Daily News Roundup - June 21 2012

The top four cement makers — ACC, Ambuja Cement, UltraTech Cement and Shree Cement — may have to shell out Rs21.98bn, if the Competition Commission of India (CCI) charges a penalty of eight per cent on the average turnover of the last three years.(BL) Tata group is developing an electric car that is expected to be priced below US$20,000in partnership with France’s Dassault Systemes.(BL) Max India, has shelved plans to build a five-star hotel in Noida’s premium Delhi One project over concerns that upcoming hotels in the city would lead to a glut of upmarket rooms, according to people close to the development.(ET) The ministry of defence (MoD) has chosen a private sector consortium to compete with Bharat Electronics Ltd (BEL), to develop a backbone communications network for the 21st century battlefield. The project is worth an estimated Rs.100bn. (BS) On the heels of sewing the nation’s first gas import deal from the US, GAIL India wants Washington to relax rules so that it can buy more liquefied natural gas (LNG) to meet growing energy needs here. (BS) Jyothy Laboratories will relaunch Henkel’s brands as the merger between the two companies gets going.(BS) Titan Industries is understood to be working extensively on a product roadmap that would pitch it directly against established Indian leather retailers in the organised segment. (BS) Two days after Coal India Ltd (CIL), entered into fuel supply agreements (FSAs) with 27 power companies, some power producers, including Maharashtra State Power Generation Co Ltd (Mahagenco), on Wednesday raised objections against some terms of the pacts. (BS) State Bank of India would cut interest rates on loans for exporters by 25-50 basis points. (BS) Wipro Infotech, launched its new 6-Core AMD FX 6100 processor-based SMB desktop Industrial enzyme maker Novozymes and bio-fuel developer Praj Industries will jointly set up a ‘demonstration facility’ to develop fuels from biomass. (BL) Mahindra, a nascent player in the two-wheeler market, is looking to perk up its market share with a series of launches this year. (BL) Alstom T&D India announced that it has won two contracts worth Rs1.76bn order from Power Grid Corporation of India. (BL) Economy Snippets The All-India Consumer Price Index for agricultural and rural labourers (Base: 1986-87=100) for May increased by five and six points at 638 and 640, respectively.(BL) The finance and power ministries are close to finalizing a new package for the debt-laden power distribution firms, after the RBI and other banks rejected an earlier move to refinance their liabilities.(ET) The Union Cabinet would take up the issue of imposing import duty of power equipment in two weeks. The Prime Minister’s Office that reviewed the matter has asked the ministries concerned to fast-track the matter.(BL) Come October, the life insurance industry may be left with only a handful of products, as the regulator wants companies to ‘refile’ all existing products according to its new product design guidelines.(BS)