Daily News Roundup - June 13 2012

Maruti Suzuki India Ltd approved a proposal to merge group unit Suzuki Powertrain India Ltd with itself. (BS) Mahindra Satyam will soon finalise its legal course of action on the Rs12.3bn claims by IL&FS Engineering and Construction Company. (BS) The first phase of the proposed 6mt greenfield steel project of Tata Steel at Kalinga Nagar in Jajpur district will be ready by March 2014. (BS) Ashok Leyland is targeting 5 country clusters — West Asia, Africa, CIS, Asean and Latin America — to either export to or start local operations. (BL) Coromandel International will commission its Kakinada plant expansion by the second half of this fiscal. (BL) JSW Steel recorded a 25% increase in crude steel production in May at 7.24 lakh tonnes against 5.77 lakh tonnes recorded in May 2011. (BL) Ashok Leyland plans to raise up to Rs7.5bn to finance the capital requirements of the company. (BL) Tata Communications is planning to acquire another 2.5% stake in South African telecom firm Neotel for US$18mn. (BL) State Bank of India SBI expects the RBI to cut the CRR by 1 % point to boost economic growth and improve the bottomline of banks. (BL) Jacob Ballas India Fund and IFC are collectively buying 22-24% stake in Fortis Healthcare-owned Super Religare Laboratories for Rs3.7bn. (ET) Petronet LNG plans to raise about US$1bn in debt this year to expand its import capacity. (ET) Economy Snippets Index of Industrial Production for April 2012 comes in at 0.1%. (ET) NRIs deposited a record US$3.2bn into bank deposits in April. (BS) The Finance Ministry has asked the Registrar of Companies (RoC) to probe the accounts of chit funds companies and certain multi-level marketing firms. (BL) The Petroleum Ministry, has recommended that an excise duty of Rs0.17mn should be imposed on small cars, while medium and larger diesel-run vehicles would attract Rs0.255mn. (BL) Indian refiners plan to further cut import of Iranian oil although the country has been exempted from US sanctions, oil industry executives have said (ET) Failure to repay one bank could result in an account being classified as a bad loan by all banks, according to guidelines issued by the finance ministry. (ET)