Daily News Roundup - Apr 27 2012

MRF has started production at its new plant in Tiruchi (Tamil Nadu). The company has invested around Rs.9bn on the 200-acre plant, which will manufacture a full range of tyres, including truck tyres and radials.. (BL) Power generators who do not have power purchase agreements (PPA) with electricity distribution companies will not get Coal India supplies.(BL) ONGC said it is open to set up more urea and gas-based thermal power plants in the areas it has a presence in the hydrocarbon sector. Mahindra South Africa, an affiliate of Mahindra and Mahindra, will market SsangYong products here, the first country outside India, after M&M acquired a 70 % stake in the Korean car maker last year. BL) Gulf Oil Corporation Ltd and Hinduja Realty Ventures Ltd have performed bhoomi puja for the Rs.18bn special economic zone and mixed use project planned at Yelahanka in Bangalore. (BL) YES Bank, has reduced its ATM expansion target as white label ATMs will be set up across the country. (BL) The Union Cabinet has allowed private banks to raise voting rights to 26% as recommended by a parliamentary standing committee. However, for buying equity stake of above 5%, approval of the central bank will be mandatory.(ET) City-based real estate developers such as Lodha Developers, Runwal Group and Sheth Creators are in talks with DLF, to buy a piece of land here, it is learnt.(BS) Timex India hopes to garner 65 % of its revenues from youth and women segments, from the current 40 %, in the next three years.(BS) Jet Airways will introduce an additional flight between Kolkata and Bangkok from May 10. Jet will add a Boeing 737 for the second daily flight on the route to cater to increased demand in the forthcoming holiday season, the airline said on Thursday.(BS) Sundaram BNP Home Finance, is planning to raise around Rs Rs.27bn during the current financial year, which would help the company in closing the year with Rs.50bn assets under management (AUM).(BS) JSW Steel Ltd said its crude steel output for the March quarter grew 26 % to 2.07 million tonnes over the corresponding period last year.(BL) Economy Snippets Apex industry chambers on Wednesday asked the Government to put aside its political compulsions and push for reforms. Reacting to Standard & Poor's cutting India's rating outlook, industry associations said that India's fundamentals are strong enough to carry a higher debt burden for some time.(BL) The Government may allow only digital cable operators to increase their foreign direct investment limits. The Cabinet Committee on Economic Affairs (CCEA) is expected to take up the proposal of increasing the FDI limit from 49 % to 74 per cent for cable companies as well as Direct to Home (DTH) players soon.(BL) Hailing the successful launch of PSLV carrying Radar Imaging Satellite (RISAT-1), the Prime Minister, Dr Manmohan Singh, today said it was an important milestone in India’s space programme and congratulated the ISRO scientists for displaying mastery of the complex launch vehicle technology.(BL) The telecom department will first examine sector regulator Trai’s recommendations to auction 5 MHz or units of airwaves in the 1,800 MHz band and plans to take up all other proposals submitted by the regulator at a later date,.(ET) The renewable energy ministry is planning to re-introduce incentives for the wind energy sector to allay fears that capacity addition could fall after the sops were withdrawn from April 1.(ET)