Daily News Roundup - Apr 11 2012

Coal India Ltd overstated its manpower productivity for five years between April 2006 and March 2011 according to the leaked draft report of the CAG. (BS)

GMR Infrastructure has finalised plans to raise debt of Rs54bn from IDBI to finance its recently won highway project between Rajasthan and Gujarat. (BS)

Reliance Industries Ltd is evaluating provisions of the Arbitration Act to take forward its claim to resolve the cost-recovery issue in the KG-D6 block. (BS)



The JV agreement to be signed between the Orissa government and GAIL for Rs50bn natural gas pipeline is set to be finalised soon. (BS)

The TDSAT rejected the pleas of Etisalat DB and S Tel that questioned it’s jurisdiction over R-Infra, which is claiming Rs15bn dues from the two telecom operators. (BS)

Oriental Bank of Commerce slashed base rate by a marginal 0.1% while fixed deposit rates on select maturities by up to 0.5%. (BS)

Airtel rolls out 4G, to offer high speed Internet services. (BL)

The combined entity resulting from the merger of Tech Mahindra and Satyam Computer Services may hire as many as 10,000 new employees in the current fiscal year. (ET)

The Sebi has moved the SC seeking a stay on a Bombay HC order which set aside the regulator’s order rejecting MCX-SX’s application to operate as a full-fledged stock exchange. (ET)

Indraprastha Gas moved the Delhi HC challenging the order of PNGRB, to immediately cut the price of piped cooking gas and CNG sold to automobiles and to return certain alleged over-recovery to the consumers. (FE)

Economy Snippets
The Cabinet approved a proposal of the department of telecommunications to seek a presidential reference on certain issues pertaining to the Supreme Court judgment in the 2G telecom spectrum case. (BS)

Passenger car sales in the domestic market during 2011-12 had their slowest growth in two years, of only 2.2% to 2.02mn units. (BS)

FIIs will not require government approval to invest up to 23% in commodity exchanges. (BS)

Government moves Cabinet note on FDI in aviation. (BS)

India pitches for higher ratings from global agency S&P’s on the back of good economic growth prospects, higher revenue generation and efforts to contain fiscal deficit. (ET)

The power ministry said it will set up two more ultra mega power projects in Orissa. (FE)