Daily News Roundup - Sep 6 2012

Siemens Home Appliances plans to set up a manufacturing plant for its washing machines near Chennai. (BL) Infosys’ business process outsourcing (BPO) arm said that the company will hire 8,000 more people by end of this financial year. (BL) Undeterred by a recent setback in Bolivia, Jindal Steel and Power Ltd (JSPL) announced the acquisition of Canada’s CIC Energy Corp for Rs.6.5bn. (BL) Hero MotoCorp said that the inventory levels are running high with dealers with demand being slow, but it expects strong festive season demand to clear it. (BL) Bharat Heavy Electricals Ltd (BHEL) said it has joined hands with the Republic of Tajikistan to set up a 100-MW hydro electric power unit in Tajikistan. (BL) Coal blocks de-allocated on the recommendation of an inter-ministerial group (IMG) following its three-day meeting starting will be handed over to Coal India, sources said. (BL) ICICI Bank plans to repatriate a large part of its capital from its UK arm as its business growth there has slowed significantly due to the economic turmoil in the euro zone and a stringent regulatory environment.(BS) Reliance Infrastructure Ltd (R-Infra) Chairman Anil Ambani has formally announced the company’s exit from the Rs.51bn Worli-Haji Ali sea-link project. (BS) With the monsoon picking up after a slow start, tractor-major Escorts is expecting the industry to end the current fiscal on a high, registering a 10 % growth from the third quarter onwards. (BS) Neyveli Lignite Corporation (NLC) is planning to increase its raw lignite sales to over 1 million tonnes which is almost double that compared to last year. It will earn Rs.2bn under this head alone. (BS) MCX-SX, the new entrant to go live with equity and debt market trading from Diwali, has started a price war among domestic bourses. (BS) Jain Irrigation Systems Ltd (JISL) said it plans to raise around US$ 200 mn by issuing shares and other securities to IFC, Rabo bank and others to strengthen the balance sheet and reduce interest costs. (ET) Economy Snippets The Industry Ministry has prepared a draft National Intellectual Property Right (IPR) Strategy on the basis of the comments received from members of the Sectoral Innovation Council.(BL) With no equity disinvestment by the government in the first five months of the financial year, a meeting of Finance Minister P Chidambaram with heads of public sector companies next week is seen as crucial for stake sale in the remaining months of 2012-13.(BS) :The Oil Ministry has moved a Cabinet note seeking immediate hike in diesel, cooking gas and kerosene prices and limiting supply of subsidised LPG cylinders to 4-6 per household in a year.(ET)