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Friday, February 14, 2014

Daily News Roundup - Feb 14 2014

United Bank of India either deliberately or unintentionally hid bad loans as its automated system to detect payment defaults was non-functional for over 2 years, says a Deloitte audit. (ET)

Infosys is setting out on a major talent hunt in global B-schools, hoping to recruit 200 MBAs in the US, Europe and Asia-Pacific. The move will help beef up its business consulting practice and also intensify its client engagement. (ET)

Reliance Jio Infocomm has entered the voice segment for the first time and bought more airwaves for fourth-generation services, this time in the 1800 MHz band in 14 service areas for around Rs110bn. It has bought five or more MHz in each of the circles, which is a necessity for 4G. (ET)

Bharti Airtel acquired 115 MHz of airwaves in 15 circles in the 1800 MHz band and three circles in the 900 MHz bands for a total of Rs185.3bn. Vodafone India grabbed airwaves in 11 circles in the 1800 MHz band and improved its 900 MHz spectrum holding with a total payout of Rs196bn.

Essar Group’s Aegis is close to acquiring two companies, its chief executive officer said. While one of the targets will be from Britain, the company did not divulge the geographical location of the other firm, which will be in the non-voice category. (ET)

TCS will beat Nasscom's growth guidance of 13-15% for FY15, CEO N Chandrasekaran said. (BS)

Following the Office of Fair Trading of the UK’s directive, United Spirits Ltd would have to sell at least 70% of its scotch whisky subsidiary Whyte & Mackay. It is understood USL is planning to raise about US$800mn through the sale and is close to appointing bankers for the transaction. (BS)

Tilaknagar Industries, maker of Mansion House and Courrier Napoleon brandies, is in the advanced stage of discussion with Tamil Nadu-based Indian made foreign liquor maker Imperial Spirits. (BS)

Days after receiving the draft report from Deloitte on restructuring of state-owned Coal India, Union Coal minister raised questions over the rationale behind the proposal, indicating he would prefer shelving the plan. (BS)

Sun Pharmaceutical Industries has further revised its growth projection to 29% for the year ending March 2014, up from 25% earlier. (BL)

Essar’s Mahan Coal Ltd has received the stage II forest clearance from the Ministry of Environment and Forests for the coal block in Madhya Pradesh subject to conditions. (BL)

Economy Snippets
A person can’t be an independent director in more than seven companies and cannot accept stock options, according to new rules issued by the SEBI. The SEBI board also made it mandatory for companies to disclose CEO compensation. (ET)

India’s telecom spectrum auction raised Rs611.62bn after 10 days of fierce bidding, falling just short of the amount bid for 3G airwaves in 2010. (BL)

The Union Cabinet has cleared the revised Civil Aviation Authority Bill, incorporating the changes recommended by the standing committee on transport, tourism and culture. (ET)

RBI governor has suggested that the government reduce expenditure on subsidies and raise energy prices, saying such a move will help in the fight against inflation. (ET)

The ministry of rural development will be asking for another Rs10bn to complete the Socio Economic and Caste Census that’s already about three years overdue and is likely to take longer. (ET)