Daily News Roundup - Dec 8 2011

Maruti Suzuki plans to start exporting select models as completely knocked down (CKD) kits, beginning with its new multi-passenger vehicle Ertiga, which it plans to launch at the Auto Expo in Delhi next month. (ET)

SKS Microfinance Ltd, which has been hit by the Andhra Pradesh microfinance crisis, is now facing collection-related problems in parts of West Bengal and Gujarat. (BL)

IDBI Bank underwrote two credit default swap transactions in respect of REC and IRFC bonds held by ICICI Bank, thus becoming the first public sector bank to enter into such a transaction for managing credit risks associated with Indian corporate bonds. (BL)



Container Corporation of India has drawn up a Five-Year Plan to set up a network of 13 multi-modal logistics park that can handle both domestic and exim traffic across the country. (BL)

ONGC Videsh Ltd, the foreign arm of ONGC, expressed interest in taking at least 20% stake in the Sakhalin-3 oil and gas fields and importing liquefied natural gas from Russia. (BS)

Nalco is still awaiting allotment of land and water by the Orissa government for its proposed 0.5mn tonne aluminium smelter plant involving an estimated investment of Rs160bn. (BS)

Wipro Infrastructure Engineering, the hydraulics business arm of Wipro Limited has signed a joint venture contract with Kawasaki Heavy Industries to set up a manufacturing facility for the manufacture of hydraulic pumps for excavators. (BS)

About 11 pilots have already left to join IndiGo despite threats of legal action by Kingfisher. (ET)

The government has decided in principal to accept the demand of BSNL to surrender broadband wireless spectrum. (FE)

BIFR has directed Tata Steel to submit a draft rehabilitation scheme to revive Kolkata based Incab Industries Ltd that also has a unit in Pune. (FE)

Bayer’s healthcare unit has settled trademark infringement cases with Cipla and Vanuatu-based website operator Archipelago Suppliers concerning the German drugmaker’s pet products. (FE)

Coal India has lowered its production target for the ongoing financial year to atleast 440mn tones from the estimate of 452mn tones in its annual plan. (FE)
Economy Snippets

The UPA government confronted some grim economic numbers. The total subsidy bill for the year 2011-12 could exceed the estimates by up to Rs1,000bn or 70% which could widen fiscal deficit to as much as 5.7% of GDP. (ET)

Domestic air passenger traffic for April-September 2011 registered a growth of 18.8% from the corresponding period last year. (ET)

Coffee Board projects coffee exports for the current financial year to fall to 0.24-0.25mn tonnes from 0.294mn tonnes in the previous year. (BL)

The industry ministry has notified the changes in the foreign direct investment regime for the pharmaceuticals sector approved by the union cabinet. (ET)