Daily News Roundup - Oct 14 2011

As a "temporary arrangement" to meet the supply-shortfall to the power sector, Coal India Ltd will divert 4 mn tonnes (mt) of monthly quota for e-auction to generation utilities in October. (BL)

Aurobindo Pharma Ltd has received final approval from the US Food & Drug Administration to manufacture and market Gabapentin tablets. (BL)

Hyundai Motors launched a small car, the Eon, costing between Rs0.269mn and Rs0.371mn (ex-showroom Delhi). This is Hyundai's first foray into the lowest end of the auto market.(BL)



Nitesh Estates plans to launch four million sq ft of development in the next three-six months with a project outlay of Rs8bn.(BL)

Kumar Mangalam Birla seems to have finally agreed to go ahead with the long-awaited merger of the cement business of Century Textiles, owned by his grandfather B K Birla, with UltraTech. (BS)

Moser Baer Clean Energy Limited (MBCEL) is looking to set up 200 megawatt (Mw) solar power capacities in India in next one year with 95 Mw to be set up in Gujarat.(BS)

HCL Infosystems launched a new device, the ME-X1, at a competitive price point of Rs 10,490. According to the company, the tablet, which runs on Google's Android operating system, offers "localised content".(BS)

AV Birla Group's Essel Mining is in close talks to buy Flinders Mines of Australia valued at around US$300mn for it's inferred iron ore reserves of 750 mn tonnes in the Pilbara Iron Ore Project. (ET)
Lupin launched the generic version of Watson's Fortamet despite an impeding patent suit against Lupin in the US. (ET).

Dynamix Balwas Group's DB Hospitality, in which DB Realty recently picked up 49% stake, is planning to raise over Rs10bn by selling stake either in the hotel company or any of its three operational and eight under-construction properties, said sources close the development.(ET)

Bharti Airtel is learnt to have identified vendors for rolling out its broadband wireless services in four circles it bagged in a government auction last year..(ET)

Essar Steel Ltd has successfully commissioned a Corex module, with a capacity of 0.87 MTPA, as part of its expansion programme for increasing steel production capacity from 4.6 MTPA to 10 MTPA at its Hazira complex in Surat district of Gujarat.(BL)

Volvo Buses said it would invest about Rs4bn in a new plant as well as expand its existing facility near Bangalore.(BL)

The Reserve Bank of India (RBI) will now regulate India Infrastructure Finance Company Ltd (IIFCL). (BL)

Garware Motors launched the 650cc Hyosung GT 650N (Naked) sports bike, priced at Rs0.439mn (ex-showroom, Delhi).(ET)
Economy Snippets

As many as 29 key thermal power stations are operating with coal stocks of less than four days. The generation at these add up to 41,022 MW, or nearly half the installed coal-fired power generation capacity of 99,503 MW. (BL)

Profit-making central public sector companies (CPSUs) can now buy raw material assets from abroad without seeking Cabinet nod. (BL)

The Cabinet Committee of Economic Affairs (CCEA) has cleared a proposal for mandatory digitisation of TV services for all urban areas by 2014. (BL)

The government has approved amendments in two banking lawsto allow banks to recover their dues and deal with their non-performing loans effectively without compromising borrowers' rights.(ET)