Daily News Roundup - Feb 10 2012

Maruti Suzuki India said it has crossed the 10mn units milestone of cumulative sales in the domestic market since it started selling cars 29 years back. (ET)

Eyeing a turnover of Rs7bn in the next five years, NourishCo, a joint venture between Tata Global Beverages and PepsiCo India, said it will expand its product portfolio of healthy products rapidly. (ET)

Mahindra Satyam has decided to pick up a little over 15% in Dion Global Solution for an undisclosed amount, marking a milestone for the outsourcer with a chequered past. (ET)

Two major Gulf carriers, Etihad Airways and Qatar Airways said they have no interest in buying stake in struggling Kingfisher Airlines, which is grappling with a pile of debt and on the hunt for fresh equity. (ET)



Power Finance Corp entered the bond market to raise a minimum Rs1.5bn for five years. It has fixed coupon at 9.33%. (ET)

Punjab National Bank, FIMBank (Malta) and Italy’s Banca IFIS will invest Rs1bn in their joint venture India Factoring & Financial Solutions following a 10-fold rise in the company’s turnover. (ET)

Airports Authority of India has threatened to encash Kingfisher airlines' cheques worth Rs1.19bn to clear the latter's dues that amounted to Rs2.55bn as of January 16. (BL)

The continuing slump in freight markets, with the Baltic Dry Index touching 20-year lows last month, has prompted Essar Shipping to pull back its two very large crude carriers from the spot market to long term contract for better yields. (BL)

Adani Enterprises Ltd (AEL) is exiting the real estate business. Its board of directors has approved a proposal to divest holding in Adani Infrastructure Development Ltd, a step-down subsidiary of AEL. (BS)

Hindalco Industries will issue up to 150mn preferential warrants to the promoters and raise Rs20bn. (BS)

MindTree Limited is planning to hire 4,000 fresh graduates in the next financial year. (BS)

Shoppers Stop, which opened its 50th store on Thursday, plans to spend Rs2.25bn over 2012-13 and 2013-14. (BS)

SpiceJet has questioned a report by its auditors, saying that the airlines net worth has gone up ten-fold between September and December 2011 on account of Rs1.31bn of equity being infused by the promoters. (ET)

Economy Snippets
The Reserve Bank of India said companies incorporated in China, Pakistan, Bangladesh, Sri Lanka, Iran and Afghanistan will have to seek its permission to set up branch or liaison offices in India as general permission granted to entities of other nations will not apply to them. (ET)

India's exports grew at their fastest pace in three months in January, taking cumulative shipments close to the full-year target of US$300bn but the government warned the next fiscal could be difficult due to continued global uncertainty. (ET)

The Indian handset market witnessed a 14.1% growth in 2011 to touch a total volume of 182mn handsets. (BL)

Taking a step forward towards allowing private participation in meeting country’s defence requirements, the government approved the norms governing the formation of joint venture partnerships between the private sector and defence PSU’s (FE