Daily News Roundup - Sep 13 2012

Jaiprakash Associates has paid US$523.5mn to bondholders to redeem foreign currency convertible bond that was raised in 2007. (ET) The district collector of Angul has ordered an investigation into allegations that Jindal Steel and Power is illegally drawing groundwater for its upcoming power plant in the district. (ET) Jaguar Land Rover, a Tata Motors company, has invested £370mn to upgrade its manufacturing facilities in the United Kingdom. The investment would help the company to increase productivity as it prepares to launch the fourth generation Range Rover across 170 countries. (BL) The flagship index of the MCX Stock Exchange will be known as "SX-40", Vice-Chairman said. The SX-40 will be a free-float-based index of large market-cap and liquid stocks representing most importing sectors. (BL) State Bank of India is set to expand its staff by 10% over the next one year. The bank is planning to add 20,000 personnel across both the officer and clerical cadres. (BL) Tech Mahindra has set up three laboratories for Long Term Evolution technology, one in Delhi and one each in Pune and Bangalore. (BL) Securities Appellate Tribunal has directed International Paper Company to pay the non-compete fee of Rs130.73 a share to public shareholders in the AP Paper Mills open offer case. (BL) VA Tech Wabag Ltd has received an order worth Rs800mn from the Surat Municipal Corporation for upgrading its existing 120mn litres per day sewage treatment plant and augmenting it up to 162mld. (BS) Oil marketing companies expect the government to increase petrol prices since the industry is incurring a huge loss daily and the borrowing powers are limited, according to RS Butola, chairman of Indian Oil Corporation Ltd. (BS) Ashok Leyland is expecting full capacity utilization of its facility at Hosur for Dost, the light commercial vehicle under the joint venture with Nissan, by next fiscal year. (BS) Aurobindo Pharma Ltd has received final approval from the US Food and Drug Administration to manufacture and market Escitalopram Oxalate tablets, indicated for treatment of depression associated with mood disorders. (BS) L&T Construction has bagged orders worth Rs10.65bn which include two major EPC projects in the Petroleum, Chemicals, Petrochemicals Investment Region of Dahej. (BS) Economy Snippets A new road map for fiscal consolidation worked out by a committee headed by Vijay Kelkar envisages pruning fiscal deficit to less than 5% of the GDP by 2013-14 to put the economy in a better shape. (ET) Data from the Central Statistical Office showed industrial output as measured by the index of industrial production expanded just 0.1% year-on-year in July, better than the 1.8% contraction in June. (ET) The Union Cabinet, which will meet on Friday, is expected to approve a proposal of the finance ministry to sell stakes in five PSUs, as the government scrambles to meet a target of Rs300bn set in the Union Budget. (ET) The Union Ministry of Environment and Forests suspended environment clearances for all the 93 mining leases in Goa, asking the mine owners to submit relevant documents. (ET) The Reserve Bank of India has allowed corporates to hedge their foreign currency loans through currency options. (ET)