Daily News Roundup - Feb 23 2012

US drug regulator said it will import the generic version of the cancer drug Lipodox from Sun Pharma to meet a supply shortage.(ET)

Kingfisher Airlines may lose some of its prime slots in the country’s major airports to rivals as a severe financial crunch forces it to cut flights further weakening its competitive position.(ET)

Reliance Industries (RIL) has challenged market regulator the Securities and Exchange Board of India’s (Sebi) probe into its alleged violation of takeover norms over a promoter stake purchase in 2000.(ET)

Life Insurance Corporation will buy fresh shares in Allahabad Bank and Punjab National Bank that will compensate for the Union government’s inability to invest funds in the lenders, taking the total commitment to Rs.65bn.(ET)



Reliance Communications signed final definitive agreements with three Chinese banks for refinancing its outstanding debts of approximately US$1.18bn that were raised through foreign currency convertible bonds (FCCBs).(BL)

SBI Chairman Pratip Chaudhuri told that the bank has not given any fresh loans to Kingfisher.(BS)

Econet Wireless is seeking at least US$3.1bn in damages from Bharti Airtel in a dispute over ownership of its subsidiary Airtel Nigeria, according to a suit filed.(BS)

Hero MotoCorp has inked an agreement with US-based Erik Buell Racing (EBR) to source high-end technology for developing new products.(BS)

The central government has awarded the Rs8.55bn Bathinda-Jammu-Srinagar gas pipeline project to Gujarat State Petronet Ltd (GSPL).(BS)

Telecom operator Etisalat DB said it is shutting operations, three weeks after the Supreme Court cancelled its licences.(BS)

Maruti Suzuki has said it expects the new Dzire to generate a higher market share in the entry-level sedan market. The company has already fuelled a price war in the segment as the new version is priced around Rs.25000-30000 cheaper than the previous-generation model.(TOI)

Economy Snippets
Prime Minister’s Economic Advisory Council asked the government to rein in fiscal deficit, raise indirect taxes, cut diesel subsidies and check rising current account deficit to bring the economy back on a higher growth trajectory.(ET)

Private power producers sought Government intervention for immediate allocation of gas to projects recommended by the Power Ministry, while seeking a solution to the coal pricing issue.(BL)

Cabinet nod to allow foreign airlines to buy up to 49 % stake in Indian carriers is likely to become a reality only after the Budget. Reason: The government does not want to be seen as favouring any one company. (BS)