Daily News Roundup - Oct 10 2011

Maruti Suzuki India dismissed 10 workers, terminated five trainees and suspended 10 employees in connection "with the strike and violence at the Manesar factory premises. (ET)

With an aim to first satisfy the domestic demand for its newly- launched sports utility vehicle XUV500 model, Mahindra and Mahindra proposes postponing its export plans. (ET)

Ahead of a GoM meeting to finalise Air India's financial restructuring plan, the US Exim Bank has decided to give loan guarantees of US$1.3 bn to support the airline's fleet acquisition from aerospace company Boeing. (ET)

PFC is hoping to raise nearly Rs168bn crore in the coming months through issue of securities, including tax-free bonds. (ET)

HPCL is likely to acquire a oil and gas block in Africa through its subsidiary, Prize Petroleum. (BS)

The Videocon group has urged the Mamata Banerjee-led Trinamool Congress government to facilitate the acquisition process for speedy implementation of its Rs200bn steel and power plants in Burdwan district. (BS)

South Africa Coal Mining Holdings (SACMH), the mining company owned by JSW Energy has increased the production of coal by six –fold. (BS)

DLF Ltd has appealed to the Competition Appellate Tribunal (Compat), challenging an order by competition watchdog CCI to pay a Rs6.3bnre penalty for "abuse" of its dominant market position in the country’s real estate business. (BS)

Irked by delays in the divestment of sick state-run company Scooters India, Rajkot-based three- wheeler maker Atul Auto says if no headway is made in the next month, it will start to look at other options, including an entry into the four-wheeler commercial vehicle segment. (BS)

Tilaknagar Industries Ltd announced that it has acquired the Punjab-based bottling unit, Punjab Expo for Rs 55 million. (BS)

Skoda Auto is betting big on India as one of its key growth drivers in the future. (BL)

Bolivia is threatening to end the government's contract with India's Jindal Steel & Power Ltd over its alleged failure to meet investment commitments in a huge iron ore mine. (ET)

Leading iron ore exporter Pisces Exim India has drawn up a Rs 10bn expansion plan that involves buying mines in the country as well as outside. (ET)
Economy Snippets

Spices exports in value terms rose by 26 % to Rs 33.65bn in April-August this fiscal on the back of increased realisation from cardamom (small and large) and ginger. (ET)

Slowdown in demand, short-supply of raw materials, volatile commodity prices, overleveraged balance sheets, and rising interest rates, among others, are increasingly driving Indian companies to seek debt restructuring. (BL)

The infrastructure sectors, including coal, fertiliser, natural gas, highways and railways, could not meet the set performance targets for April-July period this fiscal, says a government report. (FE)

The airports regulator is on a collision course with the Ministry of Civil Aviation (MoCA) over the issue of tariff determination at airports — the charges private operators can levy on airlines and passengers, which in turn will determine profits they can make. (FE)

Finance Minister Pranab Mukherjee expressed concern over costlier vegetables, fruits and milk pushing up food inflation to 9.41 % for the week ended September 24, and said he has been in constant touch with the RBI on how to rein in the rate of price rise. (FE)

Unfazed by Chinese threats, Vietnam President Truong Tan Sang said India and other foreign nations were welcome to explore hydrocarbons in areas within his country's jurisdiction, as he sought to deepen strategic and defence ties with New Delhi. (ET)

The Prime Minister, is scheduled to meet the Union Ministers of Health, Commerce and Finance, to underline the growing concern over "health security" and the "strategic" importance of the pharmaceutical sector in keeping medicines affordable in the country. (BL)