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Tuesday, September 18, 2012

Daily News Roundup - Sep 18 2012


Tech Mahindra announced the acquisition of 51% stake in mobile value-added services provider Comviva Technologies, a Bharti Group company, for ~Rs2.6bn. (ET) Tata Motors Ltd’s global vehicle sales, including that of subsidiary Jaguar Land Rover, rose 13% in August from a year earlier. The company sold 97,225 units during the month. (BS) Reliance Industries Ltd has sought tripling of its KG-D6 gas price from April 1, 2014 after the current below market rate of $4.205 per mmBtu expires. (BL) Reliance Power said its 4,000-MW Sasan ultra mega power project in Madhya Pradesh has been connected to the national grid. (BL) An official panel has recommended that the government should penalise Tata Power and Hindalco Industries for delay in developing a coal block in Jharkhand. (ET) Hindalco Industries has raised Rs99bn to fund its aluminium project in Odisha. (BL) Reliance Infrastructure Ltd, through its subsidiary Reliance Cement Company Pvt Ltd, has launched Reliance Cement. (BL) IDBI Bank plans to raise about US$500mn this week under its Medium Term Notes programme. (BS) Tata Motors expects to sustain its leadership position in the medium and heavy commercial vehicles segment with a slew of new launches. (BL) BGR Energy Systems Ltd has bagged a Rs19bn contract from Damodar Valley Corporation to supply steam generators (BL) Karnataka Bank Ltd has decided to drop plans to raise equity through a rights issue. Instead, the bank will augment the capital by issue of tier-2 bonds. (BS) The Government decided to deallocate one more mine — Gourangdih ABC — jointly given to JSW Steel and Himachal EMTA besides deduction of bank guarantees of two allottees for failing to develop mines within time. (BL) Wockhardt has received approval form the US FDA for marketing 15 and 30 mg delayed release capsules of Lansoprazole. (BL) Welspun Corp Ltd has raised Rs2.5bn by issuing non-convertible debentures. (BL) Economy Snippets The Reserve Bank of India cut Cash Reserve Ratio by 25 basis points to 4.5% which will infuse around ~Rs170bn into the system. (BS) The draft steel policy has pegged the countrys steel making capacity in the range of 244-281mn tons by 2025-26. (BS) The government said it will give three-month time to foreign companies to form their Indian joint venture, with not more than 74% foreign equity, in case they win a licence to offer telecom services in the upcoming spectrum auction. (ET) Engineering exports declined by 9.7% to US$4.67bn in August 2012 due to sluggish demand in markets like the US and Europe.(ET)