21oct2011182638 - Info-Spectrum - 21st Oct 2011

Oct 21, 2011
IN FOCUS
"Nothing is more hopeless than a scheme of merriment." Johnson, Samuel.
Weekly Indicators
Indicators
Sensex
Nifty
Food Inflation
Current
Last Week
16,786
17,083
5,050
5,132
10.60%
9.32%
Exchange Rates
Currency
Current
Last Week
US$1
Rs.50.0670
Rs.49.0675
Rs. 69.0350
Rs. 67.7248
JP 100
1
Rs. 65.26
Rs. 63.78
Rs. 79.1559
Rs. 77.4187
Global Economic and Corporate News
Citi to pay $285 mn over SEC charges

Citigroup Inc. agreed to pay a $285 mn fine to settle
civil charges brought by the Securities and Exchange
Commission that it sold securities backed by
mortgages that it simultaneously bet against.
Blackstone takes minority stake in Leica
Camera
Germany's Leica Camera AG said investment funds
advised by Blackstone Group L.P. have bought a
43.9% stake in the German camera maker from
majority shareholder ACM Projektentwicklung GmbH.
Financial details weren't disclosed.
Abbott to split into two new companies
Abbott Laboratories plans to split into two publicly
traded companies, separating its medical products
and research-based pharmaceuticals operations.
Sony to launch new handheld in America Feb.
22
Sony Corp. will release its next-generation handheld
videogame console next February as it ramps up
competition against the growing number of
smartphones that play increasingly advanced games,
a senior company official said.
Carlyle buys Spanish Telecable for 400 mn euro
The Carlyle Group said it had agreed to buy an 85%
stake in Spanish cable operator Telecable in a deal
valuing the company at EUR400 mn.
Telstra investors approve Australian NBN deal
Telstra Corp. shareholders voted for the company to
participate in the federal government's plan to roll
out high speed internet around the country in a deal
worth 11 bn Australian dollars (US$11.2 bn).
Apple says iPhone 4S sales top 4 mn
Apple Inc. said that it sold more than 4 mn units of
the iPhone 4S in the three days since the device first
went on sale.
Tredegar to buy Terphane for $188 mn
Tredegar Corp. greed to buy Terphane Holdings LLC,
a maker of specialty polyester films, from the
international investment firm Vision Capital LLP for
$188 mn, allowing it to expand into Latin America.
Kinder Morgan buying El Paso in $38 bn deal
Kinder Morgan Inc. said it will create the largest
natural-gas pipeline system in the U.S. by buying El
Paso Corp. in a $38 bn cash, stock and warrant deal
that includes $17 bn in debt.
Airbus confirms China Eastern orders 15 A330s
European
commercial
aircraft
builder
Airbus
confirmed it has received an order from China
Eastern Airlines Corp. for 15 of its wide-bodied A330
jets.
HSBC to shut UAE retail brokerage services
U.K.-based banking giant HSBC Holdings PLC will
close its retail brokerage business in the United Arab
Emirates from Dec and instead focus on institutional
clients, a senior bank executive said.
Nishita Shah Parsekar
nishita.sshah@sushilfinance.com
Pranab says to make "strenuous efforts" to meet FY12 fisc gap aim
India's gross tax collections rose 23% on year at Rs.2.57 trn. While indirect tax mopup in Apr-Sep rose 20.7% to Rs.1.686 trn, direct tax collections saw a 7.2% on year
rise to Rs.1.948 trn. "Recent developments relating to economic growth like moderate
GDP growth (expected to be below 8%), rising inflation, costlier credit, sliding
industrial output, Eurozone uncertainties, etc may affect revenue collection in
remaining months of the current financial year and are a matter of concern" a
government report ahead of the Economic Editors' Conference said. The government
also indicated that its Budget aim to keep fiscal deficit under 4.6% of GDP in the
current financial could be under strain and it will have to make "strenuous efforts" to
meet the target. "With the crude prices remaining where they are, it will be a great
challenge to maintain the fiscal deficit numbers at 4.6% this year; however, we will
make strenuous attempts to keep the...numbers" Finance Minister Mr. Mukherjee said.
Public procurement policy, Companies Bill likely in winter session
The government is likely to introduce the public procurement policy and the
Companies Bill in the winter session of Parliament, Veerappa Moily, corporate affairs
minister, said. "Companies Bill has gone to the cabinet," Moily said at a conference on
corporate governance and company law organised by Indian Chamber of Commerce
here. "Maybe in the next cabinet, it will be approved. I would like to see it passed in
the first half of the winter session of Parliament." "Public procurement policy is being
finalised...bill has to be introduced by Dec 2011," he said. The minister said the
government's procurement was in the tune of Rs.12,000 bn annually and the bill will
help reduce corruption in the system. "This (public procurement bill) will reduce at
least 50% of the corruption," Moily said.
Japan government trims economic outlook; aims to launch key policy council
The Japanese government cut its view of the economy in Oct, saying in its monthly
economic report released that the pace of recovery from the Mar disaster is losing
steam, as the global slowdown drags on exports and production while the strong yen
and energy constraints continue to cloud the outlook. "The Japanese economy is still
picking up, although the pace of recovery is decelerating, as difficulties due to the
Great East Japan Earthquake persist," the Cabinet Office said in the report. Tokyo
lowered its assessment of exports, industrial production & personal consumption, and
said that the adverse effects of deflation still threaten the economy. Also, Japan's
economy minister said the government hopes to hold this month an inaugural meeting
of a new national strategy council, which brings together key ministers, the Bank of
Japan governor and the head of the biggest business lobby to compile a badly needed
growth strategy. The council is touted as a key body to tackle a range of policies from
economic to diplomatic issues, and looks similar to the once-powerful Council on
Economic & Fiscal Policy used by past governments to break vested interests.
Spains rating cut two notches by Moodys, S&P downgrades Egypt a notch
MOODYS Investors Service cut Spains credit rating by two notches as Europes debt
crisis threatens to engulf the nation. The credit rating agency reduced its ranking to its
5th highest investment grade, cutting it by two levels to A1 from AA2, with the outlook
remaining negative. Standard & Poors downgraded Spain to its 4th highest
investment grade, and Fitch Ratings cut it to the same level on Oct 7,, the day it also
downgraded Italy. Moodys is maintaining a negative outlook on Spains rating to
reflect the downside risks from a potential further escalation of the euro-area crisis,
the agency said. The company cited the continued vulnerability of Spain to market
stress that is driving up the cost of borrowing, as well as weaker growth prospects.
Meanwhile, Standard & Poor's Ratings Services downgraded Egypt's speculative-grade
debt rating a notch, citing the continuing risk high government debt and political
turmoil are posing to the country's economy. S&P now rates Egypt at double-B minus,
three steps below investment-grade. The firm also lowered its long-term local
currency rating two notches, also to double-B minus. Its outlook is negative. "Risks to
macroeconomic stability have risen during the transition period for Egyptian political
reform, which we expect to evolve over the next two years," analyst Trevor Cullinan
said. The ratings service cited legitimate and pressing public expectations for improved
living standards that will likely prompt the government to continue to spend, adding to
budget deficits and inflation risks.
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Bridging the Information Gap in Corporate Landscape
INDEX
1. Indias Data Watch
03-06
2. Economy
07-14
3. Infrastructure
15-24
4. Sectors
25-52
A. IT & ITeS
25-28
B. Pharma & Healthcare
29-30
C. Telecom
31-34
D. Banking & Financial Services
35-38
E. Steel, Metals & Minels
39-42
F. Auto & Auto Ancillaries
43-45
G. Miscellaneous
46-52
5. Earnings
53-54
6. IPO Watch
55-55
7. Mergers & Accquisition
56-56
8. Ratings
57-63
8. Global Economy & Business
64-71
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A. Global Economy
64-67
B. Global Business
69-71
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INDIAS DATA WATCH

India Apr-Sep finished steel output up 9.3%
India's finished steel production rose 9.3% on year in Apr-Sep even as real consumption grew by a
lacklustre 1.8%, Joint Plant Committee said. Finished steel production available for sale in Apr-Sep was
34.80 mn tn compared with real consumption of 33.70 mn tn, the committee said. Finished steel exports in
Apr-Sep rose 46.1% to 2.15 mn tn, while imports fell 36.4% to 2.86 mn tn.
The Joint Plant Committee of the steel ministry detailed Apr-Sep finished steel production, in mn tn, as
follows:
Total production for sale

Imports
Exports
Availability
Variation in stock
Apparent consumption
Double counting
Real consumption
Apr-Sep
Apr-Sep
Yr-on-Yr
2011-12
2010-11
% change
34.80
31.83
9.3
2.86
4.49
(-)36.4
2.15
1.47
46.1
35.51
34.85
1.9
(-)0.24
(-)0.05
35.75
34.89
2.5
2.05
1.79
14.4
33.70
33.10
1.8
India Apr-Sep gem, jewellery exports Rs.1.02 trn, up 16%

India's gem and jewellery exports in the first half of current financial year that began Mar 1 rose 16% on
year to Rs.1.02 trn, according to provisional data published by Gem & Jewellery Export Promotion Council.
In dollar terms, Apr-Sep exports were up 17% on year at $22.58 bn, GJEPC said. The data doesn't include
figures from Visakhapatnam special economic zone, Cochin Air Cargo and Mumbai Foreign Post Office, the
Council said. Gold jewellery exports from domestic tariff area rose 17% on year to Rs.51.91 bn, while the
same from Special Economic Zones were up 43% at Rs.304.88 bn. Overall, gold jewellery exports in AprSep rose 38% on year to Rs.356.78 bn, the data showed. Cut & polished diamond exports in Apr-Sep rose
3% on year to Rs.602.59 bn, while rough diamond exports during the same period were up 67% on year at
Rs.38.54 bn, the Council said. The total imports in Apr-Sep were Rs.1.04 trn, showing the country was net
importer of gem & jewellery to the tune of over Rs.20 bn. Rough diamond imports in Apr-Sep were
Rs.361.77 bn, up 37% from corresponding period a year ago. Gold bar imports during this period rose 49%
to Rs.229.07 bn. Imports of cut & polished diamonds in Apr-Sep were Rs.416.15 bn, up 7% on year, it said.
India Sep National Consumer Price Index 113.1 vs 111.7 in Aug
India's National Consumer Price Index rose to 113.1 in Sep from 111.7 a month ago, the Central Statistics
Office said. CPI Rural for Sep rose 1.32% on month to 114.6, while CPI Urban rose 1.18% to 111.1, data
showed. The base year for the new series is 2010. Within the national CPI for Sep, indices of fuel and light
rose 1.46% on month to 118.1, while food, beverages, and tobacco grew 1.34% to 113.2. The index for
clothing, bedding and footwear was up 1.44% on month at 119.4, while housing rose 1.11% to 108.8. CSO
had introduced the new CPI series in Jan to track price movements across the country. The new data-combining the urban and rural sectorscan be used to compile inflation rates only from next Jan when the
comparative year ago figures are available. The labour bureau also compiles CPI for Agricultural Labourers,
Rural Labourers and Industrial Workers. Once the comparative figures are available, the new index can even
replace the Wholesale Price Index as the headline inflation rate.
RBI says Indian cos invest in overseas JVs, arm up at $3.46 bn Sep
Indian companies invested $3.46 bn in overseas joint ventures and subsidiaries in Sep, compared with
$2.29 bn in Aug, according to Reserve Bank of India data released. Of the total investment, $1.29 bn was in
the form of equity, $336 mn as debt, and the remaining $1.83 bn in guarantees.
India Aug industrial growth 4.1% vs 3.8% a month ago
India's industrial production rose to 4.1% in Aug from 3.8% a month ago. The rise in factory output was
primarily due to 9.5% on year rise in electricity output and growth in capital goods segment. The capital
goods sector, which had contracted by a massive 15.2% in Jul, grew 3.9% during the period of review
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compared with 4.7% a year ago. However, during Apr-Aug, growth in the capital goods segment fell to 7.2%
from 18.9% a year ago. Going ahead, industrial growth is likely to moderate as series of rate hikes by the
Reserve Bank of India and turmoil in global economy start to hurt demand, which could slow down overall
investments.
India Aug refining up 3.9% on yr; natural gas output dn 5.3%
Crude oil output of Indian refiners rose 3.9% on year in Aug to 14.04 mn tn as most refineries exceeded
their planned target for the period. Out of the eight refineries of Indian Oil Ltd, which processed 4.3 mn tn of
crude oil in Aug, production at Haldia, Panipat, and Mathura increased on year. Production from Hindustan
Petroleum Corp Ltd's refineries rose 18.9% on year to 1.38 mn tn. However, natural gas output fell 5.3% on
year in Aug. The fall in the natural gas output was due to the decline in output from Reliance Industries Ltd's
KG-D6 basin. Gas output from the KG-D6 block declined to an average of 45 mscmd in Jul-Sep against the
peak level of 60 mscmd a year ago. Crude oil output for Aug rose 1.6% on year to 3.25 mn tn. Going ahead,
crude oil output is likely to further increase following the rise in output from Cairn India's Rajasthan fields.
Oct 8 primary articles inflation at 3-wk high of 11.18%
India's primary articles inflation for week to Oct 8the final data indicator that Reserve Bank of India would
refer to before its quarterly monetary policy review on Oct 25--rose to a three week high of 11.18%. The
primary articles index for Oct 8 week rose 0.2% to 203.8 due to higher prices of food articles and fuel in
addition to the statistical impact of a high base, data released by the commerce ministry showed. The odds
of another interest rate hike by the RBI have strengthened following the release of this data, as inflation is
showing no signs of abating despite 12 hikes since Mar2010 for a cumulative 350 basis points. Food price
inflation surged to a near six-month high of 10.60% led by a 4% rise in poultry chicken prices, a 2% jump in
bajra, vegetables and potato rates. Index for the segment was up 0.4% to 200.3. Fuel group inflation rose
for the second consecutive week, rising to 15.17%, against 15.10% a week ago. The index for the fuel
group was up 0.1% due to a 1% rise in prices of bitumen and furnace oil for the week. The headline inflation
rate based on Wholesale Price Index for Sep has eased marginally to 9.72% from an over one-year high of
9.78% in Aug. However, WPI inflation rate has been over 9% since Dec last year. The Reserve Bank of India
estimates headline inflation rate at 7% by the end of the current financial year.
Today's inflation data shows indices for primary articles, and fuel and power were as follows in the week
ended Oct 8:
--Primary articles index up 0.2% to 203.8 from 203.4 in the previous week; food articles index rose 0.4% to
200.3 from 199.5; non-food articles index was down 0.4% at 179.8 from 180.5 a week ago.
--Fuel and power group index rose 0.1% to 170.1 from 170.0.
Below are the provisional levels, week-on-week and year-on-year changes, in per cent, of the indices of key
commodity groups:
Commodity groups
I.
Weight
Oct 08
wk-on-wk
Yr-on-Yr
2011
% change
% change
PRIMARY ARTICLES
20.12
203.8
0.20
11.18
Food articles
14.34
200.3
0.40
10.60
Cereals
3.37
177.0
(-)0.23
4.73
Rice
1.79
177.0
(-)0.06
4.42
Wheat
1.12
167.1
(-)0.30
(-)0.18
Pulses
0.72
211.4
(-)0.05
7.42
Vegetables
1.74
239.3
1.66
17.59
Potatoes
0.20
159.1
1.99
1.73
Onions
0.18
237.0
0.68
(-)11.27
Fruits
2.11
177.8
0.11
12.39
Milk
3.24
196.9
0.41
10.80
Egg, Meat & Fish
2.41
212.8
0.52
14.10
4.26
179.8
(-)0.39
8.51
0.88
216.3
(-)0.41
12.77
Non-food articles
Fibres
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II.
Oilseeds
1.78
153.5
(-)2.79
8.63
Minerals
1.52
303.6
0.00
19.72
14.91
170.1
0.06
15.17
Liquefied petroleum gas
0.91
147.3
0.00
14.27
Petrol
1.09
181.1
0.00
29.17
High speed diesel
4.67
167.8
0.00
9.32
FUEL & POWER
India adds 6.52 mn GSM mobile users in Sep vs 5.33 mn Aug

India added 6.52 mn GSM subscribers in Sep compared with 5.33 mn in Aug. With this, the total GSM user
base in the country now stands at 618.28 mn as on Sep 30. The addition of GSM subscribers rose monthon-month for the first time since Mar. Unitech Wireless Ltd, operating under Uninor brand, added highest
number of subscribers in Sep at 1.92 mn. India's largest telecom company Bharti Airtel Ltd added 935,947
users during the month while Idea Cellular added 1.74 mn. The rise in new users in Sep was mainly due to
the subscribers' addition in Kerala, Punjab, Uttar Pradesh, West Bengal, Rajasthan, Madhya Pradesh and
North East, where operators such as Uninor and Idea Cellular have added good numbers of users. However,
stricter subscriber verification norms may continue to limit a sharp rise in GSM monthly subscriber additions.
India Sep CPI farm labourer inflation 9.43% vs 9.52% Aug
India's annual inflation rate based on the Consumer Price Index for agricultural labourers eased to 9.43% in
Sep from 9.52% in Aug, the Labour Bureau said. CPI inflation for rural labourers also eased to 9.25% during
the month from 9.71% a month ago. Month-on-month, the CPI-AL index and the CPI-RL index rose 0.82%
to 615 and 0.65% to 614, respectively in Sep. In the year-ago period, inflation rate for CPI-AL was 9.13%,
and at 9.35% for CPI-RL. The most-widely tracked inflation based on the Wholesale Price Index fell to
9.72% in Sep, compared with 9.78% in the previous month.
The point-to-point annual inflation rates, based on CPI for Agricultural Labourers and for Rural Labourers,
are as follows:
CPI-AL
CPI-RL
Point-to-Point
Point-to-Point
Inflation(%)
Inflation(%)
Month
2011-12
2010-11
2009-10
2008-09
2011-12
201011
200910
200809
Apr
9.11
14.96
9.09
8.88
9.11
14.96
9.09
8.61
May
9.63
13.68
10.21
9.11
9.63
13.68
10.21
8.84
Jun
9.32
13.02
11.52
8.77
9.14
13.02
11.26
8.75
Jul
9.03
11.02
12.90
9.41
9.03
11.24
12.67
9.41
Aug
9.52
9.65
12.89
10.29
9.71
9.66
12.67
10.29
Sep
9.43
9.13
13.19
10.98
9.25
9.34
12.97
10.98
Oct
8.43
13.73
11.14
8.45
13.51
11.14
Nov
7.14
15.65
11.11
6.95
15.65
11.11
Dec
7.99
17.21
11.14
8.01
16.99
11.14
Jan
8.67
17.57
11.62
8.69
17.35
11.35
Feb
8.55
16.45
10.79
8.55
16.45
10.79
Mar
9.14
15.77
9.46
8.96
15.52
9.69
Note: CPI-AL and CPI-RL seek to measure the rate of inflation in the countryside. Both indices use 1986-87
as the base year. The index levels and the corresponding inflation rates are averages of 20 states across the
country. The government calculates consumer price indices separately for three categories--industrial
workers, agricultural and rural labourers.
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INDIA DATA CALENDAR

