Daily News Roundup - Jan 30 2012

Dr Reddy's Laboratories Ltd said the issue pertaining to its promotional material for fondaparinux sodium for injection, with the US Food and Drug Administration has been closed. (BL)

Domestic coal shortage has prompted NTPC to buy coal through e-auction, at rates lower than the market prices. (BS)

DLF has decided to outsource a large portion of its construction work to companies like L&T and Shapoorji Pallonji instead of doing on its own. (ET)

Mahindra & Mahindra is looking to increase production of its sports utility vehicle XUV500 to about 3,000 units per month in the next two-three months because of strong demand. (BS)



The talks between the Coal India management and workers union on salary revision has failed. (ET)

Telenor plans to broaden its IT outsourcing pact with Wipro beyond India to ring in cost efficiencies in other Asian markets where it is a mobile operator. (ET)

Bangladesh has signed a US$1.5bn deal with NTPC to build a 1,320 MW coal-fired power plant. (FE)

Reliance Industries and Reliance Power have held initial talks to jointly develop their adjoining coal-bed methane blocks. (ET)

Petronet LNG Ltd wants to set up its third terminal on the country's east coast, and has zeroed in on Gangavaram Port in Andhra Pradesh for the Greenfield project. (BL)

Jindal Steel and Power is aiming to commission new facilities with capacity of 3mn tons by the end of the next financial year. (FE)

Welspun Energy Ltd, part of the Welspun Group, has inked an agreement with New and Renewable Energy Development Corporation of Andhra Pradesh, with a proposal to install 500MW of wind energy capacity in the State. (BL)

RINL would invest ~Rs3bn for setting up an axle plant at Jalpaiguri in West Bengal. (BS)

BEML is eyeing SouthEast Asia, Africa and South America markets for supplying earth moving equipment for the mining sector. (FE)

SEBI is inquiring if Patni Computer Systems can delist without lowering its promoter stake to 75% as mandated by law. (ET)

Blue Star is planning to open exclusive large format stores to hawk its products across all the segments as part of target to achieve Rs10bn revenue from the residential segment by 2014. (FE)
Economy Snippets

Nasscom is likely to forecast a slowdown in software exports in 2012-13, as corporations keep a wary eye on the global economic uncertainty and control expenses on information technology outsourcing. (ET)

The Reserve Bank of India is in favour of giving banking licences to all the applicants that meet the eligibility criteria mentioned in the guidelines issued for this purpose. (BS)

Government is likely to lower exports number for 2010-11 as part of a clean-up drive, following a US$9.7bn over-estimation of shipments in the first seven months of current fiscal year. (ET)

The finance ministry has written to the Reserve Bank of India to explore ways to allow entry of banks in commodity hedging. (BS)