7% growth recorded in the previous quarter this fiscal. (BS)

The fiscal deficit for the first seven months (April-October) of the current fiscal has already hit 75% of targeted deficit for the entire year, according to data released by the Controller General of Accounts. (BL)

The output of the eight infrastructure industries dropped to an over six-year low of 0.1% in October. (ET)

The Consumer Price Index rose 9.39% in October from a year ago, slower than September's annual rise of 10.06%. (BL)