Oct 20-25
Crude, refinery output for Sep, from petroleum ministry
Oct 25-30
Core sector growth for September, by commerce ministry
Oct 27
Primary articles inflation rate for week to Oct 15, by commerce and industry ministry
Oct 30
Government finances for Sep, Apr-Sep, by CGA
Nov 01
Manufacturing PMI for October, by HSBC
Nov 01
Trade data for September, by commerce and industry ministry
Nov 05
Services PMI and composite PMI for October, by HSBC
Nov 08-11
Automobile sales data for October, by SIAM
Nov 08-11
Major port traffic in October, by Indian Ports Association
Nov 11
Index of Industrial Production for September, by CSO
Nov 11-14
Cement production, despatches in October, by CMA
Nov 11-14
Foreign tourist arrivals in Oct, by tourism ministry
Nov 11-14
Power generation for October, by Central Electricity Authority
Nov 14
WPI inflation for Sep, by commerce and industry ministry
Nov 15-20
Power generation for October, by Central Electricity Authority
Nov 18
CPI for rural, urban areas and combined for October, by CSO
Nov 21-25
GSM mobile subscribers data for Aug, by COAI
Nov 30
GDP growth estimate for Jul-Sep, and Apr-Sep, by CSO
Dec 30
Balance of payments for Jul-Sep, by RBI
Sources: Government of India, Reserve Bank of India, Securities and Exchange Board of India, stock
exchanges, and various industry and trade bodies.
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ECONOMY
ECONOMY:
India offers $500 mn in aid to Myanmar.
Encephalitis hits Uttar Pradesh hard, 400 dead in 1 hospital this yr.
SC notice over threat to Taj Mahal.
Searches at houses of Deve Gowda's eldest son.
Delhi put on high alert.
India's longest rail tunnel ready in J&K.
Enforcement Directorate seeks details of funds from Formula 1.
Maya unveils Rs.6.85 bn park in Noida, Cong calls it a 'waste'.
Doctor Chakrabarty prescribes RBI action Crocin for inflation fever.
India Sep WPI inflation rate 9.72% vs 9.78% Aug.
Nandan Nilekani to head special purpose vehicle on GST.
Rangarajan says worried about econ growth in next fiscal.
Centre may match NREGA payouts with minimum wages in states.
GST panel head says still lot of ground to be covered for Apr rollout.
Govt source says winter session likely from week beginning Nov 21.
Kohinoor Foods to reduce debt with stake sale in arm.
Lack of export offtake drags onion prices.
Rahul steps in, Anna aides step forward: 'Talks only way'.
Law Minister Khurshid says no proposal to review RTI Act.
Election Commission Right to recall will destabilize country.
Anna for working with Cong if Govt creates strong Lokpal.
Huge quantity of explosives recovered in Madhya Pradesh .
Rajasthan Chief Minister Gehlot to sack ministers in Bhanwari Devi case.
Anna Hazare begins 'maun vrat' at Ralegan Siddhi.
Jailed Former Karnataka chief minister Yeddyurappa in ICU.
Nitish says include corporate sector, PPP projects under RTI.
Anna's aides to meet Rahul Gandhi.
Employees' PF accounts to fetch 9% interest this fiscal.
Finance ministers of G-20 nations give the European Union a week's time to resolve their debt crisis..
Pranab says advanced economies' monetary steps hurting emerging markets.
Wholesale and ex-factory sugar prices have gone up by 3-5% on festival demand.
Centre for Monitoring Economy has lowered its economic growth forecast for 2011-12 (Apr-Mar) to
7.9% from 8.0%.
Rajasthan government to offer free generic medicines in the state. Allocates 2 bn Rs in its annual
budget for this purpose.
Rural regional banks have been asked to open 1,600 branches in 2011-12.
Ministry of corporate affairs likely to extend its deadline for companies to file their balance sheets in
the new reporting formats.
Ministry of Corporate Affairs has given companies another year to amortise their liabilities on account
of foreign exchange borrowings accruing from exchange fluctuations.
Finance Ministry to start discussions on the budget for 2012-13.
Finance ministry turned down railway ministry's request for Rs.21 bn loan to cover developmental
expenses.
All states to levy value added tax on sugar and textiles from Apr 1, 2012.
Maharashtra government has announced a eight-year holiday on non-agricultural tax.
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G20 has put off its decision to levy a financial transaction tax giving a breather to India, which was
resisting this tax.
Congress loses Hisar Lok Sabha seat, 3 Assembly bypolls.
'Right to recall' to form part of all-party meet, says Khurshid.
PM leaves for Pretoria to attend IBSA Summit.
Court grants bail to suspended Gujarat cop Bhatt.
Anna dismisses reports of rift in his team.
Dengue cases touch 450 in Delhi.
CPM accuses Mamata of cheating on Maoists issue.
No communal intent in report, say Kashmir interlocutors.
Yeddyurappa moves high court seeking bail.
Normal life hit by bandh in Telangana region.
Karnataka HC to hear former Karnataka chief minister bail plea.
FDI deals with debt options likely to stage a comeback.
Govt faces revenue gap of Rs.500 bn.
Econ affairs secy says inflation has peaked; to decline from Nov.
Public procurement policy, Companies Bill likely in winter session.
Govt body says India Apr-Jun pulses exports Rs.4.2 bn, up 39%.
Finance minister Mukherjee said growth in Asia crucial for global economy.
Chief Economic Advisor Kaushik Basu said rising labour costs feeding inflation.
Finance minister Mukherjee said Indian economy firmly on the 8.5-9% growth path in medium to
long term.
Government is mulling raising foreign institutional investment cap on government bonds from the
current limit of $10 bn.
Economic Affairs Secretary R. Gopalan said Wholesale Price Index-based inflation in Oct is likely to
be lower than 9.72% in Sep.
Government likely to hike FDI cap in broadcasting sector to 74% from 49%.
The government is likely to increase the limit on foreign institutional investment in government
securities from $10 bn now.
World Gold Council Managing Director-India Ajay Mitra said India's gold demand in the second half of
2011 is likely to be flat on year at around 500 tn.
Sees Rs.500 bn shortfall in accounts due to failed disinvestments and prospects of missing out on
cash from sale of spectrum.
Finance ministry expects inflation to come down to 7% by Mar.
A senior finance ministry official has said rationalisation of the Securities Transaction Tax rate is
possible only in the next Budget.
2 Team Anna members quit; movement's political turn irks Anna aides.
Activist to drag Maharashtra state to court over toll policy.
Yeddyurappa bail plea hearing adjourned to Oct 20.
Team Anna member Kejriwal attacked with slipper in Lucknow.
Bring Telangana bill, BJP will support it, says Advani.
Jayalalithaa fires fresh salvo at Centre on Tamil Nadu nuclear project.
Cash-for-vote scam: High court defers Amar Singh's bail plea.
As Centre fails to act, Jayalalithaa to ensure Kudankulam project stall.
West Bengal chief minister Banerjee says 'Talks with Maoists on'.
Formula 1: SC issues notice to UP state on granting tax exemption.
Govt says global uncertainty, inflation may hit FY12 tax mop-up.
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Plan panel Montek says last RBI rate hike hasn't impacted econ yet.
Govt so far issued 478,504 tn sugar export permits in 3rd tranche.
Plan panel Montek says last RBI rate hike hasn't impacted econ yet.
EGoM may mull lowering onion export floor by $75-100/tn Oct-end.
India Sep National Consumer Price Index 113.1 vs 111.7 in Aug.
Planning Commission's Deputy Chairman Ahluwalia said that the farm sector is seen growing 3.5% in
the 11th Five-Year Plan as against 2.0% in the previous plan period.
Fiscal deficit target seen hit on telecom spectrum allocation delay. Non-tax revenue estimates of the
government likely to face Rs.300 bn hit.
May ask state-run blue chip companies to use the global depositary receipt or the American
depositary receipt route.
Commerce Secretary Khullar said FDI in multi-brand retail decision likely by end of 2011.
Deadline to file returns of service tax online extended by a month.
Anna Hazare slams critics for 'illogical takes'.
Resigned member says, 'Anna, Kejriwal autocratic, politicising campaign'.
France gave info about Rs.400 crore illegal money: Pranab.
HC reserves order on Amar Singh's bail plea in cash-for vote scam.
Why no statehood to Telangana by NDA? Congress asks Advani.
Yeddyurappa discharged from hospital, back in jail.
US issues travel alert warning of terror attacks in India.
Government lies when it comes to inflation, says BJP.
Karnataka CM Gowda declares Rs.24.4 mn assets.
Go to Karnataka for trial, SC tells Jayalalithaa.
Bring Telangana Bill in next session, will support: Advani.
Jaipal Reddy rules out fuel price cut as rupee depreciates.
Pawar questions food security law economics.
World Bank says India econ to grow at 7-8% in FY12, FY13.
Rail board hopes to raise up to Rs.80 bn via tax-free bonds FY12.
Govt source says don't see need for extra borrow Oct-Mar.
Pawar for limited sugar exports/mo; says govt cautious on exports.
Pawar says Cabinet to decide wheat MSP by next week.
Fin min source says may up cap on FII gilt investment to $15 bn.
Govt to up wheat price in open mkt sale plan on rail freight hike.
Finance Minister Mujkherjee said 4.6% fiscal deficit goal too ambitious.
Pranab Mujkherjee said India would not blindly follow other countries that have been cutting rates
despite high inflation.
Maharashtra on the verge of announcing regularisation of slums built in Mumbai before Jan 1, 2000.
Agriculture Minister Sharad Pawar said that the proposed Food Security Act, which will provide food
at subsidised rates, to damage country's financial health.
Approves building of four expressways with 1,000 km length at Rs.167 bn.
Sahara group has won an appeal against the income tax department that will help the group get a
refund of Rs.18 bn.
Moody's arm sees India econ slowing 2011, 2012; RBI rate hike Oct 25
The Indian economy is seen slowing markedly in the second half of 2011 and the first six months of 2012,
and may register a GDP growth rate of 7.4% for 2011 and 2012, said Glenn Levine, Senior Economist,
Moody's Analytics. "Recent data confirm the slowdown and suggest that the Reserve Bank's tightening
campaign is hurting growth, capping consumer and corporate spending," Levine said in a report. The Budget
for 2011-12 (Apr-Mar) had pegged GDP growth at 8.75-9.25%. However, these estimates were later scaled
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down to close to 8% following the slowdown and sovereign debt crisis in the global economy. Reserve Bank
of India's persistent interest rate hikes are also expected to curb demand in the economy. "India's central
bank has been the most aggressive in Asia in trying to rein in inflation, but the use of this blunt policy
instrument has hurt domestic demand, which still accounts for the bulk of economic activity," he said. A
slowing external sector, and in turn exports and foreign inflows, is also likely to drag down domestic growth,
Moody's Analytics said. India's merchandise exports grew 44.3% on year in Aug to $24.31 bn. Exports have
grown over 40% on year for the fourth consecutive month now mainly because of a low base effect. "The
global turmoil and slowdown will shave around a percentage point from Indian GDP growth through the
second half of 2011 and opening six months of 2012. This figure could grow higher if Europe's troubles get
substantially worse, or if the US slips into recession," it said. Terming RBI's efforts to rein in inflation as a
"failure", the report said recent comments from central bank officials indicate that they could hike rates
further on Oct 25. Last week, Reserve Bank of India Deputy Governor Subir Gokarn said the central bank
will raise interest rates further if high inflation persists. Levine, however, expects inflation to stabilise at 67% in 2012.
World Bank says Indian economy to grow at 7-8% in FY12, FY13
The Indian economy is likely to grow at 7-8% in 2011-12 (Apr-Mar), as well as in the next financial year, the
World Bank said in a release. India's gross domestic product grew at 8.5% in the last financial year ended
Mar. "The slowdown is expected because of structural problems, tighter macroeconomic policies, slow
growth in the core OECD (Organisation for Economic Co-operation and Development) countries, and a base
effect," the multilateral funding agency said. Fiscal consolidation and higher interest rates are likely to have
a dampening effect on aggregate demand, the report said. "Domestic interest rates could have a stronger
effect on domestic investment in the near future, because of the lower availability of external loans in the
more uncertain international environment," the report said. The report said downside to growth are high
because of risks to global growth posed by the sovereign debt crisis in Europe. The multilateral funding
agency said the headline inflation would start decelerating from Oct-Dec that could prompt the Reserve Bank
of India to lower policy rates eventually. The RBI has hiked repo, the rate at which it lends to banks, a dozen
times by a cumulative 350 basis points, in the past 18 months to tame inflation and it is expected to raise
the rate by another 25 basis points on Oct 25. The report said slowdown in industrial production witnessed
in Apr-Jun is likely to continue as lower aggregate demand would reduce the capacity utilisation. During AprJun, India's industrial output grew 6.8% compared with 9.7% a year ago. World Bank said the current
account deficit of the country is likely to rise to 3% of the GDP in the 2011-12 (Apr-Mar).
Govt says global uncertainty, inflation may hit FY12 tax mop-up
India's tax mop-up so far this financial year ending Mar 31 may be healthy so far, but could be a matter of
concern in coming months, a government report ahead of the Economic Editors' Conference said. "...recent
developments relating to economic growth like moderate GDP growth (expected to be below 8%), rising
inflation, costlier credit, sliding industrial output, Eurozone uncertainties etc may affect revenue collection in
remaining months of the current financial year and are a matter of concern," the report said. India's gross
tax collections rose 23% on year at Rs.2.57 trn. While indirect tax mop-up in Apr-Sep rose 20.7% to
Rs.1.686 trn, direct tax collections saw a 7.2% on year rise to Rs.1.948 trn. The government was, however,
iffy on the rollout of the Direct Tax Code, which is one of its major tax reforms. The Direct Tax Code is likely
to be implemented from Apr 1 onwards, but the government said the transition to the new regime from the
old could pose a challenge. "It (the transition) includes various issues like redrawing processes, rules, forms,
software modifications, training needs of manpower etc." When enforced, the Direct Tax Code will replace
the Income Tax Act, 1961. The new tax regime seeks to simplify the direct tax law and its administration.
Govt says new takeover code to boost mergers, acquisitions
The new Takeover Code is expected to boost mergers and acquisitions in the Indian capital market, said a
report released by the finance ministry ahead of the two-day Economic Editors' Conference. "The new
takeover code regime is expected to boost the mergers and acquisitions activity in the Indian capital market
while enhancing the rights and benefits to the minority shareholders," the report said. The government will
soon notify the detailed regulations of the new Takeover Code. "Recommendations of the committee were
examined by the Securities and Exchange Board of India and have been approved by the SEBI board with
certain modifications," it said. The new Takeover Code is aligned according to the international standards,
the report said. The recommendations that were approved with modifications include the increase in
threshold limit of open offer to 25% from the existing 15% of the voting rights of a listed company. The
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government said the timeline for the entire open offer process has been reduced to 57 days from 95 days,
while the open offer exemptions have been reduced and streamlined.
Indian Railways may raise Rs.75-80 bn via tax-free bonds FY12
Indian Railways is expected to raise Rs.75-80 bn through Tax-free bonds in 2011-12 (Apr-Mar), Railway
Board Chairman Vinay Mittal said. "We have the approval to raise 10,000 crores (Rs.100 bn) through taxfree bonds this year. Of this, we hope to raise 7,500-8,000 crores (Rs.75-80 bn) through tax-free bonds,"
Mittal told reporters on the sidelines of the Economic Editors's conference here. Mittal also said they may
reduce the 993-mn-tn freight target for the current financial year. "Heavy rains have affected coal loading
while the mining ban in Karnataka has almost completely finished iron-ore loading...yes, we are going to
review our freight loading target soon. I think it will have to be revised downwards." In 2010-11, the
railways transported 921.5 mn tn freight compared to the target of 924 mn tn. The target was scaled down
from the initial aim of 944 mn tn.
Plan panel Montek says last RBI rate hike hasn't impacted econ yet
Reserve Bank of India's last interest rate hike, by 25 basis points on Sep 16, has not yet had its impact on
the economy, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said. RBI's second
quarter monetary policy review is scheduled on Oct 25. "I don't think anybody is expecting Governor to
lower the interest rate. The issue is whether it is going to be paused or (hiked) a little more. Monetary policy
has long lag. Last interest rate (hike) has not yet impacted," Ahluwalia said. The RBI has hiked repo rate, at
which it lends to banks, 12 times by 350 basis points since the past 18 months to tame inflation. Inflation
based on the Wholesale Price Index has remained over 9% since Dec last year. For Sep, WPI inflation was at
9.72%. Ahluwalia said he expected inflation to soften Nov onwards. "My view is that at the moment, year on
year basis, inflation is too high, but it is slowing down. Our expectation also is that it will come down
significantly by the end of March 2012... I expect some softening from November onwards."
Public procurement policy, Companies Bill likely in winter session
The government is likely to introduce the public procurement policy and the Companies Bill in the winter
session of Parliament, Veerappa Moily, corporate affairs minister, said. "Companies Bill has gone to the
cabinet," Moily said at a conference on corporate governance and company law organised by Indian
Chamber of Commerce here. "Maybe in the next cabinet, it will be approved. I would like to see it passed in
the first half of the winter session of Parliament." "Public procurement policy is being finalised...bill has to be
introduced by Dec 2011," he said. The minister said the government's procurement was in the tune of
Rs.12,000 bn annually and the bill will help reduce corruption in the system. "This (public procurement bill)
will reduce at least 50% of the corruption," Moily said.
Pawar for limited sugar exports/mo; says govt cautious on exports
The government may allow sugar exports in the new season that began Oct 1 but in limited quantities as
overseas sale of the commodity in bulk may depress global prices, Agriculture Minister Sharad Pawar said.
"We must see that our decision to allow sugar exports should not impact global prices," Pawar told reporters
at the Economic Editors' Conference. India is one the largest producer and exporter of the commodity. An
Empowered Group of Ministers on Food will meet Oct 20 to discuss farm product exports, and food grain
prices. "We (the government) are cautious on exports as we want to ensure enough domestic availability
and keep prices in check," he said.
Pranab says India needs to be alert to emerging challenges
Although India remains on the 8.5-9.0% growth path in the medium term, it needs to be alert to and
respond to emerging challenges, Finance Minister Pranab Mukherjee said. Mukherjee also said food security
and volatile prices were a matter of concern for the country. India's inflation based on the Wholesale Price
Index was detailed at 9.72% for Sep compared with 9.78% a month ago. Mukherjee also said "quality
infrastructure" was key to sustaining India's growth momentum. He reiterated the country's investment
need of $1 trn in the 12th five year plan.
Pranab says govt committed to phasing out fossil fuel subsidies
With global economic recovery fragile amid Eurozone debt crisis, Finance Minister Pranab Mukherjee said
significant rise in commodity prices and volatility, especially in case of oil prices, has put focus on the
growing "financialisation of commodities". Speaking at a session on energy and commodities at the meeting
of finance ministers of G-20 nations in Paris, he also asserted that India is strongly committed to phasing
out fossil fuel subsidies.
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Govt says headline inflation to remain under pressure till Dec

