Daily News Roundup - Sep 10 2012

The disinvestment department has called in bids from merchant bankers and brokers to sell its stake in public sector companies like Nalco and NMDC, making it the government’s first move this fiscal year to cut its stake in state-run companies. (ET) The Delhi High Court dismissed Hoffmann-La Roche’s suit accusing Cipla of infringing the Swiss company’s patent for its lung cancer medicine Tarceva. (ET) The Supreme Court has ordered the Central Bureau of Investigation to investigate the alleged illegal exports of iron ore by companies such as Adani Enterprises, Salgaocar Mining Industries and Mallikarjun Shipping. (ET) Hershey plans to buy the remaining 49% from its partner Godrej Industries in its Indian joint venture that it does not already own, giving it full control of a chocolate business in one of the world's biggest markets. (ET) The auditors of debt-ridden Kingfisher Airlines have said the air carrier needs to strengthen its internal audit systems and have raised concerns over numerous issues including delayed or no-payment of dues. (BS) Bosch is suspending production at its Jaipur and Bangalore plants on specific days this month with an aim to prevent inventory pile up due to slowdown in domestic commercial vehicle segment. (BS) ONGC Videsh Ltd will acquire Hess Corporation’s 2.72% stake in the Azeri, Chirag and Guneshli (ACG) oil and gas fields in Azerbaijan. (BL) Bharti Infratel, the tower arm of Bharti Airtel, is likely to file a draft prospectus with the market regulator early this week for raising Rs50bn through an initial public offering. (ET) Future Group is merging Future Value Retail, which houses Big Bazaar and Food Bazaar, with Pantaloon Retail, that runs the group’s smaller retail operations, in order to cut operating costs and restore investor confidence. (ET) Indian Bank may come out with a FPO next fiscal if market conditions improve. The board has already given approval for equity dilution to the extent of 10%. (ET) Biocon Ltd is eying Gujarat to set up a manufacturing plant near Ahmedabad. (BS) GSPC Pipavav Power Company Ltd, a subsidiary of state-run GSPC is in the process to raise around Rs4.5bn through equity partnership from private players. (BS) Economy Snippets The Reserve Bank of India will allow domestic entities to invest in Pakistan if they apply for approval, the central bank said in a statement. (ET) The Department of Economic Affairs, an arm of the finance ministry, has told the Inter-Ministerial Group on coal mines that any recommendation to de-allocate blocks should take into account views of the "end-user ministry" as well as financial implications. (ET) The finance ministry has declined permission to Iran’s Parsian Bank to open a branch in India apparently due to security concerns and threat of money laundering. (ET) The finance ministry is coaxing the insurance regulator to double insurers’ equity exposure limit in a company, ostensibly to make disinvestment a success without drawing criticism that state-run entities violate prudential norms to bail out the government. (ET)