Daily News Roundup - Apr 13 2012

Japan’s Mitsui Sumitomo will buy 26% stake in Max New York Life for Rs27.31bn. (BS)

Glaxosmithkline and generic player Teva Pharma, are in separate discussions to acquire the domestic business of Micro Labs. (BS)

ABB has won a contract worth Rs750mn from Delhi Metro Rail Corporation to provide power solutions for a planned metro rail network for Jaipur. (BS)

Adani Ports and Essar Ports are in the race to build the Rs36.83bn mega container terminal at Chennai Port. (BS)

Maruti Suzuki India said it will hire 500 workers in this financial year for the second unit at Manesar facility. (BS)



Suzlon Group-subsidiary REpower UK said it has signed a contract to supply turbines to a wind farm for Renerco’s Cotton Farm in Cambridgeshire, England. (BS)

IDBI Bank plans to raise between US$750mn-US$1bn through sale of foreign-currency-denominated bonds and loans in the current financial year. (BS)

The Company Law Board allowed Unitech’s plea to refer the dispute over its telecom JV with Telenor, Uninor, for arbitration to a Singapore court. (BS)

Trafigura Pvt Ltd will invest US$250mn in Nagarjuna Oil refinery, and storage facilities. (BL)

Maruti Suzuki has launched the ‘Ertiga' Multi-Purpose Vehicle with prices starting at Rs 5.89 lakh for the base petrol variant, going up to Rs 8.45 lakh for the top diesel model. (BL)

Moody's has downgraded the local currency ratings of ONGC and GAIL. (ET)
The January industrial growth figure was drastically revised down to just 1.1% against the earlier 6.8%. (BS)

Industrial production slowed to 4.1% in February, primarily owing to a poor show by the manufacturing sector and the consumer goods segment. (BS)

The issue of allowing foreign airlines to buy up to 49% stake in Indian carriers, mostly cash-starved, is likely to come up before the Union Cabinet in the next few weeks. (BS)

To make public procurement transparent and corruption-free, the Union Cabinet approved the Public Procurement Bill, 2012, which seeks to regulate government purchases of above Rs5mn through a bidding process. (FE)

Coal and lignite will cost more as the Cabinet Committee on Economic Affairs has approved a proposal to charge royalty on ad-valorem basis or based on the market value of the mineral. (FE)