Daily News Roundup - Jan 6 2012

LIC Housing Finance, battered by corruption over a year ago, is leaning on its parent’s 1.5mn agents and chasing middle-class customers to revive growth and erase the blot. (ET)

Nestle India announced the launch of one of its global programmes, Nescafe Plan, to support coffee farmers and help it optimize its coffee supply chain. (ET)

Maruti Suzuki plans to launch at least four cars in 2012 across different segments to shrug off a forgettable 2011 and regain market share that dipped below 40% this fiscal. (ET)

Almost a year after acquiring South Korean SUV maker, Ssangyong Motor Company, Mahindra & Mahindra is planning to set up assembly plants in emerging markets of the world. (ET)



Fortis Healthcare (India) said ECL Finance and six other entities have acquired a 6.18% in the company. However, financial details of the transaction were not disclosed. (ET)

Pfizer (India) said its board has approved setting up of a new subsidiary as part of its plans to hive off the company’s animal health business. (ET)

An American company Trinity Structural Towers Inc has filed a breach of contract law suit against Suzlon Wind Energy Corporation charging the latter with failure to purchase wind towers. (BL)

The country's leading integrated infrastructure conglomerate the Adani Group announced commissioning of a 40-MW solar power generation plant in Kutch district of Gujarat. (BL)

Ramky Infrastructure Ltd has announced that it has bagged new orders aggregating to Rs10.52bn in roads, industrial, water and waste water and irrigation sectors. (BL)

The DGCA has given Kingfisher Airlines time till Monday to come back with a detailed plan of financial recovery and safety, which includes getting 20 grounded aircraft of a fleet of 69 back into the air. (BS)

State Bank of India says its exposure to the ailing private carrier Kingfisher Airlines has turned a bad loan or a non-performing asset. (ET)

ONGC has discovered about 4 trn cubic feet of gas reserves off the Daman coast, which can produce 7 mn cubic meters a day of gas in four years. (ET)

SKF's Indian R&D outfit is not only helping cut costs but the company is also developing new products for the global two-wheeler industry needs. (BL)
Economy Snippets

Food inflation entered the negative territory for the first time in nearly six years, raising hopes that the RBI might ease back on lending rates soon. The WPI for food articles plunged to -3.36% as on December 24, on the back of a sharp fall in the price of mass consumption vegetables. (BL)

In a bid to give India Inc respite from possible pressures arising from redemption of FCCB, RBI said eligible borrowers can raise these bonds for up to US$750mn or equivalent per financial year for permissible end-uses. (BL)

IRDA has issued uniform asset-liability management norms for insurers to manage their solvency, and asked insurance companies to undertake stress tests to ascertain their ability to meet financial obligations in the event of a crisis. (BL)

Public sector banks have given a tepid response to the finance ministry’s proposal to create a holding company to transfer underlying assets of SUUTI. (ET)

The government is unlikely to consider implementation of a super profit tax on miners, as the new mining bill that is pending Parliament approval has adequate provisions to charge companies to compensate displaced people in mining areas. (ET)