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Monday, February 17, 2014

Daily News Roundup - Feb 17 2014

Bharti Airtel, is set to buy Loop Mobile for about Rs7bn. Under the deal, besides subscribers, Bharti will take over the towers and other network assets of Loop. (BL)

JSW Steel has opposed removing an export duty of 5% on iron ore pellets. In fact, it wants this raised to 30%. (BS)

Piramal Enterprises, has decided to stop all services under its non-banking finance company, Piramal Finance. The latter is to merge with Indiareit Fund Advisors, the real estate venture capital fund of the conglomerate. (BS)

Biocon and US generic drug maker Mylan have challenged Delhi High Court’s interim order which barred them from using Swiss drug innovator Roche’s data to sell their jointly developed biosimilar version of breast cancer drug Trastuzumab. (ET)

The Bajaj Auto management claims "some of the union activists are sabotaging machinery/ equipment, causing deliberate production loss" and "creating an atmosphere of terror by agitations in the plant". (BS)

VE Commercial Vehicles Ltd (VECV) is revving up export plans from India and exploring new global markets, aiming up to 15% of total sales to come from overseas within five years. (BL)

Idea Cellular claims it does not need more to grow its voice business. It says it is expecting its data usage and subscribers to swell manifold and is ready with ‘raw material’. (BS)

The Centre might issue show-cause notices to companies, including the SAIL, Tata Steel, Essel Mining, Jindal Steel and Power and Odisha Mining Corp that hold 75 leases where illegal mining of iron and manganese ores was found by the Shah Commission. (BS)

Vodafone India has said the mobile telecom industry has reached a point where annual tariff increases are needed to sustain itself. (ET)

The SEBI has served a notice on Etihad Airways for alleged violation of the takeover code regulations while acquiring 24% stake in Jet Airways. (BS)

Economy Snippets
According to "2014 Global Life Sciences Outlook" by consultancy firm Deloitte pharmaceutical sales in India are expected to rise 14.4% to US$27bn in 2016 from last year, but the life sciences and health care industry is up against challenges such as quality management and meeting global standards. (ET)

The rural development ministry will soon come out with a new base and revised index for determining wages under its flagship rural job guarantee scheme, according to an official. The move will address the concerns of at least a dozen states where NREGA wages are lower than the notified minimum wages for agricultural labourers. (ET)

Country's peak power deficit was 5,378 MW or 4% in January 2014. (BL)