The headline inflation based on the Wholesale Price Index is likely to remain under pressure till Dec and
start moderating after festival season, said a report released by the finance ministry. "...prices of primary
articles will start to decelerate from Dec 2011 due to an expectation of sharp decline in some food articles
(fruits and vegetables) and major non-food articles," said the report released ahead of the two-day
Economic Editors' Conference.
PM says India econ growth steady despite global slowdown
Developing nations such as India cannot remain immune to the sovereign debt crisis in Europe and
recessionary trends in the US and Japan, and these events have hampered developmental efforts of
emerging market economies, Prime Minister Manmohan Singh said. However, despite the global turmoil,
India, along with Brazil and South Africa, has been able to hold its own and register a steady growth rate,
Singh said.
Pranab says to make "strenuous efforts" to meet FY12 fisc gap aim
The government indicated that its Budget aim to keep fiscal deficit under 4.6% of gross domestic product in
the current financial year ending Mar could be under strain and it will have to make "strenuous efforts" to
meet the target. "With the crude prices remaining where they are, it will be a great challenge to maintain
the fiscal deficit numbers at 4.6% this year; however, we will make strenuous attempts to keep
the...numbers," , Finance Minister Pranab Mukherjee said
Simbhaoli Sugars head says co to begin 2011-12 cane crushing Oct 28
Simbhaoli Sugars Ltd is going to start crushing cane for the new season from Oct 28 due to early monsoon
rains this year, Executive Director, G.S.C Rao told. "This year we are planning to start our crushing by Oct
28, a month earlier than last year," Rao told. Rao said that there is currently a dry spell in cane growing
states after early monsoon rains this year. The cane crop matures when there are 40 days or more of dry
spell. Last year, the company started crushing cane from Nov 25.
Zuari Ind promoter co completes merger with OSI
With reference to the earlier announcement dated Sep 07, 2011, Zuari Industries Ltd has now informed BSE
that the Company have now received intimation from Globalware Holdings Limited that OSI Limited (Now
OSI International Limited), a foreign shareholder, has completed its merger with Globalware Holdings
Limited, an overseas Company (which is a part of the promoter group).
Prime Minister to hold informal meeting on inflation situation
With inflation nearing double digits, Prime Minister Manmohan Singh has called an informal meeting on the
issue to take stock of the situation. The meeting will be attended by Planning Commission Deputy Chairman
Montek Singh Ahluwalia, Prime Minister's Economic Advisory Council Chairman C. Rangarajan and Chief
Economic Advisor Kaushik Basu. Wholesale price index-based inflation stood at 9.72% in Sep.
Sep inflation, RBI Chakrabarty remarks bring back rate hike fears
Hopes that the Reserve Bank of India may not hike rates at the Oct 25 policy review were dashed by the
September inflation reading, which showed demand pressures persist, and a top RBI official said the high
inflation will drive interest rates up.
Simbhaoli Sugars, Welspun India get carbon credits from UN body
Simbhaoli Sugars Ltd has received 30,861 certified emission reductions, or carbon credits, for its bagassebased power plant at Ghaziabad in Uttar Pradesh, the United Nations Framework Convention on Climate
Change said in a release.
Court issues arrest warrant against former Karnataka CM Yeddyurappa
A special Lokayukta court issued arrest warrant against former Karnataka Chief Minister B.S. Yeddyurappa in
a land denotification case and also rejected his bail plea, CNN-IBN channel reported. The arrest warrant will
be executed by the Lokayukta Deputy SP.
Pranab says reform of international monetary system won't be easy
Asking The Group of Twenty countries to play a stabilizing role by keeping global imbalances within
manageable limits, Finance Minister Pranab Mukherjee said reform of the international monetary system will
not be easy and G-20 cannot be expected to address all problems in a short time frame.
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Minister Kharge says EPFO panel to meet Dec on FY12 interest rate
The Central Board of Trustees is likely to meet in Dec to decide on the annual rate of interest for employees
provident fund, Labour Minister Mallikarun Kharge said. "There is no talk of it as of now. Only the committee
will propose. The committee (CBT) will be meeting some time in Dec," Kharge told.
MD sees Coromandel Intl fertiliser capacity 4 mn tn by FY14
Coromandel International Ltd expects its fertiliser capacity to touch 4.00 mn tn by 2013-14 (Apr-Mar) from
3.24 mn tn now led by the expansion of its Kakinada unit, Managing Director Kapil Mehan told reporters
here.
Bajaj Hindusthan's rights issue partially devolves on underwriters
Bajaj Hindusthan Ltd's Rs.16.4 bn rights issue of 456.7 mn shares was partially devolved on the nine
investment banks that underwrote the issue, the company informed the Bombay Stock Exchange. The
company's shareholders, which include the promoters, subscribed to only around 73.44% of the issue size.
Oct 20th EGoM meet on sugar export, onion export floor deferred
The Empowered Group of Ministers on Food, which was to take a call on overseas sale of sugar and lowering
the minimum export price of onion on Oct 20, has deferred its meeting, senior government officials said.
"The meeting is now likely after Diwali (which falls on Oct 26)," one of the official said.
India Sep National CPI 113.1 vs 111.7 in Aug
India's National Consumer Price Index rose to 113.1 in Sep from 111.7 a month ago, the Central Statistics
Office said. CPI Rural for Sep rose 1.32% on month to 114.6, while CPI Urban rose 1.18% to 111.1, data
showed.
Ministries told to revive or shut sick units
The public enterprises department has written to all ministries asking them to prepare comprehensive
proposals to either revive or close down sick state-owned companies under their charge, the Economic
Times reported.
States to levy 4-5% VAT on sugar, textiles from Apr 1
All states will levy value added tax on sugar and textiles from Apr 1, the convener of Empowered Group of
State Finance Ministers on Goods & Service Tax Sushil Modi said.
Andhra industry body seeks moratorium on tax collection, loan dues
Hit by the ongoing Telangana strike, the Federation of Andhra Pradesh Chambers of Commerce and Industry
has appealed to the state government for a moratorium on tax collection and payment of loans for a month.
Pranab says advanced econs' monetary steps hurting emerging mkts
Strong liquidity injections by central banks of advanced economies have had a "damaging spill over" effect
on emerging economies, Finance Minister Pranab Mukherjee told his French counterpart Francois Baroin.
Govt source says Parliament's winter session likely Nov 21 onwards
The winter session of Parliament is likely to commence from the week beginning Nov 21, but a final decision
has to be taken by the Cabinet Committee on Parliamentary Affairs, a government source said.
Govt enters tax information exchange pacts with 16 countries
The government has completed negotiating 16 new tax information exchange agreements to fight black
money stashed in tax havens, Central Board of Direct Taxes Chairman M.C. Joshi said.
PM Singh says to enact whistleblower protection law in few months
The government plans to enact a law to safeguard whistleblowers in the next few months, Prime Minister
Manmohan Singh said in his address to a convention of information commissioners.
CBDT head says hopes to improve corporate tax mop-up in Oct-Dec
Corporate income tax collection is expected to improve in the third quarter (Oct-Dec) of the current financial
year ending March, Central Board of Direct Taxes Chairman M.C. Joshi said.
Doctor Chakrabarty prescribes RBI action Crocin for inflation fever
With barely 10 days to go for the next monetary policy review, Deputy Governor K.C. Chakrabarty said, the
Reserve Bank of India needs "to do something" if inflation remains high.
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RBI says India Aug services exports $11.90 bn, imports $6.86 bn
India's services exports in Aug rose to $11.90 bn from $10.40 bn in Jul, and service imports advanced to
$6.86 bn from $5.89 bn, the Reserve Bank of India data released showed.
Kohinoor Foods plans to halve debt via stake sale in arm to US co
Kohinoor Foods Ltd is looking to halve its debt of around Rs.10 bn with money from the stake sale in its
subsidiary Kohinoor Speciality Foods India to US-based food and spices giant McCormick.
Centre may raise payouts under rural job guarantee scheme
The Centre is likely to raise remuneration under its Mahatama Gandhi National Rural Employment Guarantee
Scheme and align it with the notified minimum wages of states following a court order last month.
Pranab says tax evasion, illicit flows challenges to global econ
Tax evasion and illicit capital flows have posed serious challenges to the world economy and have hit efforts
of nations to raise revenue for development, Finance Minister Pranab Mukherjee said.
Econ affairs secy says inflation has peaked; to decline from Nov
Inflation based on the Wholesale Price Index in Oct is likely to be lower than Sep's 9.72%, Economic Affairs
Secretary R. Gopalan said. Gopalan said that inflation has peaked and that it would start to fall from Nov.
Hisar sings Bhajan tune; Cong faces music in 3 other bypolls too
It was a rank bad day for the ruling United Progressive Alliance at the hustings with the Congress and its
allies losing all four bypolls in different parts of the country.
Food EGoM to consider sugar exports, cut in onion export floor
The Empowered Group of Ministers on Food is likely to meet Oct 20 to take a call on export of sugar in the
new season and a cut in the minimum export price of onion, senior government officials said.
Chambal Fert to set up phosphate unit in Gujarat at Rs.1.22 bn
Chambal Fertilisers & Chemicals Ltd plans to set up a 500,000 tn Single Super Phosphate unit at its Dahej
plant in Gujarat with an investment of Rs.1.22 bn, the company said in a notice to the stock exchanges.
RBI says FIIs can buy up to 60% stake in Jain Irrigation Systems
Foreign institutional investors can buy shares and convertible debentures of Jain Irrigation Systems Ltd up
to 60% of the its paid-up capital under the portfolio investment scheme, the Reserve Bank of India said.
Govt appoints 2 more members on RBI's Central Board of Directors
The government has appointed Y.H. Malegam and M.V. Rajeev Gowda on the Central Board of Directors of
the Reserve Bank of India for a period of four years, a RBI release said.
Sakthi Sugars redeemed FCCBs worth $5 mn Sep 29
Sakthi Sugars Ltd has informed BSE that the Company has redeemed Foreign Currency Convertible Bonds
Due 2011 (Series B) aggregating to USD 5.0 mn on Sep 29, 2011.
SIMBHAOLI SUGARS: The company will start crushing sugarcane for the new season from Oct 28 due to
early monsoons. The company aims to produce 200,000 tn sugar in the 2011-12 season.
KOHINOOR FOODS: Is looking to halve its debt of around Rs.10 bn with money from the stake sale in its
subsidiary Kohinoor Speciality Foods India to US-based food and spices giant McCormick.
COROMANDEL INTERNATIONAL: Plans to set up an 800 tn per day single super phosphate plant in
Punjab, and a Rs.4.95 bn bonus issue of redeemable debentures to its shareholders.
BAJAJ HINDUSTHAN: The company's Rs.16.4 bn rights issue of 456.7 mn shares was partially devolved on
the nine investment banks that underwrote the issue.
JAIN IRRIGATION SYSTEMS: RBI has said foreign institutional investors can buy shares and convertible
debentures of the company up to 60% of its paid-up capital.
SAKTHI SUGARS: Has redeemed foreign currency convertible bonds due 2011 aggregating $5 mn on Sep
29.
RALLIS INDIA: Plans to tap around 7,000 farmers in Latur, Osmanabad, and Nanded to source pulses.
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INFRASTRUCTURE
INFRASTRUCTURE:
Power regulator may impose penalty on states for overdrawing electricity.
Order inflows of capital goods, infrastructure cos hit 2-yr low Jul-Sep.
Source says BEML may get around Rs.13 bn India defence order.
Sobha Developers buys Pan Atlantic's 81% stake in SPV for $21 mn.
MahaGenco solar plant runs into forest dept hurdle.
Thiruvananthapuram to get Rs.2.50 bn defence nanotech hub.
REC to fund Chhattisgarh project via 2-step loan from China.
Power crisis short-circuits factory output across country.
Environ min refuses nod to Phase 1 of HCC's Lavasa project.
Cement capacity utilisation falls in Apr-Sep.
Source says Mercator in talks to buy 2 dredgers; deal likely Oct-end.
Railways ups busy season levy to 10%, development charge to 5%.
RIL Jul-Sep net up 16%, but still a "damp squib".
CBI registers preliminary enquiry against DB Realty.
Protests against Kudankulam nuclear plant temporarily called off.
Pranab says govt committed to phasing out fossil fuel subsidies.
RIL to suspend drilling for oil and gas.
Reliance, Tatas among 150 in race for solar photovoltaic projects.
Indian Oil Corp wants to get crude on credit.
HDFC Jul-Sep net up 20% on year at Rs.9.71 bn.
NTPC says renewable energy JV with ADB, Kyushu arm incorporated.
Source says Noida Toll Bridge expects to be debt free by Mar 2014.
Bombay High Court dismisses Sahara plea against Jet Air.
RIL halts fresh drilling at least till Feb; awaiting review by BP.
Source says oil cos losing Rs.2.59 bn/day on subsidised fuel sale.
Regulator may settle RIL case via consent.
SAT orders Sahara firms to refund bond investors.
GMR, Lanco power plants face cut in D6 gas supply.
2 IRB Infra promoters sell 10% stake to raise Rs.4.57 bn.
Govt says PSU oil marketing cos' total borrow Rs.1.19 trn Aug 31.
Govt says expect to launch ONGC follow-on issue by Dec.
Petronet says plans 30-bn-rupee spend to up Dahej terminal capacity.
Ramco Systems gets order from South Korea's T'way Airlines.
11th Five-Year Plan's investment target for infrastructure could fall short by 5%..
Demand for office space in India declined 37.5% sequentially to 5 mn sq ft in July-Sep, according to
realty consulting firm CB Richard Ellis.
Govt's new reality bill to give buyers a fair deal.
Pranab says to make "strenuous efforts" to meet FY12 fiscal gap aim.
Oil minister asks fin min for higher subsidy for oil retailers.
Oil minister says financial conditions of PSU oil cos "fragile".
Oil minister says implementation of diesel dual pricing not feasible.
IOC Paradip refinery ops put off by a yr as BHEL power unit delayed.
Power loans worth 560 bnRs. at risk sans reforms: CRISIL.
India's power situation grim as more states face crunch.
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OIL & GAS:
Prime Minister Manmohan Singh has requested state governments to cut the tax on natural gas and
imported liquefied natural gas; the plea, if accepted, will bring down the value-added tax on them to
5% from the current 12%.
Fuel retailers INDIAN OIL CORP, BHARAT PETROLEUM CORP, and HINDUSTAN PETROLEUM CORP lost
Rs.213 bn during Jul-Sep on sale of diesel, LPG and kerosene.
Delay in compensation by government to INDIAN OIL CORP has prompted it to take crude oil on
credit from OIL AND NATURAL GAS CORP.
Oil ministry has asked the finance ministry for 140-bn-rupee cash subsidy to compensate the loss of
Rs.210 bn suffered by state-owned oil marketing companies.
Government said oil marketing companies would not cut fuel prices even if crude oil prices fall below
$100 a barrel as any gain in crude oil prices would be offset by rupee depreciation.
State-run oil marketing companies fear they will not be able to meet the country's demand unless
government raises fuel prices or compensates them for losses via cash transfers.
Oil ministry has proposed to the finance ministry to impose a duty on diesel-run passenger vehicles,
which will be equal to 15% of the diesel consumption of such vehicles.
AVIATION:
State-owned oil marketing companies have cut the prices of aviation turbine fuel by an average of
Rs.355.00 a kL in the four metro cities from Sunday.
Civil Aviation Minister Vayalar Ravi said airlines are free to raise air fares.
Airlines owe Rs.3 bn to Delhi Airport Authority towards landing and parking charges, with Air India
alone owing Rs.2.45 bn.
Government has decided to set up a civil aviation authority that will replace Directorate General of
Civil Aviation to address issues of civil aviation sector.
Airlines have sought government approval for flying to several foreign cities by tapping unutilised
bilateral rights.
Private airlines like Jet IndiGo want Air India, which is selling tickets 15-20% lower than operating
costs forcing others to follow suit, to raise fares to make up their losses.
POWER:
The Central Electricity Regulatory Commission may impose penalty on Uttar Pradesh, Haryana and
Rajasthan for overdrawing power from the northern grid during the recent electricity shortage.
Coal Minister said that coal shortage would ease in three-four days but power generating companies
need to increase imports to maintain adequate stock.
A consortium led by GAIL (INDIA), ENGINEERS INDIA, and PUNJ LLOYD lost a bid to develop Ghana's
gas master plan.
Maharashtra government looking at buying 1,400 MW power from two private players--one owned by
Indiabulls in Amravati and the other owned by Adani Group.
Government to cut supply of RELIANCE INDUSTRIES KG-D6 gas to GMR's plant in Karnataka and
LANCO's plant in Andhra Pradesh, as it wants low-cost gas to be used at plants that provide power at
steady rates to consumers.
Karnataka is facing a 27% power shortfall on rising demand from irrigation sector and reduction in
generation due to coal shortage.
Tariff of coal-based power projects has gone up forcing power companies to stop burning expensive
imported coal the imported coal contracted for by the power companies piling up at ports.
Companies say there are no buyers for expensive.
PORTS:
Public Investment Board set to approve Jawaharlal Nehru Port Trust's project to widen and deepen
the Mumbai harbour channel and JN Port channel with a revised cost of Rs.15.5 bn.
Vizhinjam Port in Kerala to raise more than Rs.16 bn through bonds and institutional investors to
develop the country's deepest port.
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Shipping Secretary K. Mohandas said companies that were earlier denied security clearance for
developing cargo-loading terminals at ports can now bid for other such projects.
RAILWAYS:
Indian railways has increased two surcharges that would have a combined effect of 6% on overall
freight.
Indian Railways is expected to raise Rs.75-80 bn by issuing tax-free bonds in 2011-12 (Apr-Mar).
Railway ministry considering a hike in higher-class passenger fares.
CAPITAL GOODS:
Order inflows for capital goods, engineering and infrastructure companies have fallen to a two-year
low in Jul-Sep; about 64 firms reported order inflows worth Rs.400.1 bn during the quarter as
against the 508.6-bn-rupee orders reported last year.
SHIPPING:
Ministry to seek sharp reduction in port charges for cruise liners, more facilities for passengers at
ports, and easier movement of foreign-flagged vehicles.
RIL halts fresh drilling at least till Feb; awaiting review by BP

