Daily News Roundup - Nov 16 2012

Mahindra & Mahindra Financial Services has raised Rs8.67bn through a qualified institutional placement (QIP) issue. (BS) DGH has given nod to Reliance Industries to drill a well as part of the US$1.529bn plan to develop four satellite gas fields around the now flagging main fields in the eastern offshore KG-D6 block. (ET) Swedish truck maker Volvo AB announced its plans to invest Rs38bn in India over the next few years. Of this, Rs18bn will be invested in its joint venture with Eicher Motors Ltd. (ET) Tata Motors global sales increased 6% in October to 1,00,660 units over the same period last year. Sales of luxury brands from Jaguar Land Rover were at 27,897 units in October, up 7% from the same month last year. (ET) Kingfisher Airlines, which is yet to pay part dues to its employees, has sought more time to submit a comprehensive revival plan to the aviation regulator DGCA. (BS) Sintex Industries plans to raise up to US$150mn through issue of convertible bonds from overseas markets. (BS) Muthoot Finance Ltd has tied up with Pension Fund Regulatory and Development Authority to act as a service provider for the National pension scheme. (BS) Expanding its One Network services to the Indian subcontinent, Bharti Airtel said its African customers will not be required to pay roaming charges on incoming calls while travelling in India, Bangladesh and Sri Lanka. (BS) The government is planning 10% stake sale in NMDC by mid-December, which could fetch the exchequer about Rs75bn. (BS) Drug-maker Taro Pharmaceutical Industries has postponed its extraordinary general meeting of shareholders scheduled for December 6, to take-up the proposed merger of Taro with a subsidiary of Sun Pharmaceutical Industries. (BS) Vedanta Resources Chairman Anil Agarwal has sought intervention of the Oil Minister M Veerappa Moily to help his group firm Cairn India raise output from the Rajasthan oil fields by allowing further exploration the prolific block. (BS) Ramky Infrastructure Limited has achieved financial closure for its Hospet Chitradurga road project in Karnataka through the debt syndication of Rs8.3bn. (BS) Economy Snippets Oil marketing companies have announced a cut in petrol prices by Rs 0.95 per litre with effect from midnight to pass on the impact of softening global rates. (BS) Services exports in September stood at US$11.94bn, up 6.3% from that in the same month last year. (BL) Finance Minister P Chidambaram has asked the RBI to start working on issuing final guidelines for granting licenses to new banks and receiving applications from the interested entities "in anticipation of Banking Regulation Act being amended". (BS) In a bid to keep electricity rates under check, Government would offer discount on the floor price of coal blocks to be allocated to power producers. (BL)