Daily News Roundup - Sep 4 2012

Tech Mahindra is on the verge of announcing the acquisition of Hutchison Global Services, the India back-office unit of Hutchison Whampoa, for around US$100mn. (ET) Banks with rising bad loans are preparing to drive out firms such as Southern Petrochemical Industries Corp, India Cements, Nagarjuna Fertilizers and Essar Oil out of corporate debt restructuring so they can charge higher rates. (ET) Wipro has poached senior Infosys executive Shaji Farooq, who was overseeing its largest industry vertical in the most important market for software companies. Wipro has appointed Farooq the global head for new technology areas. (ET) Reliance Cement, a subsidiary of Reliance Infrastructure, has commenced production from its first manufacturing unit at Butibori in Maharashtra nearly five years after its inception. (BL) Tata Motors expects to improve its market share in the pick-up truck segment following the launch of Xenon variants. (BL) Coal India has chalked out a whopping Rs.594bn capex programme for the current Five Year Plan period ending March, 2017 including Rs250bn for overseas acquisitions. (BL) Wockhardt said it has received final approval from the US health regulator for marketing generic bupropion hydrochloride tablets used for treating depression and is launching the product immediately. (BL) SFIO has received complaints about alleged violation of corporate governance and other norms by textile major S Kumars Nationwide and the matter is being examined by the Registrar of Companies, the ministry of corporate affairs said. (ET) Dabur India said it has roped in Bollywood actor Priyanka Chopra as the brand ambassador for its new look Dabur Amla Hair Oil. (ET) Reliance Power has started producing coal at two mines attached to its 4,000MW ultra-mega power project at Sasan. (ET) Ashok Leyland has reported a 9% drop in sales (excluding light commercial vehicle) in August, at 6,597 units, as compared to 7,218 units, during the same month last year. (BS) Suzlon Group subsidiary, REpower Systems SE, has signed a US$268mn contract with Meridian Energy Limited to supply 64MM 92 wind turbines, each with 2.05 MW of rated power, to the Mt Mercer wind farm. (BS) Economy Snippets The Supreme Court has directed resumption of operations by 18 mining companies in Karnataka on the basis of the recommendations of the Central Empowered Committee. (ET) The finance ministry has suggested that state run companies should allocate to their employees up to 5% shares of the disinvestment offer size, a move aimed at addressing a longstanding concern of these companies. This will also boost the government’s disinvestment program. (ET) India Meteorological Department expects rainfall deficiency to come down further with rains in the first week of September expected to be good. IMD chief LS Rathore said there has been no impact of El Nino on the monsoon till now. (ET) The petroleum ministry plans to raise diesel rates by Rs4-5 per litre after the Parliament session ends on September 7 as oil firms’ revenue loss has soared to almost half the retail price, but it expects stiff resistance from the ruling coalition. (ET)