Daily News Roundup - July 14 2011

Motherson Sumi Systems will acquire an 80 % stake in Germany's Peguform Group from Cross Industries AG for an undisclosed sum. (ET)

Allahabad Bank has decided to engage four arrangers, including JP Morgan to raise US$500 mn in medium-term notes overseas to fund its burgeoning Hong Kong business. (ET)

Bajaj Finance expects to launch a share sale to qualified institutions to raise as much as Rs3.6bn in the September quarter. (ET)



Tata Power has inked a pact with Maharashtra government for the rehabilitation and resettlement package related to the utility's proposed 1,600 MW thermal power plant in Raigad. (ET)

Power Finance Corp is in advanced talks with Nuclear Power Corporation of India for lending Rs120bn to set up two atomic plants in Gujarat and Rajasthan with a total capacity of 2,800 MW. (ET)

Dr Reddy's Laboratories has received the final approval from the USFDA to launch Fondaparinux Sodium injection, used for treating and preventing deep vein thrombosis. (ET)

Persistent Systems announced the launch of PaxPro in India, a comprehensive suite of brand lifecycle management (BLM) solutions for CPG, beverages, pharmaceutical and health and beauty industries. (BS)

Indian Bank plans to add 400 new branches this fiscal, adding to theexisting network of 2,184 branches. (BS)

Larsen & Tourbo's Construction Division is moving into its next phase, one in which the company hopes to more than double its turnover in the next four years. (BL)

NIIT Technologies will form a joint venture with US-based media group Morris Communications, to offer IT services to the media and publishing businesses. (BL)

Gravita India will acquire 80 % stake in Jammu and Kashmir based Metal Inc, Kathua. (FE)

Austrian sports bike maker KTM will launch its first motorcycle, jointly developed with Bajaj Auto Ltd in India at the Auto Expo to be held in the capital early next year. (ET)
Economy Snippets

India's fuel demand may rise 3.8 percent in 2012 led by diesel and gasoline: International Energy Agency. (ET)

After suggesting prescription for direct transfer of fuel and fertiliser subsidies, the Nandan Nilekani task force will now come out with measures to reform the crumbling public distribution system (PDS) that will involve direct transfer of food and kerosene subsidies. (ET)

With revenues under pressure and market conditions not favouring disinvestment, the Finance Ministry is putting pressure on the Telecom Department to go in for a fresh round of broadband spectrum auction this fiscal. (BL)

Worried over industrial slowdown and sluggish growth, Indian Inc today asked the government to announce policy measures to boost manufacturing sector and urged the RBI to refrain from further hiking the key interest rates. (FE)