Reliance Industries Ltd has suspended fresh drilling at its deepwater blocks at least till Feb, awaiting a
detailed review by its newly-inducted UK-based partner BP for future exploration strategy, a senior RIL
official told. "The teams of RIL and BP have already started the re-evaluation of these (deepwater) blocks.
We want to wait for the study to complete. We don't want to continue drilling just for the sake of it," the
official said on condition of anonymity. The company's only available ultra-deepwater rig has been subleased to Malaysian national oil company Petronas, and is expected to be returned towards the end of this
calendar year, he said. "The rig will be available to us sometime in Jan-Feb. Hopefully, by then we will be
ready with the re-evaluation plan," the official said. The suspension in drilling, however, will not have any
impact on the current production from RIL's D6 Block in Krishna-Godavari Basin, he said.
Suryachakra Power arm, US cos in pact for 500 MW project in India
Suryachakra Global Ventures Ltd, the Hong Kong-based subsidiary of Suryachakra Power Corp Ltd, has
signed a memorandum of understanding with two US-based companies for implementing renewable energy
power projects in India with a cumulative capacity of up to 500 MW. American Bio Sources Inc and
Environmental Energy Finance Corp Inc will form one half of the 50:50 joint venture with Suryachakra
Global, the Indian company said in a release. American Bio Sources has approved funding of $200 mn from
the Export-Import Bank of the US to set up renewable energy power plants in India. The equity stake will be
distributed equally between the two groups, with the two US companies bringing $200 mn to the venture.
The three partners will work in tandem to secure funding for the commissioning of the power plants in India,
the company said.
Maharashtra to set up 5 units to expedite highway land acquisition
The Maharashtra government has decided to set up five special units to speed up land acquisition for
national highways that pass through the state, a senior revenue department official told. The need to
expedite land acquisitions has gained urgency as many key highway projects in the state have not made
progress as they are mired in over 86,000 court cases where land owners have contested the acquisition or
the compensation offered, the official said. For instance, the Vadodara-Mumbai Expressway project in Thane
district needs 2,810 ha of land, and the acquisition has not even begun. The government intends to convince
landowners who are contesting the acquisitions to arrive at a compromise, with compensation being made
under the guidance of district collectors. Lok Adalats, too, will be set up if necessary to expedite a
resolution, the official said. The five special land acquisition units will be based in Solapur, Thane (two
units), Raigad and Nagpur.
Maharashtra to set up 5 units to expedite highway land acquisition
The Maharashtra government has decided to set up five special units to speed up land acquisition for
national highways that pass through the state, a senior revenue department official told. The need to
expedite land acquisitions has gained urgency as many key highway projects in the state have not made
progress as they are mired in over 86,000 court cases where land owners have contested the acquisition or
the compensation offered, the official said. For instance, the Vadodara-Mumbai Expressway project in Thane
district needs 2,810 ha of land, and the acquisition has not even begun. The government intends to convince
landowners who are contesting the acquisitions to arrive at a compromise, with compensation being made
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under the guidance of district collectors. Lok Adalats, too, will be set up if necessary to expedite a
resolution, the official said. The five special land acquisition units will be based in Solapur, Thane (two
units), Raigad and Nagpur.
CB Richard Ellis says office space demand down 37.5% on qtr Jul-Sep
Mirroring the general economic sluggishness, demand for office space in India declined 37.5% sequentially
to 5 mn sq ft in July-Sep, according to a report by global realty consulting firm CB Richard Ellis. In Apr-Jun,
8 mn sq ft of space was absorbed across major metro cities. Of the 5 mn sq ft, National Capital Region,
Mumbai and Bengaluru accounted for almost 80% of the space absorbed. "The slowdown in office space
take-up is indicative of the global corporate sector sentiment affecting the Indian office property market,"
said Anshuman Magazine, chairman & managing director, CB Richards Ellis South Asia Pvt Ltd. "It is also
indicative of the continuing volatility in the financial markets within India. This decline in absorption levels is
further reflected in the slowdown in rental growth across key micro markets in the country," Magazine
added. The Jul-Sep quarter also saw over 5 mn sq ft of new office space available in the market. This is
almost 50% lower than the supply that came in the last quarter and can be largely attributed to the increase
in the cost and reduction in availability of debt besides, sluggish off-take of existing stock. The new supply
was largely concentrated in NCR, Bengaluru, Pune and Hyderabad.
GVK Power ups Mumbai International Airport stake to 50.5% via arm
GVK Power & Infrastructure Ltd said it has increased stake in Mumbai International Airport Pvt Ltd to 50.5%
through its step-down subsidiary GVK Airport Holdings Pvt Ltd. In a release, GVK Power & Infrastructure
said GVK Airport Holdings bought 108 mn shares, or 13.5% stake, of Mumbai International Airport from Bid
Services Division (Mauritius) Ltd for $231 mn. GVK Power had signed the share purchase agreement with
Bids Services in March. With this stake buy, GVK Power has become the majority stakeholder in Mumbai
International Airport, in which Bid Services holds another 13.5%, Airports Company South Africa Ltd 10%,
and the Airports Authority of India 26%. GVK Power also operates the Bengaluru international airport. In
April 2006, Mumbai International Airport won the contract for the modernisation and operation of the
Chhatrapati Shivaji International Airport in Mumbai.
REC in MoU with Nuclear Power Corp of India to fund capital outlay
Rural Electrification Corp Ltd and Nuclear Power Corp of India Ltd inked a memorandum of understanding
under which the former will fund the capital outlay of NPCIL. Under the terms of the agreement, the
financier of power projects will also provide consultancy services to NPCIL for setting up nuclear power
reactors based on foreign and indigenous technology, according to a release by NPCIL. NPCIL currently
operates 20 nuclear power reactors with an installed capacity of 4,780 Mwe. Besides, the state-owned
nuclear power generating company is building four 700 Mwe pressurized heavy water reactors--two each at
Kakrapar in Gujarat and Rawatbhata in Rajasthan. To meet its long-term funding requirements, NPCIL is
also in the process of raising loans through external commercial borrowings and non-convertible debentures
through private placement.
Oil India in talks with French co for West Africa asset buy
State-owned Oil India Ltd is in advanced talks with Paris-based oil producer Etablissements Maurel & Prom's
to acquire assets in the African nation, Gabon, a senior official of the Indian company said. "We have come
to a reasonable stage. We have conducted technical and financial due diligence and have identified a
producing asset in Gabon, West Africa. We will soon take it to the board," the official said on conditions of
anonymity. According to reports, Maurel wants to sell a controlling stake in the fields, which may be valued
at more than $1.5 bn. However, the Oil India official said the company has an appetite to spend only around
$1 bn-$1.2 bn for acquiring producing assets abroad. Oil India may be joined by state-run refiner Indian Oil
Corp for the acquisition, he added. Oil India holds participating interest in overseas assets in Libya, Gabon,
Iran, Nigeria and Sudan.
Bombay HC dismisses Sahara plea against Jet Air in buyout deal
The Bombay High Court dismissed an appeal filed by Sahara Airlines against an earlier court ruling that Jet
Airways India Ltd was liable to pay Rs.14.50 bn and not Rs.20.0 bn for the purchase of Sahara Airlines.
Justice D.Y. Chandrachud, in the ruling on May 4, had directed Jet Airways to pay Rs.4.78 bn to the Sahara
group to complete the purchase of Sahara Airlines, which is now called JetLite. Sahara Airlines appealed
against the order before the division bench headed by Chief Justice Mohit Shah, claiming Justice
Chandrachud had not accepted the company's argument Jet Airways was liable to pay Rs.20 bn for the deal
as it had breached a certain clause in the purchase agreement. The division bench said the appeal by Sahara
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Airlines was not maintainable, and the company was free to move the Supreme Court. The bench also
dismissed Jet Airways' appeal against the 9% interest payment directed in the May 4 order.
Reliance Ind sees US shale gas JVs on track to support earnings
Reliance Industries Ltd said its US shale ventures have achieved impressive developmental progress during
Jul-Sep and remain on track to be able to make material contribution to the company's earnings. "US shale
hydrocarbon production becoming meaningful...," RIL said in a post-earnings presentation to analysts over
the weekend. RIL has invested in three shale projects in the US so far. The Mukesh Ambani-owned company
said RIL's gross production from these shale assets was 210 mcf per day of gas and 24.7 mn bbl per day of
condensate as on Sep 30. These shale assets, which are operated through three separate joint ventures,
had 19 rigs operational till the end of Sep. "Additional rigs and frac crews contracted for Chevron and Carrizo
JVs," RIL said.
Oil PSUs to cut jet fuel prices by average Rs.355/kL from Oct 16
State-owned oil marketing companies will cut the prices of aviation turbine fuel by an average of Rs.355.00
a kL in the four metro cities from Oct 16. Jet fuel prices will be cut by Rs.325.00 to Rs.58,721 a kL in Delhi,
by Rs.379.00 to Rs.66,208 in Kolkata, by Rs.338.00 to Rs.59,021 in Mumbai, and by Rs.377.00 to
Rs.62,647 in Chennai. Aviation turbine fuel is sold at market rates, and state-owned companies such as
Indian Oil, Bharat Petroleum Corp Ltd, and Hindustan Petroleum Corp Ltd revise prices every fortnight in line
with the tariffs in the global market. Jet fuel accounts for nearly 40% of an airline's operational cost.
JSW Energy commissions unit IV of 1,200 MW Maharashtra project
JSW Energy Ltd started commercial operations at the 300 MW fourth and final unit of its 1,200 MW Ratnagiri
project in Maharashtra. The company also resumed operations at the two 135-MW units of the Barmer
project after the Rajasthan Electricity Regulatory Commission approved an ad hoc tariff for the power
produced by these units. Operations at the remaining units would commence by Mar, the company said. The
company's arm, Barmer Lignite Mining Co Ltd, has also started mining from the Kapurdi reserves in the
state to feed the power plant. Total power generation capacity for the company now stands at 2,330 MW.
Krishnan appointed Petroleum and Natural Gas Regulatory Board head
The government appointed former fertiliser secretary and 1975-batch officer of the Indian Administrative
Services S. Krishnan as Chairperson of the Petroleum and Natural Gas Regulatory Board, an official release
said. Krishnan's appointment comes into effect from and his term ends after five years or after he attains
the age of 65. Krishnan, who took charge of the board, retired as fertilizer secretary in Aug last year. He fills
up a post that had been lying vacant since the superannuation of Labanyendu Mansingh on Oct 10. One of
the major tasks for Krishnan would be the issue of third city gas licensing round now pending for over seven
months.
Tantia Constructions gets 4 orders worth Rs.1.67 bn
Kolkata-based Tantia Constructions Ltd has received four construction orders, including one from
Bangladesh, worth a total amount of Rs.1.67 bn, the company said in a notice to the exchanges. Of the four
orders, the company has bagged two orders from Punjab's public works department for construction of two
bridges, one over the Sutlej river and another at Dhanoya Pattan in Gurdaspur. The Sutlej bridge contract is
worth Rs.507 mn and the Gurdaspur project is worth Rs.480 mn, the company said. Besides, the company
has won a Rs.141.86-mn order from Mizoram for the 27-km road stretching from West Phaileng to Marpara
Road. The company won the Bangladesh order for construction of a 686.75-mtr-girder bridge on Arial Kha
river. The order is worth Rs.540 mn and has been won by its joint venture in Bangladesh.
Initial success prods Cairn India to drill 2nd well in Lanka block
Buoyed by the success of the maiden exploration well in Sri Lanka, Cairn India Ltd has started drilling its
second well to gauge the extent of the natural gas discovery it made in the Mannar Basin earlier this month,
a company source told. "The first well has been capped after the discovery and the second well was spud
last week using the same drillship," the official said. He said the second well is being intentionally drilled at a
location far from the first well to see the hydrocarbon prospectivity of the block. Drilling of the second well is
expected to be completed by next month. "Depending on the result of the second well, we will decide on the
location of the third well in the block," the official said.
Reliance Power redeems FCCBs worth $299.90 mn
Reliance Power Ltd has informed that the Company has redeemed the principal amount of US$ 299.90 mn
corresponding to Rs.1474.93 Crore due on the 4.928% Foreign Currency Convertible Bonds (FCCBS) on the
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due date for their redemption i.e. Oct 17, 2011. In view of the above redemption, there has been no dilution
in the Company's Equity Share Capital, which would have otherwise happened through the issue of
13,15,37,871 Equity shares of Rs.10 each representing 4.48 % of the paid up share capital of the Company)
to the Bondholders upon exercise of their rights to convert the Bonds into Equity shares of the Company.
Areva T&D gets substation order worth Rs.580 mn from BHEL
Areva T&D India Ltd said its transmission business has bagged an order worth around Rs.580 mn from
Bharat Heavy Electricals Ltd for a gas-insulated substation package. The contract covers manufacturing,
engineering, and installation of 11 bays of 420kV gas-insulated substations for BHEL's hydro project at
Rampur in Himachal Pradesh. The substations will be delivered from Areva's ultra high voltage switchgear
factory at Paddapai in Tamil Nadu. Areva's high voltage technology is under the operational control of
Alstom Grid, a part of the Alstom group.
FIPB cancels OK to Cals Refineries' GDR issue plan
Cals Refineries Ltd has informed BSE that consequent to the Order of SEBI on the Company, FIPB has
withdrawn its recommendation to CCEA and has advised the Company to take up with them once the facts
of the case change with respect to SEBI's order. The Hon'ble Member of SEBI has given Personal Hearing to
the Company on Nov 08, 2011 to present its case. The Company has appealed to SEBI to grant a waiver
from its subject Order for issue of GDRs to Hardt group to enable it to proceed with the project work.
Bhagyanagar India redeems FCCBs worth $10 mn
Bhagyanagar India Limited has informed the Exchange that the company had issued FCCBs aggregating to
US$ 15 mn in Oct 2006. After repurchase and cancellation of FCCBs from time to time, the outstanding
nominal value of FCCBs of USD 10,000,000 has been paid in full at redemption value of USD 14,825,500
including YTM of 8% on principle amount as on maturity date i.e. Oct 17, 2011 as per the terms and
conditions of the offering circular dated Oct 10, 2006. In view of the above payment, the entire liability on
account of FCCB's is discharged.
Pipavav Defence confirms I-T search at co premises
Pipavav Defence and Offshore Engineering Company Ltd has informed BSE that: "1. The Income-Tax
department visited the premises of Pipavav Defence and Offshore Engineering Company Limited (formerly
known as Pipavav Shipyard Limited) ("the Company"). IT officials visited for verification of certain issues for
which required information was provided to their satisfaction. The management of the Company extended
full co-operation to the authorities. 2. There was no disruption of any kind at the production units and the
business of the Company was carried out as usual."
FDC Ltd to acquire 100% stake in ASL for Rs.64.3 mn
FDC Ltd has informed BSE that based on valuation of independent valuers, the Board of Directors, at its
meeting held on Oct 15, 2011, have resolved to purchase 100% equity shares of ASL, a related, unlisted
Public Company, from its erstwhile shareholders, for a total consideration of Rs.6.43 Crores, thereby making
ASL, a wholly owned subsidiary of FDC Limited. Though ASL does have not any substantial operations, it
owns a property at Dombivali admeasuring 81,855 sq.ft. which FDC proposes to use for its business
operations.
Power utilities restore supply in all affected South Mumbai areas
The power situation in South Mumbai was back to normal, with supply restored to all the affected parts of
the region, Tata Power Co Ltd and Brihanmumbai Electric Supply & Transport Undertaking said in a joint
statement. There was a disruption in supply in certain of South Mumbai following a fire at Brihanmumbai
Electric Supply & Transport Undertaking's Backbay Veej Bhavan 110 KV station. The power supply has been
restored in all the affected areas from 1900 IST.
Rudh Investment makes open offer for 20% more in Midland Polymers
Rudh Equities and Investment Advisors Pvt Ltd has made an open offer to acquire 786,500 shares or 20%
additional stake in Midland Polymers Ltd at Rs.29 per share, the manager to the open offer, Intensive Fiscal
Services Pvt Ltd said. The open offer will be open from Dec 9-28. Rupesh Soni and Radhika Soni, promoters
at Rudh Equities, had bought 610,100 shares or 15.51% stake at Rs.28.75 per share in Midland Polymers
through open market operations on Oct 14.
Suzlon promoter to raise stake up to 3.94% via inter se transfer
Suzlon Energy Ltd said that one of its promoters Samanvaya Holdings Pvt Ltd would buy an additional stake
of up to 3.94% in the company by Nov 12 via inter se transfer. The proposed transaction, under which
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Samanvaya Holdings is to buy up to 70 mn shares of Suzlon Energy, was previously intended by Oct 11 but
could not be completed. The acquisition may be done in one or more tranches either through off-market
transactions or block deals, the company said.
GVK Power arm buys 14% stake in Bangalore Intl Airport
GVK Power & Infrastructure Ltd has informed BSE that Bangalore Airport & Infrastructure Developers Private
Ltd., a subsidiary of our company has on Oct 19, 2011, acquired 53,844,000 equity shares of Rs.10 each
(amounting to 14%) in Bangalore International Airport Limited (BIAL) from Siemens Project Ventures GmbH
(Siemens) at a cost of Rs. 613.82 Crores. With this acquisition, GVKPIL would now have an effective stake of
43% in BIAL.
J Kumar Infraprojects gets Rs.1.83 bn orders
J. Kumar Infraprojects Ltd has informed BSE that the Company has received following work orders worth
Rs.183.39 Crores: 1. Work Order from CIDCO worth Rs.145.69 Crores. 2. Work order from Pune Municipal
Corporation worth Rs.24.70 Crores. 3. Piling work orders from various parties worth Rs.13.00 Crores.
Oil cos subsidised fuel sale loss slightly dn at Rs.2.6 bn/day
State-owned oil marketing companies' daily revenue loss on sale of subsidised fuels has come down
marginally over the last fortnight to Rs.2.59 bn, a fall of 4.4%, following a dip in global crude oil prices
coupled with exchange rate fluctuations in the preceding fortnight, an official told.
Oil min sought 140-bn-rupee Jul-Sep fuel compensation from fin min
The petroleum ministry has sought from the ministry of finance Rs.140 bn to partly compensate revenue
losses incurred by public sector oil marketing companies on sale of diesel and cooking fuels at subsidised
rates during Jul-Sep, petroleum secretary G.C. Chaturvedi told reporters on the sidelines of the Economic
Editors' Conference.
Sobha Developers buys Pan Atlantic's 81% stake in SPV for $21 mn
Sobha Developers Ltd has bought Dubai-based Pan Atlantic Investments Ltd's entire 81% stake in the
special purpose vehicleSobha Developers (Pune) Pvt Ltd, the Bengaluru-based real estate company said in
a release.
Power regulator may impose penalty on 3 states for overdrawing power
The Central Electricity Regulatory Commission may impose penalty on Uttar Pradesh, Haryana and
Rajasthan for overdrawing power from the northern grid during the recent electricity shortage. The
electricity regulator has already issued notices to these states.
JNPT set to get invest board nod to widen Mumbai harbour channel
The Public Investment Board is set to approve Jawaharlal Nehru Port Trust's project for deepening and
widening of the Mumbai harbour channel and JN Port channel (Phase II) with a revised estimated cost of
Rs.15.46 bn.
NHAI to seek leeway on norms for public issue
The National Highways Authority of India will seek exemption from the SEBI on some of the norms to be
followed before the public issue for Rs.100 bn tax-free infrastructure bonds.
Power Grid plans to enter generation business overseas
State-run power transmission utility Power Grid Corp of India Ltd plans to enter the power generation sector
overseas. Power Grid plans to enter the power transmission business in Bangladesh and Sri Lanka by setting
up companies there.
Finance ministry turns down railways' request for funds
The finance ministry has rejected the railway ministry's request for a loan of Rs.21 bn to cover development
expenses. The railway ministry made the request in August saying it was falling short by that sum to meet
its planned expenditure.
Source says Noida Toll Bridge expects to be debt free by Mar 2014
Noida Toll Bridge Co Ltd, which is currently undergoing a corporate debt restructuring programme, expects
to repay its entire debt by Mar 2014, a person familiar with the development told. The operator of the toll
bridge connecting Delhi to Noida is restructuring a total debt of around Rs.4 bn.
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BP tells govt to develop new blocks to arrest D6 output fall

