Daily News Roundup - Oct 12 2011

Real estate major Unitech Group has dragged its telecom parter Telenor to the CLB alleging mismanagement in operations of the joint venture by the Norwegian partner, giving another twist to the already strained relation between them. (ET)

As the tool down strike by Bosch employees over the issue of outsourcing here entered the 14th day, the company management on Tuesday accused the workers of blocking the entry of its executives into the factory. (ET)



NMDC will conduct an e-auction for the sale of 3 lakh tonnes of iron ore to steel and allied industries in Karnataka, which are struggling to keep their units operational due to an acute shortage of the raw material. (ET)

Life Healthcare, South Africa's second-largest hospital chain, is acquiring a 26% stake in Analjit Singh-led Max Healthcare for Rs 5.16bn. (ET)

Jindal Aluminium Ltd is setting up a new plant in Bangalore to manufacture aluminium sheets and foils as part of its diversification strategy and it will invest Rs4.5 bn. (BL)

Granules India Ltd has received an approval from the US Food and Drug Administration for its abbreviated new drug application for Naproxen Sodium, a non-steroidal anti-inflammatory drug. (BL)

BEML Ltd announced its entry into dredging starting with a technology tie-up with a Netherlands company, Vosta LMG. (BL)

Canara Bank has ushered in the festival season by bringing down the rates of interest on housing loans and home improvement loans by 50 basis points across all slabs and tenures. (BL)

The Burman family, promoter of Dabur India, is likely to buy less than 26 % stake in the Indian unit of Portuguese investment banking and securities firm Espirito Santo. (BS)

Aurobindo Pharma has become the first major generic drug maker to gain royalty-free production and supply rights for five AIDS medicines through an agreement with Geneva-based Medicines Patent Pool. (BS)

Rajesh Exports, is looking at raising a debt of Rs30bn for expansion in the gold jewellery retail sector. (BS)

IOC plans to increase its expenditure on research & development (R&D) by 40 % to Rs.3.5bns for the next three to four years. (BS)

Suzlon Energy said it has received an order from Sri Lankan group Senok to supply wind turbine generators. (ET)
Economy Snippets

Government is "seriously" considering to raise the 51 per cent cap in foreign direct investment (FDI) in single-brand retail business, Commerce and Industry Minister Anand Sharma said today. (ET)

The Commerce and Industry Ministry is making efforts to ensure the availability of dollar credit to exporters. (BL)