Daily News Roundup - Oct 23 2012

Within two months of cutting rates on home and auto loans by 25-50 basis points, the State Bank of India is seeing a major growth in these segments. While home loan applications have nearly tripled, demand for auto loans has risen four-fold. (ET) L&T Finance Holdings Limited said it has acquired Family Credit, a non-banking finance company promoted by France's Societe Generale Consumer, for Rs1.2bn. (ET) Hero MotoCorp is going all out to cash in on the festive season and has tied up with HDFC Bank to offer financing at 6.99 % across its entire range of products. (ET) Suzlon Group firm REpower Systems has bagged a contract to supply wind turbines for a project in Romania, the first order for the Indian entity from the European nation. (ET) Larsen & Toubro has suggested a tit-for-tat against rivals from Southeast Asian countries for restrictive trade practices by their respective governments that keep Indian firms away from contracts in the oil and gas industry. (ET) Dr Reddy's Laboratories has agreed to buy the entire equity holding of the Dutch injectable specialty generics manufacturer OctoPlus NV Rs1.92bn in an all-cash deal. (ET) A fresh bid was made by Kingfisher Airlines to resolve the 23-day-old impasse with its striking employees by offering upto three instalments of their salary dues before Diwali but the protesters insisted on a written assurance alleging that the management had earlier backtracked. (ET) Indiabulls Power said the boiler of its Nashik power plant, having capacity of 270 MW, has become functional. (BL) Electrical equipment maker Havells India is eyeing generating revenues of Rs.75bn this fiscal, a top official said. (BL) Rain commodities executed share purchase agreement with Triton to acquire 100 % stake in Rutgers for gross enterprise value of €702 million. (BL) In a distress signal for the world’s largest coal miner, Coal India Ltd’s (CIL’s) spot sales dipped for the first time in the five years since the e-auction, or spot sales, scheme was launched in 2007. (BS) Holcim’s plan to charge two % of revenues as royalty from subsidiaries ACC and Ambuja Cement has hit a roadblock, as independent directors of Ambuja Cement have sought details of the technology transfer involved. (BS) Economy Snippets The government is planning to set up a facility that will monitor the programme content that is broadcast on FM Radio stations during the 12th Five year plan.(ET) Corporates are optimistic about improvement in business conditions in the next six months despite economic slowdown and global uncertainties, according to Assocham Bizcon survey.(ET) Despite advance estimates of the kharif output showing a decline this year in value terms, agriculture production would post a positive growth of 1-1.5 % this year, said Abhijit Sen, member of the Planning Commission.(BS) The Reserve Bank of India (RBI) is working on a way to include liquidity held by banks under the current mandate to get eligibility under the Basel-III regime as well. (BS) The textile sector is on the upswing in Maharashtra due to the new textile policy. Since April, the State has managed to attract Rs.38.34bn in investments in 411 new textile projects, said State Textile Minister Arif Naseem Khan on Monday.(BL)