Daily News Roundup - March 12 2012

Hero MotoCorp is building in-house capabilities to make its own engines by teaming up with the world's largest privately-owned engine developer, AVL of Austria. (ET)

Tata Motors owned JLR is exploring to push its Jaguar brand beyond the realms of luxury cars and is actively considering introducing a crossover vehicle under the marquee in future. (ET)

Apollo Tyres plans to invest US$400mn to set up two new facilities in East Europe and Brazil in the next 3-4 years as it aims to expand its global footprint. (ET)

Competition Commission of India has again accused DLF of abusing its dominant market position and imposing unfair conditions on home buyers, this time in its high-end residential project Magnolia in Gurgaon. (ET)



Tata Steel has started preparation to begin underground chromite mining at its leasehold area in Sukinda valley in Jajpur district. (ET)

Kingfisher Airlines, which hogged the limelight during the previous two editions of India Aviation, has decided to stay away from the five-day event this time. (BS)

State Bank of India said it will explore the possibility of raising capital through a public offer or from institutional investors next fiscal even as it is getting Rs79bn support from the government by end of this month. (ET)

Amrit Jal Ventures, a power development arm owned by the promoters of Hyderabad-based logistics company Gati, has commissioned its 1 Mw solar power plant at Kadiri in Andhra Pradesh. (BS)

Efforts to utilize the idle capacity by swapping regasified liquefied natural gas with natural gas to partly meet the power demand of industry and other consumers in the state have been stuck midway as Reliance Industries has cited technical issues in transportation of gas. (BS)

Fresh trouble is brewing for JSW Steel Ltd, as the Karnataka government has constituted a SIT to investigate alleged illegalities by receiving overloaded trucks carrying iron ore at its plant in upstate Bellary district. (BS)

Tata Power said it has commissioned the first unit of Mundra UMPP, heralding the use of 800 MW super critical boiler tech in India. (ET)

Economy Snippets
The Reserve Bank of India unexpectedly slashed CRR of banks by as much as 75 basis points to 4.75%, setting the tone for lower interest rates and easier liquidity. (ET)

The government has decided to lift the ban on cotton exports from Monday, just a week after imposing it, buckling under pressure from farmers, traders and politicians. (ET)

The finance ministry has recommended that the proposed company taking over the Rs410bn worth of assets of SUUTI should set aside money to pay investor claims, to ensure that it is wound up. (ET)

India's exports grew at their slowest pace in three months in February because of weakening European demand. Trade data released showed exports rose 4.3% to US$24.6bn in February over a year ago while imports grew faster at 20.6% to US$39.8bn. (ET)