Reliance Industries' UK-based partner BP Plc has said the only way to arrest the decline in production from
KG-D6 block is by developing new and satellite blocks. BP has hinted at conducting pre-development
activities in this regard from December to Mar.
Indian Oil wants to get crude on credit
Indian Oil Corp Ltd has sought crude from Oil and Natural Gas Corp and Oil India Ltd on credit as long as the
government does not transfer subsidy. Indian Oil's monthly bill on crude purchases from the two companies
is Rs.12.67 bn and Rs.4.17 bn, respectively.
Govt says oil retailers' total borrow Rs.1.19 trn till Aug 31
The borrowings of state-owned oil marketing companies rose by over 23% from Mar 31 to Aug 31 due to
mounting revenue losses on subsidized sale of diesel and cooking fuels, a government report ahead of the
Economic Editors' Conference said.
HUL puts 3 prime Mumbai flats on sale, eyes at least Rs.100 mn
In line with the strategy to monetise some of its prime real estate assets in Mumbai, Hindustan Unilever Ltd
has put on the block three residential apartments in south and central parts of the country's financial capital.
Indian Oil seeks RBI's direct dollar window to combat volatility
State-owned Indian Oil Corp Ltd has sought a direct dollar purchase window for its crude oil payments as
depreciating rupee against the dollar is pressurising the company's finances.
IOC Paradip refinery ops put off by a yr as BHEL power unit delayed
The commissioning of Indian Oil's Paradip refinery project is likely to be deferred by over 12 months to Jun
2013, mainly because Bharat Heavy Electricals Ltd has not been able to complete its power plant at the
refinery in time, a senior Indian Oil official told.
Environ min refuses green nod to Phase-I of HCC's Lavasa project
The environment ministry has refused to give clearance to the first phase of Lavasa Corp Ltd's Hill City
project near Mumbai for not meeting set pre-conditions.
Essar Energy reinstates buy pact with Gujarat co for Salaya II unit
Essar Power Gujarat Ltd, the subsidiary of Essar Energy Plc, has reinstated a long-term power purchase
agreement with Gujarat Urja Vikas Nigam Ltd for Salaya II power plant, Essar Energy said in a statement.
Railways ups busy season levy to 10%, development charge to 5%
In a move that could further fuel inflation, the Indian Railways has raised freight tariffs by increasing the
busy season surcharge to 10% and development charge to 5%.
Century Textiles denies talk co merging cement ops with UltraTech
UltraTech Cement Ltd and Century Textiles and Industries Ltd denied media reports the latter plans to
merge its cement business with the former.
Source says Mercator in talks to buy 2 dredgers; deal likely mo-end
Mercator Lines Ltd is close to acquiring two dredgers for around $30 mn-$35 mn that will take its existing
fleet to seven, a senior official told.
Madhucon Projects wins Rs.2 bn orders from Sardar Sarovar Nigam
Madhucon Projects Ltd has bagged engineering, procurement and construction works orders worth Rs.2 bn
from Sardar Sarovar Nigam Ltd for two irrigation projects in Gujarat.
Source says BEML may get defence order worth around Rs.13 bn
State-owned BEML Ltd is set to receive an order worth around Rs.13 bn from the defence ministry for
supplying repair vehicles for the T-72 'Ajeya' tanks, a company official said.
Reliance Ind to suspend drilling for oil and gas
Reliance Industries Ltd will suspend drilling across its entire oil and gas portfolio until a process of reevaluation, currently underway, ends and a fresh plan is submitted to the government.
REC plans to raise Rs.10 bn through infra bonds
Rural Electrification Corp plans to raise Rs.10 bn by issuing tax-saving infrastructure bonds in 2011-12. The
first tranche of the bonds is expected in the last week of Nov.
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One dead in explosion at MRPL's crude oil tank site in Mangalore

One person died and four were injured due to an explosion in a crude oil storage tank being constructed at
Mangalore Refinery and Petrochemicals Ltd's project in Mangalore, Managing Director U.K. Basu told.
Petronet Jul-Sep net nearly doubles to 2.6 bn rupee on high demand
Petronet LNG Ltd's Jul-Sep net profit almost doubled to Rs.2.60 bn, mainly helped by higher demand and
the resultant rise in volumes with better margins.
Regulator may settle RIL case via consent
Securities and Exchange Board of India may settle the charges of insider trading against Reliance Industries
through the so-called consent process, asking the company to pay as much as Rs.20.52 bn.
Official says govt to decide on ONGC FPO timing in next 4-5 days
The government will decide on the timing of the Oil & Natural Gas Corp's follow-on public offer in the next
four-five days, a senior government official said.
Rail minister Trivedi says freight rate hike "an ongoing process"
Railway Minister Dinesh Trivedi did not rule out the possibility of another round of hike in freight rates, and
said only that it was "an ongoing process" when asked about its timing.
RELIANCE INDUSTRIES:
Reports Jul-Sep net profit of Rs.57.03 bn turnover grew 34.7% on year to Rs.807.9 bn; numbers in
line with estimates.
Company's board of directors may have discussed the launch of 4G Wimax broadband services and
may soon announce the launch of the same.
SEBI said quasi-judicial proceedings are in progress in the company's 2007 insider trading case.
To suspend drilling across its entire oil and gas portfolio until a process of revaluation ends.
SEBI may settle insider trading charges against the company through consent process; asks
company to pay Rs.21 bn.
ONGC:
Overseas subsidiary ONGC Videsh is likely to pick up 16% stake in Kazakhstan's Kashagan oilfield in
the Caspian Sea for around $6 bn.
Ready to supply gas to two thermal power projects in Palatana and Manarchak in Tripura.
ONGC Videsh Ltd plans to bid for oil and gas blocks in Myanmar, Iraq, and Vietnam.
JET AIRWAYS:
Plans to put additional capacity on short-haul international routes, due to negative margins in the
domestic market.
The Bombay High Court has dismissed Sahara Airlines' appeal against an earlier court ruling that Jet
Airways was liable to pay Rs.14.50 bn and not Rs.20.0 bn for the purchase of Sahara Airlines.
NTPC:
Has resumed generation at some of its power projects due to improvement in the supply of coal.
Plans to acquire two medium-sized coal mines in Mozambique and Indonesia.
RURAL ELECTRIFICATION CORP:
Awaits response from finance ministry on its proposal to raise $1 bn through foreign currency
convertible bonds.
Has signed a memorandum of understanding to fund the capital outlay of Nuclear Power Corp of
India.
GVK POWER & INFRASTRUCTURE:
Has increased stake in Mumbai International Airport to 50.5% through its step-down subsidiary GVK
Airport Holdings.
Has increased stake in Bengaluru International Airport to 43% by buying Siemens's 14% stake for
Rs.6.14 bn through an arm.
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OIL INDIA:
Is in talks with a French company to buy stake in a West African firm; may spend $1 bn-$2 bn on
the acquisition.
Rejected INDIAN OIL CORP's request to extend credit on purchases.
CAIRN INDIA: Has submitted the technical feasibility report to increase the production at its Rajasthan oil
block.
ELECTROTHERM: Has terminated the agreement to combine its solar businesses in India with Amsterdambased AEG Power Solutions citing poor demand.
GUJARAT PIPAVAV: IDBI Trusteeship Services Ltd, through the IDFC Infrastructure Fund and India
Development Fund, has cut its stake in the company to 2.89% from 3.70%.
HINDUSTAN CONSTRUCTION CO: Environment ministry has refused to clear the first phase of Lavasa
Corp Ltd's Hill City project near Mumbai for not meeting set pre-conditions.
MANJEERA CONSTRUCTIONS: To diversify into the infrastructure and entertainment segment, with the
latter covering malls and multiplexes.
RELIANCE INDUSTRIAL INFRASTRUCTURE: Jul-Sep net profit falls 11.8% on year to Rs.58.83 mn; net
sales up 19.2% at Rs.148.87 mn.
CALS REFINERIES: The Foreign Investment Promotion Board has withdrawn its approval to the company's
global depositary receipt issue after the Securities and Exchange Board of India banned the issue.
JAYPEE INFRATECH: Gets order to construct the all-new circuit near Delhi for the Formula One race.
KINGFISHER AIRLINES: Capital crunch and gloomy economy making it difficult for the carrier to pay
salaries to its employees.
MAHINDRA LIFESPACE DEVELOPERS: Has posted Jul-Sep net profit of 314.4 mn rupees and income
from operations of Rs.937.7 mn.
OBEROI REALTY: Plans to raise prices of its residential projects by Rs.500-1,000 per square feet in
Mumbai to boost its margins.
PENINSULA LAND: Has reported Jul-Sep net profit of Rs.136.7 mn and income from operations of Rs.495
mn.
RELIANCE POWER: Has redeemed foreign currency convertible bonds worth $299.9 mn that were due on
Oct 17.
SURYACHAKRA POWER CORP: In pact with American Bio Sources and Environmental Energy Finance
Corp to implement renewable power projects in India.
HINDUSTAN DORR OLIVER: Looking at four-five acquisitions in Europe each costing 5-10 mn pounds.
IRB INFRASTRUCTURE: Two promoters sold nearly 10% stake in company through secondary market
transactions in the past one week for raising Rs.4.5 bn to revoke pledge on shares held by them.
RAMCO SYSTEMS: Has received a contract from South Korea-based T'way Airlines for its aviation
maintenance and engineering software.
UNITECH: Company Law Board issues notice to the company on arbitration plea filed by its foreign partner
Telenor over Uninor's share rights issue.
ESSAR PORTS: Seeking to develop a port in Mozambique.
EVEREST INDUSTRIES: Has reported Jul-Sep net profit of Rs.60.2 mn and net sales of Rs.1.84 bn.
MARG LTD: Akshya Infrastructure Pvt Ltd had made an open offer to acquire 20% more stake in the
company at Rs.91 per share.
RAMCO SYSTEMS: Has bagged an order from T'way Airlines from Seoul to deliver web- based Series 5
maintenance and execution systems.
PUNJ LLOYD: The Bombay High Court has dismissed the company's plea over a $130-mn OIL & NATURAL
GAS CORP order.
SUPREME PETROCHEM: Has reported Jul-Sep net profit of Rs.158.5 mn and net sales of Rs.5.47 bn.
TORRENT POWER: Has posted Jul-Sep net profit of Rs.2.92 bn and net sales of Rs.18.96 bn.
VMS INDUSTRIES: Bholebaba Suppliers Pvt Ltd makes open offer for 26% more in company at Rs.23 a
share. Offer to open on Dec 10, close on Dec 29.
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IT & ITeS
INFORMATION TECHNOLOGY:
Compucom gets govt OK for 2 news, current affairs channels.
NIIT sells American arm Element Corp for $110 mn.
Taksheel Solutions has set the issue price of its 5.5-mn-share initial public offering at Rs.150 a
share.
MindTree Jul-Sep net profit up 58% on quarter, sales rise 10.5%.
US visa rejections reach 40% for software cos.
According to Commerce and Industry Minister Anand Sharma this year's H-B1 US visa uptake is less
than half of the annual prescribed limit.
Official says TCS to hire 17,000-20,000 employees in Oct-Dec.
Gartner sees global IT spends growing 3.9% in 2012 vs 5.9% 2011.
Research firm Gartner sees global IT spending growing 3.9% in 2012 to $2.7 trn as against the likely
5.9% growth in 2011 to $2.6 trn.
Software companies to face a potential aggregate tax of over $1 bn with Karnataka High Court ruling
that payments made to overseas software supplies are taxable.
Compucom arm gets govt OK for 2 news, current affairs channels.
Compucom Software Ltd today said its subsidiary CSL Infomedia (P) Ltd has received permission
from the information and broadcasting ministry to start two news and current affairs satellite
channels, JanTV and JanTV Plus.
NIIT divests stake in US arm to SSI Investments group for $110 mn

NIIT Ltd has divested stake in its step-down US-based subsidiary, Element K Corp, to SkillSoft Corp and
SkillSoft Ireland Ltd for $110 mn in cash. SkillSoft Corp and SkillSoft Ireland are the indirect subsidiaries of
US-based SSI Investments II Ltd. The company also announced that it has entered into a strategic longterm services and licensing agreement with SkillSoft. Under the pact, NIIT will produce new content for
SkillSoft's e-learning collections for business, information technology and desktop skills. This partnership will
help NIIT expand its managed training services business, Vijay Thadani, chief executive officer, NIIT said in
the press release. The two companies are also exploring research and development initiatives to create
technology-enabled learning and performance support.
NIIT sells US arm for $110 mn; CEO says co "debt free" now
NIIT Ltd will become a "zero-debt" company with sale of its step-down US-based subsidiary, Element K Corp
for $110 mn in cash, Chief Executive Officer Vijay Thadani said. The company announced sale of its US arm
to SkillSoft Corp and SkillSoft Ireland Ltd, which are indirect subsidiaries of US-based SSI Investments II
Ltd. "With the induction of the money last night we are now a zero-debt company," Thadani told. "Now, that
the deal is concluded it will strengthen our balance sheet," he said reasoning that this will lessen the cost of
interest that the company had on its books till now. The $110 mn received by NIIT Ltd will be used to
strengthen the areas of focus for the company, including cloud computing, school-learning solutions, N
Guru, and NIIT Yuva Jyoti, Thadani told. He also said the funds could be utilised for the company's inorganic
growth plans as well. The company also announced that it has entered into a strategic long-term services
and licensing agreement with SkillSoft. Under the pact, NIIT will produce new content for SkillSoft's elearning collections for business, information technology and desktop skills. This partnership will help NIIT
expand its managed training services business, Thadani said. The two companies are also exploring research
and development initiatives to create technology-enabled learning and performance support.
Indian Infotech to mull raising funds Oct 25
Indian Infotech & Software Ltd has informed BSE that a meeting of the Board of Directors of the Company
will be held on Oct 25, 2011, inter alia, to transact the following business: 1. To consider and adopt the
Unaudited Financial Results of the Company for the Half Year ended Sep 30, 2011. 2. To consider and decide
on change in the Management of the Company pursuant to completion of Open Offer formalities and to
appoint new Directors on the Board of the Company and to accept the resignations of the existing Directors.
3. To consider and decide about shifting of the situation of the Registered Office of the Company within the
local limits of the city of Mumbai. 4. To consider and decide on the resignation of the existing Compliance
Officer and to appoint a new Compliance Officer in his place. 5. To consider and decide on the resignation of
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Mr. N. K. Pareek as CEO of the Company and to appoint a Managing Director and CFO. 6. To discuss the
Scheme of Amalgamation u/s 391/394 of the Companies Act, 1956. 7. To discuss about raising of Capital
through Preferential Issue.
Foursoft says UNIFO Solutions to implement its customs application
Software solutions provider Four Soft Ltd said Chennai-based UNIFO Solutions will implement its web-based
customs application '4S eCustoms'. The two companies have signed a contract under which UNIFO will
deploy Four Soft's 4S eCustoms for its customers, the release said. The customs application will be fully
integrated with Four Soft's logistics application '4S Visilog', which was deployed last year, the company said.
"Integration of 4S Visilog with 4S eCustoms will deliver lot of additional benefits to its (UNIFO Solutions')
global customers with respect to real time updates of the declarations and clearance of their shipments,"
Rakesh Kumar Munigala, vice president and managing director of Four Soft in Asia said.
Gartner sees global IT spends growing 3.9% in 2012 vs 5.9% 2011
Information technology research company Gartner Inc expects the growth in global IT spending to be slower
in 2012 as against in 2011. Gartner sees IT spending growing 3.9% in 2012 to $2.7 trn as against the likely
5.9% growth in 2011 to $2.6 trn. Economic uncertainties in Europe and the US, the world's largest IT
markets, are likely to have a negative impact on companies' IT budget decisions in 2012. Over 70% of the
$76 bn revenue of the Indian IT industry comes from these markets. "This year 350 companies will each
invest more than $1 bn in IT. They are doing this because IT impacts their business performance," Peter
Sondergaard, senior vice president, Gartner, said.
Official says TCS to hire 17,000-20,000 employees in Oct-Dec
Tata Consultancy Services Ltd will hire in Oct-Dec 17,000-20,000 employees of the targeted 60,000
employees for this financial year, Ajoy Mukherjee, the company's head of global human resources, said
today. The company hired 12,000 employees in Apr-Jun, and 20,000 in Jul-Sep. Looking at the pace of
growth in business volumes, the country's largest software exporter has already started hiring for the next
financial year that begins Apr 1. TCS plans to make 45,000 campus offers for 2012-13 (Apr-Mar), of which it
has already made 35,000 offers, Mukherjee said at a press briefing. The freshers will join the company by
June-end, he said.
NIIT Tech sets personal best; bags new orders worth $200 mn Jul-Sep
Software solutions provider NIIT Technologies Ltd said it struck deals worth $200 mn in Jul-Sep--the highest
ever in any quarter-- including a $85-mn order from US-based Morris Communications. The company added
seven significant customers during the quarter, which resulted in fresh orders intake of $200 mn and $232mn worth executable order book over the next 12 months.
Prog Dye Chem makes open offer for 20% more stake in ACI Infocom
Prog Dye Chem Pvt Ltd has made an open offer to acquire 2.2 mn shares or 20% additional stake in ACI
Infocom Ltd at Rs.52 per share, the manager to the open offer, Comfort Securities, said. The open offer will
be open from Dec 10-29. The open offer is being made to comply with the Regulations 10 and 12 of the
Securities and Exchange Board of India's substantial acquisition of shares and takeover norms, the company
said. Prog Dye Chem has bought 1.4 mn shares or 12.9% stake though market purchases for Rs.36.4 mn in
ACI Infocom at an average price of Rs.25.5 per share. The main purpose of the open offer and subsequent
take over by Prog Dye Chem is to get effective control over the management of ACI Infocom and to expand
its business activities. After the successful completion of the open offer, Prog Dye Chem would hold 32.9%
in ACI Infocom.
Aurum Soft Systems to merge PointRed Telecom with self
Aurum Soft Systems Ltd has informed BSE that the Board of Directors of the Company at its meeting held
on Oct 19, 2011, has considered the report of the Committee of Directors on the proposal received from
PointRed Telecom Ltd ("PointRed") for a possible strategic business partnership ("Business Proposal). As
recommended by the Committee, the Board has decided that a merger of PointRed with Aurumsoft through
a Scheme of Amalgamation (Scheme) under Section 391 to 394 of the Companies Act. 1956 (Act) would be
most viable and suitable mechanism to Implement the Business Proposal which shall be subject to the
statutory approvals.
Tech Mahindra signs MoU with SITRONICS India for IT solutions
Tech Mahindra Ltd has signed a Memorandum of Understanding with SITRONICS India Pvt Ltd to market the
latter's IT solution in the domestic market, the two companies said in a joint release today....Both the
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parties would mutually explore and leverage their expertise in development, implementation and support of
different IT solution," it said. Sitronics India is the arm of the Russian company, JSC SITRONICS.
Ramco Systems gets software order from South Korean airlines
Ramco Systems Ltd has received a contract from South Korea-based T'way Airlines for its aviation
maintenance and engineering software, the company said in a release today. Ramco Systems, however, did
not provide financial details of the contract in the release. The software will help T'way Airlines in aircraft
maintenance, and reduce aircraft turnaround time.
Head says cost cuts to help Infotech Enterprises improve margins
Infotech Enterprises Ltd's operating margins are seen improving at least 100 basis points every quarter for
the next two quarters as the company is taking several measures to cut costs, Chairman and Managing
Director B.V.R. Mohan Reddy said. Depreciation in the rupee against the dollar may also aid margin
expansion going forward, Reddy said.
Mastek Jul-Sep consolidated net loss widens to Rs.272.8 mn
Information technology solutions provider Mastek Ltd's consolidated net loss widened to Rs.272.8 mn in JulSep from Rs.134.6 mn a year ago because of higher wage costs, foreign exchange losses, and transition
cost associated with a deal won in UK.
Softsol to mull buyback of up to 1.25 mn shrs Oct 24
Softsol India Ltd has informed that a meeting of the Board of Directors of the Company will be held on Oct
24, 2011, to consider and approve Buy-back of up to 12,50,000 (maximum) Equity Shares of the Company.
INTERVIEW: "No one delivers as much margin as we do," says TCS CFO
Even as the global economic environment remains worrisome and there is lack of clarity on business
environment beyond one quarter, Tata Consultancy Services Ltd is confident of maintaining industry-leading
profit margins.
CFO says TCS shr dn on earnings as "expectations were running high"
"I think their expectations were running very high," Tata Consultancy Services Ltd Chief Financial Officer and
Executive Director S. Mahalingam said on the fall in the company's shares in reaction to its Jul-Sep earnings
reported.
Patni Computer turns to profit Jul-Sep;gross margin rises to 36.2%
Patni Computer Systems Ltd reported a consolidated net profit of Rs.902.7 mn for Jul-Sep, against a loss of
Rs.515.2 mn in Apr-Jun, due to increase in volumes and better utilisation.
TCS CFO says investors "most important stake holders for us"
Investors are the "most important stake holders for us", Tata Consultancy Services Ltd's Chief Financial
Officer and Executive Director S. Mahalingam said.
INFOSYS:
To launch at least five new business platforms in the coming months.
Aims to double its revenue share from Europe to 40% of its total sales by the end of 2013-14 (AprMar).
Opened a new development centre in Singapore to strengthen its presence.
TATA CONSULTACY SERVICES:
To hire 45,000 engineers in 2012-13 as against 37,000 in 2011-12.
Looking at recruiting from low cost cities such as Ahmedabad, Pune, Bhubaneswar, Nagpur, and
Indore to cut cost and maintain profitability.
To provide technology outsourcing services to Commercialbank of Qatar as a part of a five-year deal.
NIIT LTD: Has sold its US-based subsidiary--Element K to Skill-soft for $110 mn in an all-cash deal. The
company has also signed a pact for producing new content for the latter's e-learning content.
HCL Technologies: Net profit for Jul-Sep at Rs.3.97 bn. The company would pay 4 rupees/share interim
dividend. Consolidated net profit at $107 mn.
ZENITH INFOTECH: Hedge fund QVT and a few shareholders have dragged the company to the court,
seeking an injunction to stop any sale of assets by Zenith.
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INDIAN INFOTECH & SOFTWARE: Will consider raising funds through preferential issue of shares on Oct
25.
MINDTREE: Jul-Sep net profit jump 58% on quarter to Rs.545 mn; sales rose 10.5% to 4.57 bn.
ACI INFOCOM: Prog Dye Chem Pvt Ltd makes open offer for additional 20% in company at 52 per share.
TECH MAHINDRA: Has signed a Memorandum of Understanding with Sitronics India's arm to promote its
IT solutions.
HCL INFOSYSTEMS: Has entered the tablet PC market with its X1 ME tablet priced at Rs.10,490.
PRISM INFORMATICS: Has got an order for SAP implementation from Aamby Valley.
3i INFOTECH: Plans rights issue of shares.
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PHARMA & HEALTHCARE

