Daily News Roundup - Nov 30 2012

Hero MotoCorp Ltd reported retail sales of over 1.1mn units in October and November. (BL) NTPC said the first unit of 500 MW of the Vallur Thermal Power Project set up by NTPC Tamil Nadu Energy Co Ltd has started operations. (BL) The Supreme Court directed the Central Bureau of Investigation to "take action in the matter of prosecution" of the telecom companies and public servants mentioned in its report, prepared by A P Singh. The companies involved in the proceedings before the court were Bharti Airtel and Vodafone India. (BS) GMR Infrastructure is exploring legal options against the Maldives government for terminating its US$500mn airport development contract for running the Male airport. (BS) L&T Construction said that it has secured orders valued at over Rs11.78bn in November. (BL) Tata Motors will shut down its facility from November 29 to December 1 ‘as part of an aggressive effort to align production with demand’. (BL) Lanco Infratech Ltd has said the Griffin coal project in Australia is likely to gain about Rs8.7bn following revision of fuel supply prices with Bluewaters Power Station. (BL) PVR Cinemas will acquire 69.27% stake in Cinemax India for Rs 3.95bn. (BL) Strides Arcolab said its wholly-owned arm Onco Therapies has received approval from US health regulator for its generic version of cancer drug Ifosfamide. (ET) Ranbaxy's recall of its generic version of cholesterol-lowering drug Lipitor impacts 41 lots in various strengths due to the potential presence of a foreign substance. (ET) Moody’s has said ONGC’s acquisition of ConocoPhillips’ 8.4% stake in Kazakhstan's Kashagan oilfield will be 'credit negative' as the firm's debt will rise by US$5bn. (ET) NALCO is yet to resume operations at its bauxite mine in Koraput district of Odisha. Mine operations stopped on November 17 in the absence of mine lease renewal. (BL) McNally Bharat Engineering Co Ltd said that its 100% step-down German subsidiary — MBE Coal & Mineral Technologies GmbH — would supply three pneumatic flotation cells to Vale Group, the largest producer of iron ore in the world. (BL) Economy Snippets The Competition Commission of India said it would take a decision on whether to probe alleged cartelisation among airliners in fixing air fares, after getting more information on the issue. (BS) The telecom department plans to simultaneously sell unsold spectrum from the recent auctions along with a portion of airwaves held by operators such as Bharti Airtel, Idea Cellular and Vodafone in the 900 MHz frequency before March 31, 2013. (ET) Bank credit grew 16.9% and deposits by 13.4% year on year in the fortnight ended November 16. Banks disbursed new credit worth Rs347.7bn in the fortnight, while they lost deposits worth Rs257.9nb. (BS) The Insurance Regulatory and Development Authority modified its earlier proposals on guidelines for participation in credit default swaps. It proposes that CDS will only be allowed on listed corporate bonds. (BS)