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Friday, February 21, 2014

Daily News Roundup - Feb 21 2014

Cipla and MSD announced an India specific strategic partnership under which the former will have a non-exclusive license to market, promote and distribute MSD's 'raltegravir' 400 mg tablet, an HIV drug, under a different brand name, in the country. (BS)

MCX has decided to exit from the stock exchange venture and an overseas exchange Dubai Gold and Commodities Exchange. (BS)

Diageo has selected Tata Consultancy Services as its new global IT provider. (BS)

Jindal Steel and Power Ltd announced the launch of its new retail brand Jindal Panther TMT rebars, signifying the company’s foray into the retail product segment. (ET)

ABB has won orders worth around Rs3.10bn from Power Grid Corporation of India Ltd to supply power transformers and shunt reactors. (ET)

The Inter-Ministerial Group, which is meeting next week, will not immediately take a call on de-allocation of 10 mines but will give one last chance to companies such as JSPL, Tata Steel and JSW Steel, which are yet to obtain forest clearances to seek green nod within a given time frame. (BL)

Shree Renuka Sugars will sell 257.5mn fresh equity shares to Singapore-based agri-business firm Wilmar International for Rs5.17bn in order to reduce the company's debt. Renuka Sugars said it has entered into an agreement with Wilmar International through its subsidiary Wilmar Sugar Holdings, to facilitate the "investment of about USD200mn" in the primary capital of the company. (ET)

Power Finance Corp and Rural Electrification Corp have disbursed transitional loans worth Rs337bn to state-owned power distribution companies. (BS)

Bharti Airtel will move the Supreme Court of Nigeria against a judgement, dated 14 February, of the Court of Appeal, Lagos that ruled in favour of Econet Wireless of Nigeria. (BS)

Corporation Bank is heading for aggressive expansion in Gujarat by adding 100 branches during the next financial year. (BL)

Economy Snippets
India's GDP growth rate is likely to slightly improve in 2014-15 and clock 5-5.5% expansion on expectations of a normal monsoon and an improvement in manufacturing sector, rating agency Icra said. (BS)

Directorate General of Civil Aviation has revised airline licencing norms which will restrict foreign carriers from taking control of management of domestic airlines. (BS)

Noting that India's growth has slowed markedly and inflation remains stubbornly high, the International Monetary Fund has suggested broader structural reforms to revive growth and raising the long-term growth potential. (BS)