PHARMACEUTICALS & HEALTHCARE:
Drug cos to carry box warning on paracetamol combination products.
Nectar Lifesciences gets Europe OK for Punjab bulk drug facility.
The government has suspended the manufacture and sale of letrozole to cure infertility in women.
Glencore looks to buy 24% in Cronimet.
Lupin seeks tie-ups to market adult vaccines.
Lupin gets US FDA OK for epilepsy drug generic Keppra oral solution.
Govt suspends manufacture, sale of letrozole to cure infertility

Manufacture and sale of letrozole to cure infertility in women has been suspended with immediate effect, the
government said in a statement. "The Central government is satisfied that the use of the drug letrozole for
induction of ovulation in an ovulatory infertility is likely to involve risk to human beings and safer
alternatives to the said drugs are available," the statement said. Letrozole is the innovator drug of Novartis
that it sells under the brand name Femara as a once-daily oral prescription tablet for breast cancer but only
in post-menopausal women. However, in 2007, Sun Pharmaceutical got an approval from the then Drugs
Controller General of India M Venkateswarlu to market the drug for infertility in pre-menopausal women.
Post the approval, there were allegations of discrepancy in the way the clearance was granted. Now, with
the government's notification suspending manufacture of the drug for use to cure infertility, Sun
Pharmaceutical will no longer be able to make or sell the drug in India for the same.
Natco in pact with Swiss co to develop, mkt bio-generics in India
Natco Pharma Ltd has entered into an agreement with Swiss company Chemo Sa Lugano's bio-similar
division to buy four of the latter's bio-generic molecules, and develop them into finished formulations to
market in India and some Asian countries. The Hyderabad-based company will take up four bio-generic
products of Chemo Sa--three of which are in the oncology segment and one for auto-immune disease. Natco
will undertake local clinical trials of these products, file for regulatory approvals and then commercialise
them. The products are Trastuzumab, Bevasizumab, Rituximab and Etanerceptis. According to the company,
the global market for bio-generic products is estimated at around $35 bn annually, and is growing rapidly.
Bio-generics or biosimilar drugs are generic versions of biologics drugs which are large-protein molecules
derived from genetically modified cell tissues. "With the product combinations chosen by Natco, the mAb
(bio-generic) initiative is likely to be completed in a period of 24 to 36 months," the company said.
Sun Pharma offers to buy remaining 33.7% in Taro at $25.40 per shr
Sun Pharmaceutical Industries Ltd has made an offer to acquire all outstanding shares of its Israeli arm Taro
Pharmaceutical Industries Ltd at $24.50 a share, a premium of nearly 26% over closing price on Monday.
The company through its subsidiaries--Alkaloida Chemical Co Exclusive Group, Sun Pharma Global Inc, Sun
Pharmaceutical Industries Inc, The Taro Development Corp--holds 66.3% stake in Taro, which it got control
of following a three-year battle with the Israeli firm's former promoters. The price is over three times what
Sun Pharmaceutical paid in its tender offer to Taro shareholders last year in Sep, and values the Israeli
company at around $1.09 bn. "We expect the transaction to close within 30 days of the receipt of the
requisite shareholder approval of Taro," Sun Pharmaceutical Industries said in its letter to Taro's board of
directors. The Indian company also stated that it has no intention to sell any of its shares in Taro to a third
party. Sun Pharmaceutical managed to take control of Taro after a prolonged court battle as Taro's
promoters, the Levitt/Moros family, backed out of the merger agreement signed with the Indian company in
May 2007.
Lupin gets US FDA OK for epilepsy drug generic Keppra oral solution
Lupin Ltd's arm, Lupin Pharmaceuticals Inc, has got the approval of US Food and Drug Administration for its
generic levetiracetam oral solution in 100 mg/ml strength. "Commercial shipment of the product shall
commence shortly," the release added. The drug is a generic version of Brussels-based UCB SA's Keppra
oral solution prescribed in the treatment of myoclonic seizures, partial onset seizures and primary
generalised tonic-clonic seizures in adults and children with epilepsy. Keppra oral solution had sales of
around $63 mn for the twelve months ended June 2011, Lupin said citing IMS Health data. Keppra is UCB's
top selling drug, but earlier this year, the company had pleaded guilty in a US court for marketing the drug
for uses unapproved by the US regulator and agreed to pay a fine of $34 mn.
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Drug cos to carry box warning on paracetamol combination products

Major drug makers such as Ranbaxy Laboratories Ltd, Lupin Ltd, Sun Pharmaceuticals Industries Ltd and Dr
Reddy's Laboratories Ltd will have to carry a box warning on their products that contain paracetamol in
combination with other drugs, a source told.
Nectar Lifesciences' Punjab cephalosporin unit gets EU regulator OK
Nectar Lifesciences Ltd's oral and injectable cephalosporins active pharmaceutical ingredients facility at
Derabassi in Punjab has received current good manufacturing practices approval from a European regulator,
the company said.
Govt suspends manufacture, sale of letrozole to cure infertility
Manufacture and sale of letrozole to cure infertility in women has been suspended with immediate effect, the
government said in a statement.
Nova Medical to sell minority stake in subsidiary
Two foreign healthcare chains are in advanced talks with daycare surgery provider Nova Medical to acquire a
minority stake in its In Vitro Fertilisation subsidiary Nova Pulse.
Lupin eyes two marketing pacts by Mar
Lupin may finalise two marketing alliances by Mar 2012 to market adult vaccines and enhance its market
share in chronic diseases segment in India.
DR REDDY'S LABORATORIES:
Looking to acquire brands to strengthen its presence in the over-the-counter market.
Looking at taking generic Arixtra to Europe.
ELDER PHARMA: To enter Bangladesh market for distribution with a joint venture partner. The company
will invest Rs.80-100 mn to set up ointment manufacturing plants in Sri Lanka and Bangladesh.
SUN PHARMACEUTICALS INDUSTRIES: Has made an offer to buy balance 33.7% stake in Israel arm
Taro at $24.50 per share.
TORRENT PHARMACEUTICALS: Jul-Sep net profit increased 31% on year to Rs.999.9 mn, net sales grew
19% to Rs.6.58 bn.
ABBOTT INDIA: To spin off its branded drug business into two separate companies with more distinct
identities.
JB CHEMICALS & PHARMACEUTICALS: Has reported Jul-Sep net profit of Rs.6.2 bn and net sales of
Rs.1.61 bn.
JUBILIENT LIFE SCIENCES: Plans to invest Rs.5 bn on capital expenditure in 2011-12 (Apr-Mar).
LUPIN: Hoping to finalise two marketing alliances for adult vaccines by Mar.
APOLLO HOSPITALS: Plans to buy hospitals in Tanzania, Botswana and Nigeria.
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TELECOM
TELECOMMUNICATION:
Surplus VSNL land valued at Rs.61.56 bn.
BSNL, MTNL seek way to exit 3G services in some circle.
Telecom Dept panel rejects 10-digit proposal for fixed line phones.
RIL head Mukesh Ambani pads up for telecom stint.
Government may take a final decision on spectrum pricing before the announcement of the National
Telecom Policy 2011 in Dec.
Bharat Sanchar Nigam Ltd plans to invest Rs.10 bn to revive its landline business.
BSNL has offered to surrender its broadband wireless access in 17 circles; seeks refund of Rs.8.3 bn.
ITI may cut staff by 2,000 via VRS, save over Rs.550 mn/yr.
MTS network's pre-paid CDMA mobile phone users in India can avail international roaming on GSM
networks when travelling to countries such as US, UK, France, Germany, China, Singapore and
Australia.
TRAI asks government to take final call on issue of telecom companies violating 3G roaming
agreements.
Bharti Enterprises names Sarvjit Dhillon as group CFO.
Proposal to move to 11-digit mobile numbers has been permanently shelved. Telecom ministry has
accepted telecom regulators solution to create additional capacity in the '7' and '8' series to free up
650 mn mobile numbers.
Tata Teleservices to integrate CDMA, 3G, GSM and Photon services under one single brand--Tata
Docomo.
Government said that the proposed Direct Tax Code to come into effect from next financial year.
Court to decide on framing of charges in 2G case on Oct 22.
2G row between Pranab Mukherjee, Chidambaram a 'closed chapter'.
Fiscal deficit target seen hit on telecom spectrum allocation delay. Non-tax revenue estimates of the
government likely to face Rs.300 bn hit.
Tata Tele to operate all services under Tata DOCOMO brand from Thu
Telecom service provider Tata Teleservices Ltd announced the merger of all its telecom operations under a
single Tata DOCOMO brand. "The company has consolidated all organisational assets--spectrum, digital foot
print and consumer franchises across a single brand," the company said in a press release. Tata Teleservices
has also brought its broadband services operations, Photon, under the Tata DOCOMO brand. had reported
earlier that the company was planning to soon announce the merger of brands. The unified brand strategy
marks the foray of Tata DOCOMO into the CDMA platform, which was operated by the Tata Indicom brand
earlier. The Tata Indicom brand will now cease to exist in all parts of the country except in Delhi, where it
does not have 2G spectrum at present. The Tata DOCOMO brand will be effective in all parts of the country,
except the Delhi circle, from Thursday. "Our new strategy will unify our brands and unlock the synergies
across the CDMA, GSM and 3G platforms," Deepak Gulati, Executive President, mobility business, said at a
conference to unveil the new brand strategy. The company is also planning "significant" investments to
upgrade its CDMA network, Gulati said without specifying details. Gulati also clarified that the merger of
brands would not result to any job losses, as the manpower requirement at the corporate level would not
change. Change will only be felt at the retail level. In 2008, NTT DOCOMO signed a deal with Tata
Teleservices Ltd to buy 26% stake in the company for $2.7 bn. The company subsequently launched its GSM
brand Tata DOCOMO in June 2009, and its 3G services in November. Gulati declined comment on whether
the Japanese company would look to raise its stake Tata Teleservices. Tata Teleservices has a total
subscriber base of over 90 mn at present.
RIL may have discussed 4G svcs launch, announcement seen soon
Reliance Industries Ltd's board of directors, which met to consider Jul-Sep earnings, was also likely to have
discussed the launch of 4G Wimax broadband services, a source close to the development told. The
company may announce the launch of the 4G Wimax broadband services soon, the source said. In Jun last
year, Reliance Industries had acquired 95% stake in Infotel Broadband Services Ltd for around Rs.48 bn.
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Infotel Broadband was the only company which bagged a pan-India spectrum for broadband wireless access.
Infotel had paid around Rs.128.5 bn for the spectrum in 22 circles. According to the source, Reliance
Industries has already circulated marketing material on the services internally through emails to its
employees and banners and posters at its offices. The internal notes describes the services as, "easy to
access, simple to use and available to everyone." It also says the company's staff are "working together to
deliver our innovative RIL 4G Digital Business." Internally, the company has named it as "Project Vijay".
Reliance spokespersons could not be reached for comment.
Sistema Shyam launches international roaming svcs for prepaid users
Sistema Shyam TeleServices Ltd said it has launched international roaming services for prepaid customers
on CDMA platform. Sistema Shyam TeleServices operates under the MTS brand name in India. MTS prepaid
subscribers will now be able to avail roaming facility across 433 GSM networks in 231 countries. "MTS
customers on international roaming would have access to GPRS services in 206 countries on 322 telecom
networks," the company said. "Additionally, MTS customers will be able to enjoy HSDPA (high-speed
download packet access) services in 114 countries on 145 roaming networks," it said. The company also
launched a dual mode SIM card, which would work both on GSM sets while abroad and on open market
CDMA handsets while in India. Sistema Shyam TeleServices Ltd began operations in 2009, and now has over
13 mn wireless subscribers and over 1 mn broadband service users.
Bharti selects Nokia Siemens for mobile internet svcs in Africa
Bharti Airtel Ltd said it has selected Nokia Siemens Networks for mobile device management solution and
multimedia messaging solution across 16 countries in Africa. Nokia Siemens Networks will also consolidate
the operator's existing multi media messaging platforms into one centrally managed virtual platform. "Under
a three-year contract, Nokia Siemens Networks will provide its mobile internet browsing solution and
multimedia messaging solution, hosted on a virtualized and centrally managed VaaS (value added services)
platform," Bharti Airtel said in a release. "This will allow Bharti Airtel to provide these services faster and
cost efficiently to all its customers across all affiliates in Africa," it added. Nokia Siemens Networks device
management solutions will enable Bharti Airtel to remotely and automatically manage and configure user
devices for new data services. "...(Through the deal) Airtel will benefit from reduced operational costs when
introducing new devices or services," said Manoj Kohli, CEO (International) and Joint Managing Director,
Bharti Airtel said.
Sources say Tata Tele may announce CDMA, GSM ops merger
Telecom services provider Tata Teleservices Ltd is likely to announce merging its code division multiple
access and global system for mobile operations, sources told. "Under the restructuring, the Indicom brand
may be closed and rebranded under Tata DoCoMo," one of the sources said. Indicom is the CDMA brand for
Tata Teleservices, while Tata DoCoMo offers GSM services. Tata Teleservices has received a license to
operate GSM services in 19 of India's 22 telecom circles, and has also been allotted spectrum in 18 circles. It
has already rolled out services in all 18 circles. Sources said the company is also likely to unveil new
schemes and products at a conference to be held to make a strategic announcement. The sources further
said the company would only announce new initiatives and not any change in the stake-holding of its
Japanese joint venture partner NTT DoCoMo.
TRAI asks BSNL to restore services to pvt telecom cos in Punjab
The Telecom Regulatory Authority of India has asked state-owned telecom operator Bharat Sanchar Nigam
Ltd to restore points of interconnection to private operators in the Punjab circle, according to a letter posted
on the regulator's website. BSNL had sent notices to private telecom operators for not clearing their carriage
fee dues for landline services and subsequently disconnected services in various circles in the country.
Carriage fees are paid by mobile phone companies to fixed line operators for calls landing in the latter's
network. BSNL holds around 72% market share among fixed line telecom operators. "We will comply by the
directions of the regulator," Chairman and Managing Director R.K. Upadhyay told. However, he did not detail
the number of circles that services were disrupted in.
Kavveri Telecom raises Rs.398.6 mn via QIP
Kavveri Telecom Products Limited has informed the Exchange that the Board of Directors of the Company
has at its Meeting held on Oct 17, 2011, determined Oct 17, 2011, to be the issue closing date and Rs.135
per equity share to be the issue price pursuant to the qualified institutions placement of the Equity shares.
The Company proposes to issue 29,52,500 equity shares of face value of Rs.10 each to raise aggregate
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proceeds of Rs.398,587,500. The outstanding paid up capital of the Company pursuant to the issue shall be
Rs.198.215 mn.
ITI may cut staff by 2,000 via VRS, save over 550 mn Rs./yr
As part of its plan to achieve a turnaround by the end of Mar 2013, state-owned telecom equipment
manufacturer ITI Ltd has proposed to the Department of Telecommunications to allow it to offer voluntary
retirement scheme to its employees to reduce the head count by 2,000. "Right now the staff strength or the
regular manpower is close to about 10,150 and we are thinking of reducing about 2,000 staff," Chairman
and Managing Director K.L. Dhingra told.
Sarvjit Dhillon to take over as Bharti Enterprises CFO from Jan 1
Bharti Enterprises announced the appointment of Sarvjit Singh Dhillon as its group chief financial officer,
effective Jan 1. Dhillon will take over from Manik Jhangiani, whose contract ends Jan 1. Jhangiani has been
the group CFO of the company since May 2009. "Sarvjit will take over from Manik Jhangiani, who will be
completing his contractual term in January 2012 and has decided to pursue opportunities outside of Bharti,"
Bharti Enterprises, the parent of Bharti Airtel Ltd, said in a release. Dhillon will report to Chairman and
Group Chief Executive Officer Sunil Bharti Mittal.
DATA ALERT: Uninor pips other operators to top GSM Sep user adds
Unitech Wireless Ltd that operates under the Uninor brand in India nudged past rival operators to add the
highest number of GSM subscribers in Sep, according to the latest data by industry body Cellular Operators
Association of India.
Draft cabinet note values VSNL surplus land bank at Rs.61.6 bn
A draft cabinet note prepared by the Department of Telecommunications has valued the 740-acre surplus
land held by Videsh Sanchar Nigam Ltd (now known as Tata Communications) across three states--Delhi,
Maharashtra and Tamil Nadu--at Rs.61.56 bn.
DoT panel rejects 10-digit proposal for fixed-line phones
A Department of Telecom panel has rejected the telecom regulator's proposal to introduce 10-digit number
series for fixed-line telephones. The committee has said that the fixed-line phone number should continue to
be eight digits, but the series should start with digits 2 and 4 only.
INTERVIEW: Ailing ITI eyes over Rs.24 bn aid, profit FY13
A stimulus in excess of the 23.8-bn-rupee revival package is what ailing state-owned telecom equipment
manufacturer ITI Ltd is banking on to get back in the black in two years after 12 years of ill-heath.
MAHANAGAR TELEPHONE NIGAM:
Along with Bharat Sanchar Nigam Ltd plans to surrender 3G licences due to slow subscriber growth
and huge payments.
Adds 30,712 GSM mobile users in Sep, down from 32,932 in Aug.
TATA COMMUNICATIONS:
A draft cabinet note prepared by the Department of Telecommunications has valued the 740-acre
surplus land held by Videsh Sanchar Nigam across three states--Delhi, Maharashtra and Tamil
Naduat Rs.61.56 bn.
In Pact with group company Tata Teleservices to tap corporate customers together in the telecom
space.
BHARTI AIRTEL:
Nokia Siemens Network to offer seamless internet connectivity and intuitive mobile data services to
company's customers in Africa.
Adds 935,947 mobile users in Sep compared with 1.15 mn in Aug.
TATA CONSULTANCY SERVICES: Jul-Sep net profit rose 2.25% on quarter to Rs.24.93 bn. Revenues rose
8% sequentially to Rs.116.33 bn.
BHARTI AIRTEL: To pay 50% of the 500-mn-rupee penalty imposed by telecom tribunal TDSAT for alleged
violation of licence terms and conditions.
KAVVERI TELECOM PRODUCTS: Has raised Rs.398.6 mn through qualified institutional placement at
Rs.135 per share.
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BHARTI ENTERPRISES: Announces the appointment of Sarvjit Singh Dillon as its group chief financial
officer, effective Jan 1.
BHAGYANAGAR INDIA: Has redeemed foreign currency convertible bonds worth $10 mn.
IDEA CELLULAR: Adds 1.73 mn mobile users in September versus 2.33 mn in Aug.
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BANKING & FINANCIAL SERVICES

