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Wednesday, February 12, 2014

Corporate Snippets

Vodafone has declined to accept the Finance Ministry’s proposal to initiate arbitration proceedings under Indian law. Instead, it wanted the conciliation to take place under the United Nations Commission on International Trade Law. However, this was rejected by the Cabinet. (BL)

DLF Ltd will get a refund of about Rs6.8bn from the Delhi Development Authority (DDA) for returning a plot of land it had acquired in the Dwarka area to build a convention centre. (BL)

Ranbaxy has denied sabotage at its Toansa (Punjab) factory, which makes active pharmaceutical ingredients (APIs), by workers offered voluntary retirement had led to a ban by the US Food and Drug Administration (FDA). (BS)

Maruti Suzuki India Limited (MSIL), has pinned hopes on its latest hatchback 'Celerio' to reverse sagging sales. (BS)

Tata Global Beverages has unveiled the second phase of the " Power of 49%" campaign which was launched last August. (ET)

Hindustan Petroleum Corp Ltd aims to raise crude imports from Iraq's national oil company by 8 % to about 65,000 barrels per day (bpd) in 2014/15 as it takes up better terms offered by Baghdad. (ET)

Australian construction and contracting firm Leighton Holdings said it has bought Welspun Group's entire 39.9 % stake in its Indian joint venture firm Leighton Welspun for US$99 mn. (ET)

AstraZeneca's decision to close its research and development centre in Bangalore is causing angst amongst biotechnology entrepreneurs in the country who have gained from the ideas and learning that it provided. (ET)

In a first case against a company with foreign stake, a chief judicial magistrate on issued notices against Hershey India Private Ltd (formerly known as Godrej Hershey Foods and Beverages Ltd.) in violation of Biological Diversity Act 2002. (BS)

With on the ongoing debate on tough regulations in the pharmaceutical industry creating concern in the sector, Chairman of Cipla Ltd Yusuf Hamied called for a new pragmatic drug licensing policy in the country to cater to the needs of the Indian population. (BS)

Economy Snippets
India’s trade deficit fell by half to US$9.92 bn in January from US$18.87 bn in the corresponding month last year, with the Government succeeding in cutting down gold and silver imports through higher import duties and other curbs.(BL)

The country’s US$118bn outsourcing industry is projected to perform better next year largely due to improving demand from developed markets, according to Nasscom.The industry body expects export of software and back-office services to grow by up to 15 % this year.(BL)

The Reserve Bank of India (RBI) prescribed caps on banks’ transactions with and exposure to its group entities to restrict concentration and contagion risks. (BS)