Daily News Roundup - Dec 27 2011

The government has decided to regulate natural gas marketing charges levied by companies such as RIL and Gail India to protect domestic consumers. (ET)

TCS is not pursuing the acquisition of Lufthansas IT arm actively anymore on concerns of profitability and hassles of reaching an agreement with the airlines labour union. (ET)

NTPC commissioned the Super Critical Unit 2 of 660MW of NTPC-Sipat Super Thermal Power Project situated in Chhattisgarh, taking its total installed capacity to 36,014MW. (BL)

Bharati Shipyard said its board has approved a Rs28.5bn corporate debt restructuring program. (ET)



Flipkart aims for 10-fold growth in revenue in FY12. (BS)

Havells India has formed an equal JV with Shanghai Yaming Lighting Co in China to sell energy-efficient lighting products in China, India, Europe and Latin America. (ET)

PNB Raises NRE Deposit Rates to 9.25%. (ET)

Government will infuse Rs7.75bn in Bank of Baroda. (ET)

United Bank of India to raise Rs2bn via Tier-II bonds. (BS)

TPG Capital to exit Shriram Transport over the next six to nine months in Rs30bn deal. (BS)

ONGC and the Directorate General of Hydrocarbons (DGH), have given Cairn India the go-ahead to start production from the Bhagyam oilfield, the second-largest find in the prolific Rajasthan block. (BS)

Cairn India has said its third well in offshore Mannar Basin of Sri Lanka has turned up dry. (ET)

NTPC will invite expressions of interest for importing coal on a 10-15 years contract from foreign coal producers. (ET)

Tata Motors is upgrading the starter motor of all old Nano car models to the one installed in its new 2012 free of cost. (FE)

Actis to sell controlling stake in Sterling Hospitals. (BS)
Economy Snippets

The infrastructure sector has expanded by 6.8% in November after a sharp contraction in October. (ET)

Banks have been instructed by RBI not to charge fees from customers who are closing their accounts. (ET)

More than 500 Indian drug companies will have to collectively pay over Rs40bn in dues after a high court shot down their petition challenging penalty notices sent by drug authorities for overcharging. (ET)

A decline in production of coal and iron ore resulted in a reduction in the value of India's mineral output in October this year to Rs145.6bn from Rs145.7bn a year ago. (ET)