Daily News Roundup - Apr 4 2012

The government issued a presidential decree to force Coal India to guarantee long-term fuel supply to private power firms, as it used its discretionary authority to trump independent directors who resisted pressure from the Prime Minister’s Office and said such pacts would harm the company.(ET)

Cairn Energy India Pty Ltd has notified the Government of an oil discovery in the Nagayalanka well in the onshore block of the Krishna-Godavari Basin. (BL)

Damodar Valley Corporation (DVC) has raised Rs.44bn through an issue of 9.3 % 15-year bonds.(BL)



Tractors and Farm Equipment Ltd (TAFE) plans to invest Rs.1.8bn to expand capacity in this fiscal. (BL)

Suven Life Sciences has obtained four product patents, two each from China and Korea. These correspond to the new chemical entities (NCEs) for the treatment of disorders connected to the brain functions.(BL)

Bharti Airtel Ltd is set to become the first operator in the country to launch fourth generation (4G) technology based services.(BL)

The joint venture between Steel Authority of India Ltd (SAIL) and Burn Standard for a wagon components unit is to take shape shortly.(BL)

Bajaj Auto has tightened its hold on KTM Power Sports by buying another 6.3%, taking it stake in the Austrian motorcycle to a little over 47%.(ET)

Honda has for the first time overtaken Bajaj Auto as the second-largest player in the country’s two-wheeler market behind its erstwhile partner Hero by selling 2,429 bikes more than the Indian firm in March.(ET)

CX Partner is in preliminary negotiations to acquire a controlling stake in the Kishore Biyani-controlled nonbanking finance company (NBFC) Future Capital Holdings (FCH).(ET)

After gender discrimination and sexual harassment, L&T Infotech has now been accused of violation of immigration laws, fraud and coverup involving back-dating as well as fabrication of documents.(ET)

A US court in California has granted class action status to a lawsuit against Tata Consultancy Services, which, according to two former employees, refused to return tax refunds besides not paying promised wages.(ET)

HDFC Bank is lending Rs1.5bn to construct the luxurious Kingfisher Towers in Bangalore, which is jointly promoted by Vijay Mallya’s UB Group and Prestige Estates Projects, a local builder.(ET)

Mahindra Lifespace Developers is planning to develop two more integrated business cities apart from its ongoing Mahindra World City projects in Chennai and Jaipur.(ET)

The grand partnership for homeland security between Reliance Industries and Siemens may be coming apart in just six months, even before it could formally take off.(BS)

Reliance Industries Ltd (RIL) and Hindustan Unilever Ltd have got into a tie-up to collaborate in setting up a chain of beauty and wellness formats across the country. Their stated aim is to bring these products to the masses.(BS)

Rural Electrification Corporation Ltd (REC) has signed a loan agreement worth Rs.7bn with the German government-owned development bank KfW.(BS)

YES Bank plans to raise US$75 mn from the International Finance Corporation (IFC) to help expand its network, reach out to small and medium enterprises (SMEs) and agricultural clients, and increase portfolio 3.5 times to $7.7 billion by 2016.(BS)

Stock market investors can look forward to yet another exchange to trade in soon, as SEBI has paved the way for MCX-SX to get permission to start a platform for trading stocks.(BL)

Economy Snippets
The Finance Ministry, which aims to attract US$50-75 bn in the next two years through QFIs, is planning road-shows in five Gulf countries this month-end.(BL)

The Reserve Bank of India wants granular data on import of gold by export oriented units, units in special economic zones/export promotion zones, and nominated agencies/banks.(BL)

The fertiliser ministry is mooting a proposal to raise urea prices by 10%.(ET)

The infrastructure sector could soon have a steady supply of long-term funds if the finance ministry is successful in its bid to get a part of the retirement savings of workers invested in dedicated sector funds.(ET)

The Prime Minister’s Economic Advisory Council has suggested a complex combination of three pricing models to fix retail prices of 348 essential drugs to balance industry’s concerns and public health.(ET)