BANKING & FINANCE:
Govt tells SBI to defer rights issue to FY13, sources say.
CMD says IOB to decide rating agency for loan portfolio study in 1 month.
HDFC abandons plan to create co to hive off investments.
Government may infuse Rs.100-200 bn in public sector banks--including BANK OF BARODA, BANK
OF INDIA, and UNION BANK OF INDIAin 2011-12 (Apr-Mar).
NHB asks housing finance companies to allow loan prepayment without fine.
HDFC Bank Jul-Sep net profit Rs.11.99 bn vs 9.12 bn.
Finance ministry said that adequate resources would be provided for recapitalisation of public sector
banks, may allocate funds through supplementary demand for grants to meet the resource
requirements.
National Housing Bank has asked housing finance companies not to levy penalty on pre-closure of
loans subject to certain situations.
CRISIL said power firms likely to default on loans worth Rs.560 bn, which is 12% of the total
borrowings by the sector, unless critical reforms on tariff rate hike is not taken.
Govt to infuse Rs.100-200 bn in PSU bks FY12; 6 bks to benefit

The government is studying banks' capital requirements to meet Basel-III norms, and could infuse Rs.100200 bn into six state-owned banks, including State Bank of India, in 2011-12 (Apr-Mar), Banking Secretary
D.K. Mittal said. The amount cited is higher than the Rs.60 bn that the government had set aside in the
Union Budget for 2011-12. Mittal reiterated that the government was fully committed to capitalizing State
Bank of India. SBI's recapitalisation has been hanging fire, as the cash-strapped government has not given
the country's largest lender approval for its Rs.200 bn rights issue. As the government holds 59.40% stake
in SBI, it would have had to infuse Rs.115 bn to be able to retain its holding in SBI at the current level.
Mittal said that along with SBI, five other public sector banks, including Union Bank of India, Dena Bank,
Bank of India, Bank of Baroda, and Syndicate Bank would receive capital infusion. To meet the increased
capital requirement for banks' fund infusion, the finance ministry will have to approach Parliament for
additional funds through a supplementary demands for grants.
Banking Secy says panel to select new LIC chief to meet Oct 28
The interviews to select a new chairman for Life Insurance Corp of India will be conducted on Oct 28,
Financial Services Secretary D.K. Mittal said. The post had fallen vacant in May after the then chairman T.S.
Vijayan completed his tenure and assumed the managing director's post. Currently, D.K. Mehrotra is the
acting chairman of the state-owned insurer, in addition to his responsibilities as managing director. The
selection panel is chaired by Finance Secretary R.S. Gujral. Separately, Mittal said capital infusion plan for
public sector banks including the State Bank of India will be ready by November 15. Government plans to
infuse capital in Bank of Baroda, Syndicate Bank, Union Bank of India, Bank of India and Dena Bank. "The
capital infusion in this financial year will be in the order of 200 bnRs," Mittal told reporters on the sidelines of
Economic Editors Conference. To meet the increased capital requirement for banks' fund infusion, the
finance ministry will have to approach Parliament for additional funds through a supplementary demands for
grants.
IDBI Bank to offer loans against investments in IDBI gold ETF
IDBI Bank will offer loans against investments in its gold exchange traded fund, Chairman and Managing
Director R.M. Malla said. The loan amount can be up to 80% of the value of the gold ETF investment, and
will be given at 11.9% annual interest rate, he said at an event to launch the IDBI Gold Exchange Traded
Fund. Subscription to the scheme will close on Nov 2. The open-ended fund will invest at least 95% of its
corpus in physical gold, and not more than 5% in debt and money market instruments. Malla, who is also
the chairman of IDBI Asset Management, said IDBI Bank would open dematerialised accounts free of cost
for investors looking to invest in the mutual fund's gold ETF. He also said IDBI Bank plans to open a
representative office in China in the next three-six months.
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Subbarao to write to Parliament panel on auctioning new bk licence

Reserve Bank of India Governor D. Subbarao said he will respond in writing to a query of the Parliament
Standing Committee on Finance about the central bank's position on auctioning new bank licences. "The
issue (whether to auction new bank licences) was raised by one member (of the panel) to which the
governor said he would respond in writing," Standing Committee Chairman Yashwant Sinha told on phone.
Subbarao, however, informed the panel that the central bank has already issued second draft guidelines for
new bank licences. The RBI governor appeared before the panel to clarify some of the issue involved in
allowing corporate players to start banks.
Federal Bank, Oriental Insurance launch plan for overseas Indians
The Federal Bank said that it has tied up with the Oriental Insurance Co to launch an insurance scheme
which will cover normal hospital expenses for its non-resident Indian customers, a release said. This
scheme, called Fed Oriental Pravasi Insurance Policy, will provide covers for repatriation, legal issues,
hospitalisation, personal accident, medical floater for family, and maternity benefit. Moreover, the premium
for the first year will be borne by Federal Bank and the provision of cashless treatment facility will be
available in over 3,000 hospitals across India. Customers having Non Resident External savings account with
a minimum balance of Rs.5,000 are eligible for this scheme.
Rajath Finance to mull demerger of realty ops Oct 24
Rajath Finance Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held
on Oct 24, 2011, to discuss the proposal of demerger of undertaking, business, activities and operations
pertaining to real estate and comprising all the assets (moveable and immoveable) and liabilities, which
relate thereto of Rajath Finance Ltd. into Hitraj Developers Pvt. Ltd., being a wholly owned subsidiary of the
Company.
RBI lets bks accept NRI deposit in any freely convertible currency
The Reserve Bank of India has allowed banks to accept deposits from non-resident Indians in any freely
convertible currency, the central bank said. Earlier, banks were allowed to accept foreign-currency deposits
from non-resident Indians only in euros, yen, dollars, pounds, Canadian dollars and Australian dollars, the
central bank said in a release.
IDBI Bank's NIM in focus; Jul-Sep PAT range Rs.3.11-3.53 bn
Weak net interest income and pressure from treasury provisions is expected weigh on IDBI Bank's Jul-Sep
net profit. However, lack of clarity on the bank's interest income and margins has led brokerages to provide
slightly divergent views on its net profit performance for Jul-Sep.
Govt likely to set up a holding company for PSU banks
The government is mulling setting up a holding company to unite 21 state-owned banks, a move that will
enable the banks to raise more capital without hurting government's shareholding in them, The Economic
Times reported.
SBI mgmt under fire from govt officials over policy changes
The performance of the new management of State Bank of India, including Chairman Pratip Chaudhuri, is
under the scanner, given the steep rise in provisioning levels and the manner in which the bank handled the
Moody's ratings downgrade, The Times of India reported.
RBI says FIIs can buy up to 35% stake in Karur Vysya Bank
Foreign institutional investors can buy shares and convertible debentures of Karur Vysya Bank Ltd up to
35% of the its paid-up capital under the portfolio investment scheme, the Reserve Bank of India said. RBI's
approval follows a resolution to this effect passed by the bank's board of directors and shareholders.
INTERVIEW: HDFC abandons plan to create co to hive off investments
Mortgage lender Housing Development Finance Corp has abandoned plans to form a special purpose vehicle
to unlock the potential of its non-subsidiary investments, especially in unlisted entities, Keki Mistry, vicechairman and chief executive officer told in an interview.
Kotak sues Trident over loan default
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Kotak Mahindra Bank has taken the promoters of Trident Microfin to court for defaulting on loan
repayments. Trident was making repayments on Rs.40 mn of loans until January, after which it began
defaulting.
Punjab & Sind Bank cuts home loans rates by up to 50 bps
Punjab & Sind Bank said the bank has cut its home loan rates by up to 50 basis points and auto loans by up
to 100 bps, a release said. "The scheme is applicable to fresh home loans and auto loans taken during the
current festival season ending Dec 31," the bank said.
Govt tells SBI to defer rights issue to FY13, sources say
The government has told State Bank of India to defer plans of tapping equity markets via a rights issue in
the current financial year, two sources close to the development told.
YES Bank says Sep WPI data builds case for RBI rate hike pause
The marginal fall in headline inflation for Sep strengthens the case for a pause in Reserve Bank of India's
interest rate hikes, YES Bank said in a research report.
Indian Overseas Bk to select ratings co for loan book study in 1 month
Indian Overseas Bank will finalise by next month a ratings agency for studying its loan portfolio, Chairman
and Managing Director M. Narendra said. He said the bank is currently evaluating bids from various
agencies.
Aditya Birla Money- Allahabad Bank ink pact for online trading
Aditya Birla Money Ltd has signed a pact to provide customers of Allahabad Bank an online facility for
trading in equities and commodities.
IndusInd Bk Jul-Sep PAT seen up 40% on strong net interest income
A strong net interest income is seen driving private sector lender IndusInd Bank's Jul-Sep net profit up 40%
on year to Rs.1.86 bn, a poll of four brokerages showed.
DATA ALERT: Banks' loans, deposits rise in fortnight to Oct 7
Loans disbursed by banks in the two weeks ended Oct 7 rose by Rs.554.43 bn from the previous fortnight
and 19.45% from a year ago to Rs.41.49 trn.
RBI imposes 100,000-rupee penalty on Jain Sahakari Bank
The Reserve Bank of India has imposed a 100,000-rupee penalty on the city-based Jain Sahakari Bank Ltd
for violating Know Your Customer and Anti-Money Laundering norms, the central bank said in a notice.
STATE BANK OF INDIA:
Finance Minister said that it would provide funds to the bank for it to achieve its capital adequacy
ratio norms.
Looking at plans to raise $1.0 bn-$1.5 bn, along with Macquarie Group, for their second fund to
invest in infrastructure assets and companies in India.
Finance ministry rules out the bank's rights issue in this financial year.
Government not looking at rights issue in 2011-12 (Apr-Mar), may inject capital through preferential
allotment route.
IDBI BANK:
Plans to raise $1 bn through overseas bonds over the next 12 months.
To offer loans against investments in its gold exchange traded fund.
FEDERAL BANK: Has tied up with the Oriental Insurance Co to launch an insurance scheme that will cover
normal hospital expenses of its non-resident Indian customers.
DHANLAXMI BANK: Plans to focus on the self-employed category as part of strategy to increase its retail
portfolio, particularly home loans.
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KARUR VYSYA BANK: RBI has said FIIs can buy shares and convertible debentures of the bank up to 35%
of the its paid-up capital.
KOTAK MAHINDRA BANK: Has sued microfinance institution Trident Microfin for defaulting on loan
repayments.
BAJAJ FINSERV: Has reported Jul-Sep net profit of Rs.1.58 bn and income from operations of Rs.7.14.
ING VYSYA BANK: Has reported Jul-Sep net profit of Rs.1.15 bn with interest earned at Rs.9.33 bn.
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STEEL, METALS & MINERALS

