Daily News Roundup - Dec 12 2011

Videocon will invest over Rs1bn next year in R & D and in enhancing manufacturing capacities. (ET)

Maruti Suzuki is likely to defer its proposed investments in Gujarat as rising interest rates and fuel prices in a cooling economy force prospective buyers to retreat. (ET)

M&M plans to set up an assembly plant in South-East Asia and is eyeing markets in Thailand, Indonesia and Malaysia. (ET)

Coal India plans to install GPS-based movement tracking system to increase output at its major mines. (ET)



Maruti Suzuki's popular brand, Swift, may soon be expanded to three body styles from two and the launch is expected in February. (BL)

BEML Ltd and the Combat Vehicle Research and Development Establishment have jointly set up a technology centre inside the latter's campus at Avadi, in the suburbs of Chennai. (BL)

GAIL (India) Limited has contracted for a supply of 3.5 million tonnes a year LNG with Sabine Pass Liquefaction, LLC, a subsidiary of Cheniere Energy Partners, LP, of the US. (BL)

Tesco Plc has put off its plans to set up cash-and-carry stores in the country for now. (BS)

Central Bank of India has shed around Rs50bn of high-cost deposits in the first half to protect its net interest margin. (BS)

SBI has suggested to the government that his bank would settle for interest of Rs35bn on the CRR in lieu of additional capital. (FE)

Essar Oil said that the company was planning to build a 5-7.5 million tonne-a-year oil refinery in Uganda. (FE)

BPCL is planning Rs180-Rs200bn investment over the next five years for setting up a petrochemical plant and expansion of the Kochi refinery. (FE)

RIL is currently selling two to three million tonnes of petroleum products a year to Africa and sees potential for more, P Raghavendran, president of refinery business, RIL, said. (FE)
Economy Snippets

Law Ministry has said that power distribution companies cannot prevent the bulk consumers from purchasing power from elsewhere. (ET)

Leaders of domestic traders associations have opposed the Government's proposed move to delink FDI in single brand retail from the controversial multi-brand sector. (BL)

Government plans merger of more regional rural banks. (BL)

Government may face Rs250bn direct tax shortfall in 2011-12. (BS)

The Centre has made it mandatory for bulk consumers to source power from the free market. (FE)

The government admitted to a goof-up in export numbers reported — they were overstated by a good US$9.4bn during April-October. (FE)

The government officially revised its GDP growth estimate for 2011-12 to 7.5% from 9% (FE)

The civil aviation ministry has agreed to the proposal of allowing foreign carriers to buy 26% stake in private airlines. (FE)

"A 13-member delegation of business leaders is visiting Sri Lanka on December 12 for exploring opportunities for investments especially technology partnerships, tourism and infrastructure connectivity," said CII. (FE)