STEEL, METAL & MINERAL:
Indian-origin iron ore prices fall 12% in China.
Workers' strike, heavy rain hit Coal India's production.
India's finished steel production rose 9.3% on year to 34.80 mn tn in Apr-Sep, while real
consumption grew by a lacklustre 1.8% to 33.70 mn tn.
Special funding body mooted for mining sector on lines of IIFCL.
Corruption, inefficiency eat 25% of CIL output: Coal minister.
Govt may only divest own stake in Hind Copper, no fresh shr issue.
Gujarat NRE gets Australian panel OK to upgrade Russell Vale mine.
ArcelorMittal starts drilling operations at Seregaha coal block in Jharkhand.
Divest secy says SAIL has decided against fresh issue of shares.
Central Empowered Committee to recommend auction of iron ore mines whose owners have been
found guilty of breaches of licensing norms.
High iron ore prices due to e-auctions and issues linked to iron ore content forcing steel
manufacturing companies in Karnataka to look to Jharkhand and Odisha.
PM calls meet on coal crisis at month-end.
Coal India settles bonus issue with workers, agrees to pay more
Coal India Ltd's workers called off their planned 3-day strike after the company agreed to pay more bonus
for the current year.coal ministry officials met the representatives of the workers' unions and the
management in New Delhi to settle the dispute over the payment of bonus. "The workers will be now paid
an additional 3,000 rupees as part of annual bonus and another 1,000 rupees as Diwali bonus," Jibon Roy,
All India Coal Workers' Federation general secretary told. Coal India's five affiliated workers' unions were
demanding an annual bonus of 25,000 rupees. Dissatisfied with the company's payment of 17,000 rupees
bonus to each worker, the unions had enforced a one-day token strike on Oct 10 to press for their demand.
The workers' unions settled for a total annual bonus of 21,000 rupees per worker. "The issue has been
amicably settled and the workers will not go on strike," Jibon Roy said. The mining behemoth employs more
than 3,00,000 workers. A senior official representing the management of the of the world's largest coal
producer confirmed the development to. The one-day strike last week resulted in a loss of nearly 1 mn tn
coal output and aggravated the coal supply crunch and power outages across the country.
Singareni Collieries' workers end strike, to resume work
Singareni Collieries Ltd's workers, who were on a strike to press for the statehood of Telangana, have called
off their 35-day stir, a senior official told. "Talks went well and workers will resume duty," the official with
the Andhra Pradesh government-owned entity said. At least five states are facing power outages as stateowned NTPC Ltd had to halve production at its two units due to stoppage of coal supplies from Singareni.
NTPC gets 50,000 tn of coal daily from Singareni Collieries. NTPC expects to scale up generation at the two
units to full capacity by evening if coal supply resumes, a senior official at NTPC said. NTPC has two units-2,600 MW Ramagundam plant and 1,300 MW Simhadri plant--in Andhra Pradesh that supply power to
Karnataka, Odisha, Maharastra, and Tamil Nadu, besides Andhra Pradesh.
Govt may only divest own stake in Hind Copper, no fresh shr issue
Revisiting its earlier plan of divestment in Hindustan Copper, the Department of Disinvestment said it may
now look at selling only 10% government stake in the company and shelve plans of fresh issue of 10%
equity capital through a follow-on public offer. "The company through the Ministry of Mines has informed the
Department of Disinvestment that it does not require funds and therefore the department is considering
revising the proposal to sell 10% equity of the company out of the government shareholding only," the
government said in a report ahead of the two-day economic editors' conference.
Industry body says India Aug iron ore exports 2.65 mn tn, dn 43.4%
India's iron ore exports fell 43.4% on year to 2.65 mn tn in Aug, according to data from the Federation of
Indian Mineral Industries. Exports during Apr-Aug were also down 24.4% on year at 28.02 mn tn, the
industry body said. Exports from India, the third largest global supplier of the commodity, have been low,
due to disruptions in mining activities in major producer state Karnataka for well over a year now. In July
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2010, the Karnataka government had restricted transport of iron ore to ports to curb illegal mining. In Aug
this year, the Supreme Court banned mining altogether in Karnataka to check the illegal mining menace.
The apex court had banned mining in Bellary, Tumkur, and Chitradurga following a report by a courtappointed Centrally Empowered Committee that raised concerns over the level of environmental damage
caused by mining. The apex court later allowed state-owned NMDC Ltd to carry out mining in Bellary, but
capped the mining output at 1 mn tn per month. Karnataka produces 30-40 mn tn of iron ore per annum
and accounts for a quarter of India's total iron ore exports. In 2010-11 (Apr-Mar), the country's iron ore
exports declined 17% on year to 97.65 mn tn.
Chambal Fert board withdraws shipping ops demerger plan
With reference to earlier announcement dated Jul 19, 2011 informing about the approval by the board of
directors ("Board") of a Scheme of Arrangement and Demerger ("Scheme") whereby the shipping division of
the Company was proposed to be demerged into India Steamship Limited, Chambal Fertilisers & Chemicals
Ltd has now informed BSE that the Board at its meeting held on Oct 18, 2011, inter alia, discussed several
developments with respect to the Scheme, including the unfavourable status of negotiations with the
lenders, the deteriorating credit situation in Europe and adverse developments in the shipping industry due
to global recession. In view of the aforesaid, the Board has decided to withdraw the Scheme.
Gujarat NRE gets Australian panel OK to upgrade Russell Vale mine
Gujarat NRE Coke Ltd said the New South Wales Planning Assessment Commission has permitted it to
continue extraction of up to 1 mn tn of coking coal per annum for the next three years, as part of its A$122
mn (6.08 bn rupees) upgrade of existing infrastructure at NRE No. 1 mine at Russell Vale in Australia. The
company has received a written approval for the extraction of coking coal from the Bulli and Wongawilli
seams for the next three years, it said. The commission has also allowed the company to transport coal by
trucks to the Port Kembla terminal and upgrades to the existing surface facilities and infrastructure are also
included in the approval. The New South Wales Planning Assessment Commission came into the picture after
Australia's Department of Planning and Infrastructure received objections over Gujarat NRE's project
extension project. The company will announce details of the A$250 mn (12.45 bn rupees) expansion plan for
the Russell Vale mine by the end of this year.
Chambal Fert to set up phosphate unit in Gujarat at 1.22 bn rupees
Chambal Fertilisers & Chemicals Ltd plans to set up a 500,000 tn Single Super Phosphate unit at its Dahej
plant in Gujarat with an investment of 1.22 bn rupees. The company is setting up another 200,000-tn-peryear phosphate unit at its Gadepan factory in Rajasthan with an investment of 325 mn rupees. Chambal
Fertilisers' board of directors also withdrew plans to de-merge the company's shipping division in to a
separate entity. The company has cited unfavourable negotiations with lenders, deteriorating credit situation
in Europe and adverse development in shipping industry as key reasons for withdrawing de-merger
proposal.
Coromandel Intl to set up 800 tn/day phosphate plant in Punjab
Coromandel International Ltd will set up an 800 tn per day single super phosphate plant, including a 400 tn
per day granulator plant, in Punjab, the company said in a notice to the stock exchanges. The notice did not
mention the cost of setting up the greenfield plant. The company will issue unsecured redeemable bonus
debentures worth 4.95 bn rupees to its shareholders, subject to their approval and that of the Andhra
Pradesh High Court. The bonus debentures, which will carry an interest rate not exceeding 9% per annum,
will be issued in the ratio of one fully paid debenture of 15 rupees each for every equity share of 1 rupee
each. The company will consider the debenture issue as deemed dividend. It will also pay dividend
distribution tax on the issue out of its general reserves. The company will seek shareholder approval for
transferring the lease rights of the land located at Navi Mumbai, the notice said. The company reported a
Jul-Sep net profit of 2.79 bn rupees on sales of 27.11 bn rupees. On the National Stock Exchange,
Coromandel International shares ended down 2.33% at 307.65 rupees.
Nissan Copper cancels 70-mn-warrant pref issue
Nissan Copper Ltd has informed BSE that the Company was in the process of issue of 7,00,00,000 Equity
Share Warrants on Preferential Basis to the Promoter(s)/Promoter Group and had duly submitted an
application for in-principal approval for aforesaid preferential allotment. However, in terms of Clause 72(2)
of the Issue of Capital Disclosures Guidelines and other applicable laws relating to Preferential Issue of
Equity Shares, the Company has informed that the Company is not able to obtain the "No sale prior six
months statement from the Record date" from the Allottees of the Preferential Issue. Hence the Board of
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Directors of the Company has decided in their Board Meeting held as on Oct 03, 2011, to cancel the
aforesaid preferential issue.
Special funding body mooted for mining sector on the lines of IIFCL
The government may set up a funding entity to meet the financing requirements of the mining industry. The
agency could be a special purpose vehicle that could mobilise funds from the market and multilateral
agencies.
Tata Steel Jul-Sep total sales 1.65 mn tn, steady on year
Tata Steel Ltd sold 1.65 mn tn steel in Jul-Sep, marginally lower than the 1.66 mn tn in the corresponding
quarter a year ago, a company release said.
India Apr-Sep finished steel output up 9.3%, consumption up 1.8%
India's finished steel production rose 9.3% on year in Apr-Sep even as real consumption grew by a
lacklustre 1.8%, Joint Plant Committee said. Finished steel production available for sale in Apr-Sep was
34.80 mn tn compared with real consumption of 33.70 mn tn, the committee said.
Official sees National Steel's exports at 150,000-200,000 tn FY12
National Steel & Agro Industries Ltd is expected to export 150,000-200,000 tn of steel during 2011-12 (AprMar) despite the macro economic uncertainties worldwide, Akshay Tiwari, manager-exports, told.
JSW Steel official sees steel prices up $10-$15/tn in Oct-Dec
Domestic steel prices are likely to rise by $10-15 per tn in Oct-Dec mainly due to currency fluctuations, said
Sharath Mahindra, vice-president (sales and marketing), JSW Steel Ltd.
Hindustan Zinc ups lead price by 1,100 rupee/tn; cuts zinc price
Hindustan Zinc Ltd raised lead prices by 1,100 rupees per tn to 115,000 rupees, according to the company's
website. The company, however, cut zinc prices by 700 rupees per tn to 110,100 rupees. The Vedanta group
company aligns its product prices with the trend on London Metal Exchange.
ArcelorMittal kickstarts mining in Jharkhand
ArcelorMittal India has started drilling operations at the Seregarha coal block in Jharkhand, signalling that
work toward setting up the proposed 3 mn tn steel plant may have finally started.
Corruption, inefficiency eat 25% of CIL output, says Jaiswal
Coal Minister Sriprakash Jaiswal has said corruption, inefficiency and low productivity have eaten up at least
a quarter of the output of state monopoly Coal India, putting pressure on supplies.
COAL INDIA:
The coal ministry has directed the company to divert 4 mn tn coal for the e-auctions to the stateowned power plants.
Production hit by recent strike; heavy rainfall affecting coal supply.
Settles bonus issue with workers; will pay 4,000 rupees more to each employee in addition to the
17,000 rupees paid on Oct 1.
Coal Minister Jaiswal said government wanted to ensure good returns to company's shareholders.
Says willing to contribute Rs.250 bn from the company's kitty to fund government expenditure.
The company has asked government to scale down its production target to 448 mn tn from 452 mn
tn in 2011-12 (Apr-Mar).
STEEL AUTHORITY OF INDIA LTD:
Plans to set up a rail coach factory in West Bengal in a joint venture with the railways.
Eyeing a part of the 997-acre land in Singur earlier leased to TATA MOTORS.
To drop plans to raise capital by fresh issue of equity shares in a follow-on public offer.
JSW STEEL:
Expects domestic steel prices to rise by $10-$15 per tn in Oct-Dec due to currency fluctuations.
Plans to start work on its 10-mn-tn steel project in West Bengal.
BHUSHAN STEEL: The Orissa State Pollution Control Board has issued notice to the Bhushan group to close
10 of its sponge iron units for violating pollution control norms.
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JINDAL STEEL & POWER: Consolidated net profit for Jul-Sep was almost flat year-on-year at 8.75 bn
rupees with net sales growing 43% to 44.07 bn rupees.
HINDUSTAN ZINC: The company's Jul-Sep refined zinc, lead, and silver output increased 5%, 5% and
12%, respectively, from a year ago.
CRONIMET ALLOYS: Glencore International in talks to buy 24% stake in the company for about 500-750
mn rupees.
TATA STEEL: Reported Jul-Sep steel sales of 1.65 mn tn, marginally lower than 1.66 mn tn year ago.
STEELCAST: Approves allotment of 594,000 warrants to promoters on preferential basis.
APL APOLLO: Plans to set up a tube-manufacturing unit in Gujarat for 1 bn rupees.
NISSAN COPPER: Cancels preferential issue of 70 mn warrants to promoters.
HINDUSTAN COPPER: To permanently shelve its follow-on public offer.
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AUTO & AUTO ANCILLARIES

AUTOMOBILES:
Brazil wants Tata Motors to take Nano to its market.
BMW, Mercedes and Audi to add 38 new dealerships in the country by 2012.
Daimler India to begin tests on trucks from Nov 1.
Job Act, truant farm hands drive up tractor sales.
Maruti market shares dips to 41%, lowest in a decade.
Minister Kharge says Maruti's labour pangs may end by Diwali.
Hyundai Motor to launch 10 new models in India by Mar 2016.
Hero Cycles plans 3 new plants; to double sales volume by 2014.
Labour unrest may drive Maruti to Gujarat.
JLR to assemble 2 more models in India.
Maruti Suzuki says Partial ops at Suzuki Powertrain have begun.
Tata Motors official says hiked commercial vehicle prices by 1% Oct.
Hero MotoCorp Jul-Sep net profit Rs.6.04 bn.
Honeywell Automation Jul-Sep net sales Rs.4.12 bn vs 3.64 bn.
Hyundai Motor to launch 10 new models in India by March 2016

Hyundai Motor India Ltd plans to launch 10 new products by Mar 2016, Gagan Kohli, deputy general
manager, product planning, told at the sidelines of the Mumbai launch of their entry-level hatchback Eon.
The Eon is the smallest car produced by Hyundai globally and is designed for the Indian audience, Kohli said.
The introductory price of the six Eon variants in Mumbai is the same as their ex-showroom price in Delhi at
Rs.269,999-371,869. The car has been four years in the making with a total investment of around Rs.9 bn,
the company's sales and marketing director Arvind Saxena said. Hyundai is looking to manufacture and sell
140,000-150,000 Eons by Octr 2012, he added.
Minister Kharge says Maruti's labour pangs may end by Diwali
The labour strike at India's leading car manufacturer Maruti Suzuki India Ltd's Manesar plant could be sorted
out before Diwali festival, Labour Minister Mallikarjun Kharge said. "Yes. The secretary has told me that the
state government was in touch with the trade unions and were trying to sort it out before Diwali," Kharge
told. Nearly 75% of the over 2,000 workers of Maruti's Manesar facility have laid siege at the plant since Oct
7, and disrupted all production activities. The striking workers have demanded the reinstatement of 44
suspended co-workers, who were not taken back after a 33-day standoff with the management. Meanwhile,
the company said welding operations at its Manesar unit resumed in a limited fashion.
Tata Motors official says no hike in commercial vehicle prices soon
Tata Motors Ltd has no plans to hike prices of its commercial vehicles in the near future, said Ravi
Pisharody, president commercial vehicle business unit. The company hiked prices of most truck and bus
models by 1% this month to offset a part of the rise in input costs, Pisharody said. It plans to launch a
series of models in the two-to-four tn payload capacity, based on the Tata 407 platform, by Feb. The Tata
407 will undergo a major facelift with improvements in both the external features and performance in 2012,
said Sandeep Kumar, head sales and marketing, small, light and intermediate commercial vehicles.
Volume growth lifts Hero MotoCorp PAT 19.3% YoY to Rs.6.04 bn
Hero MotoCorp Ltd reported a better-than-expected 19.4% on-year rise in its net profit for the three months
ended Sep mainly due to volume gains. The two-wheeler manufacturer reported profit after tax of Rs.6.04
bn for Jul-Sep compared with Rs.5.55 bn estimated in a poll. Net sales for the reporting quarter was
Rs.57.84 bn, up 28% on year. The company's sales volume had risen 20% year-on-year in Jul-Sep to 1.54
mn vehicles, the company's highest ever for any quarter. Earnings before interest, tax, depreciation and
amortisation margin stood at 15.76% in Jul-Sep.
Exide Industries says sales hit hard on Maruti Suzuki strike
The long-drawn strike at Maruti Suzuki India Ltd's Manesar factory in Haryana has severely hit Exide
Industries Ltd, which meets a bulk of the battery requirement of India's largest carmaker, an Exide official
told. Maruti Suzuki manufactures a total of around 4,500 cars everyday at its plants in Manesar and
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Gurgaon. Before the labour trouble hit Maruti Suzuki, Exide was meeting 60% of the company's battery
requirement for cars and thus selling 2,700 batteries per day to the carmaker.
Maruti Suzuki made 1,850 cars Wed vs 2,100 Tue; talks with staff on
Maruti Suzuki India Ltd said it made a total of 1,850 cars, including 200 that were manufactured at its unit
in Manesar. The company had made 2,100 cars on Oct 18 as supplies from Suzuki Powertrain India were
restored partially. Maruti Suzuki rolled out 200 cars from the Manesar Plant and 1,650 cars from its Gurgaon
factory, which included a total of 300 Swift cars from both plants, the company said in a statement. Workers
at Suzuki Powertrain have been on a strike since Oct 7 in support of the labour agitation at Maruti Suzuki's
Manesar plant.
Maruti Manesar unit welding ops resume; mgmt may meet staff
Welding operations at Maruti Suzuki Ltd's Manesar factory resumed in a limited fashion, the company said.
"Production has started in a limited way at the company's plant in Manesar," Maruti Suzuki said in a
statement. The company's Gurgaon plant also started operations after being closed for two days.
"Production at this plant (Gurgaon) will depend on the supply of diesel engines and also transmissions from
SPIL (Suzuki Powertrain)," it said.
Hero Cycles plans 3 new plants; to double sales volume by 2014
Hero Cycles Ltd is planning to set up three manufacturing plants, including one in Africa, along with
distribution and marketing units in the US and UK. The African plant would be Hero Cycles' first overseas
production unit. The world's largest bicycle maker also plans to double sales volumes to 10 mn units per
year by 2014.
Maruti Suzuki makes 2,100 cars; says talks with workers on
Maruti Suzuki India Ltd made 2,100 cars, including 480 Swift models, as supplies from Suzuki Powertrain
India were restored partially. "Partial operations have since begun at Suzuki Powertrain India," Maruti
Suzuki said in a statement. Workers at Suzuki Powertrain have been on strike since Oct 7 in support of a
labour agitation at Maruti Suzuki's Manesar plant.
Official says Tata Motors hiked commercial vehicle prices by 1% Oct
Tata Motors Ltd has hiked prices of most truck and bus models by 1% earlier this month to offset rising
input costs, Ravi Pisharody, president of commercial vehicle business unit, said. Pisharody, who was
speaking on the sidelines of a company event here, said Tata Motors is not looking at any further hike in
commercial vehicle space in the near future.
JK Tyre says sales dn on Maruti labour stir; 3% price hike likely
Sales of JK Tyre & Industries Ltd have been severely hit by the ongoing labour stir plaguing its biggest
original equipment client Maruti Suzuki India Ltd. "Our original equipment supplies of passenger car tyres
has suffered due to the strike," A.S. Mehta, marketing director, JK Tyre & Industries, told. He, however, did
not quantify the loss in sales.
Tata Motors Group global sales in Sep 107,258 unit, up 24% on year
Tata Motors Ltd's total global vehicle sales in Sep rose 24% on year to 107,258 units, while those in Apr-Sep
increased 6% to 546,645 units, the company said in a release.
No production at Maruti; local authorities try evicting staff
Maruti Suzuki India Ltd's Gurgaon plant remained closed even as the local authorities tried evicting the
striking workers from the company's Manesar factory.
Maruti Suzuki board to decide on Manesar unit
Maruti Suzuki board, which will meet on Oct 29, could decide on reducing the company's dependence on its
Manesar plant. The board has sought a report on the recent spate of labour trouble at the plant.
Tata Motors ramps up car production at Pune plant
Tata Motors has more than doubled production of cars at its Pune plant this month to 700 units following the
launch of a new variant of the Indica Vista and other models.
Hero MotoCorp launches 150cc Impulse, first bike under 'Hero' brand
Hero MotoCorp Ltd launched 150cc Impulse bike--its first motorcycle under the new brand name 'Hero'.
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MARUTI SUZUKI INDIA:
Its Gurgaon plant remained closed Oct 14 even as the local authorities tried evicting the striking
workers from the company's Manesar factory.
Commerce and industry minister Anand Sharma has said that the issue of labour unrest at the
Manesar plant will be taken up with the Haryana government.
The company has sacked 24 more striking workers, including three trainees at its Manesar unit.
Labour Minister Mallikarjun Kharge said the row at the company's Manesar plant might be sorted out
before the Diwali festival.
The company's Manesar and Gurgaon plants have resumed operations. The company produced 1,700
vehicles at the Gurgaon plant on Oct 17.
Made 2,100 cars Oct 18, including 480 Swift models, as supplies from Suzuki Powertrain India were
restored partially.
Made 1,850 cars Oct 19 compared with 2,100 on Oct 18. Has revived talks with striking workers.
TATA MOTORS:
Total global vehicle sales in Sep rose 24% on year to 107,258 units.
Brazil has expressed interest in taking Tata Nano to the South America nation.
Has more than doubled its production of cars at its Pune plant in Oct.
Arm Jaguar Land Rover to assemble two more models in India to increase competitiveness.
HERO MOTOCORP:
Has launched 'Impulse', its first motorcycle under the Hero brand. The 150cc mobike is priced at
Rs.66,800.
Has posted Jul-Sep net profit at Rs.6.04 bn, up 19.4% on net sales of Rs.57.84 bn, up 28% on year.
To increase output of its three units in north India to around 7 mn units by Mar 2012. The fourth
plant likely to be set up in South or West India to be commissioned by second half of 2012-13 (AprMar).
To cut capital expenditure ny one-third to Rs.6 bn in 2011-12 (Apr-Mar).
BAJAJ AUTO: A promoter revoked 17,000 pledged shares of the company on Oct 17.
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MISCELLANEOUS
MISCELLANEOUS:
SEBI head feels need for review of securities transaction tax.
Govt source says GoM clears National Manufacturing policy.
Minister says govt to decide on mandatory gold hallmarking in 3 mos.
Eros International in 520-mn-rupee multi brand tie-up for Ra.One.
Chinese equipment in weather systems under security scanner.
Fimrs get govt breather on forex earnings.
Ministry probes conflict of interest in kidswear company Liliput.
Ministry of corporate affairs gives companies one more year to spread their forex losses.
M and B Switchgears has set the issue price of its 5-mn-share initial public offering at 186 Rs a
share.
Companies bill to grant SFIO powers to prosecute corporate establishments.
FDI caps for broadcasting sector set to rise.
$10-bn cap may be raised for FII investments in govt paper.
Jyothy Lab acquires 12.05% in Henkel India via open offer.
Fin min source says may up $10 bn cap on FII invest in G-Sec.
Securities Transaction Tax rate rationalisation possibly FY13 Budget.
Some PDs meet senior RBI official post devolvement of gilt tenders.
Zee Entertainment Jul-Sep net profit 1.19 bn Rs.
MMTC FY12 gold imports seen up 12% despite high prices.
Kotak sues Trident over loan default.
Official says MCX to start gold, crude oil spread contracts this wk.
CBI got more RTI exemption than what it asked for.
Fin min source says no proposal yet from RBI on new 10-yr bond.
ICRA cuts kidswear retailer Liliput rating; co defaults payments.
REGULATORY:
Securities and Exchange Board of India in talks with the finance ministry to tighten the rules for
issuance of global depository receipts.
The Supreme Court has ruled that government's decision on telecom licences' terms and conditions
to prevail over telecom regulator TRAI's.
SEBI has retained the minimum capital requirement to start a fund house at 100 mn Rs rejecting the
proposal to increase the net worth criterion.
Airports Economic Regulatory Authority to consider a proposal to hike landing, parking, navigation
and other charges at Delhi and Mumbai airports.
National Highways Authority of India to seek exemption from SEBI on some norms before its 10-bnrupee issue of infrastructure bonds.
Serious Fraud Investigation Office to have powers to investigate and prosecute corporate entities for
irregularities under the Companies Bill 2011, which is expected to be cleared before Diwali by the
cabinet.
Delhi High Court has asked the Securities and Exchange Board of India to respond to a petition
against 'consent orders' used to settle dispute with securities law offenders.
SEBI approved share sale and capital issue guidelines for insurance firms, awaits government
approval.
Securities Appellate Tribunal upholds the Securities and Exchange Board of India order directing
Sahara Group to refund 240 bn Rs to bond holders.
Reserve Bank of India's guidelines on new bank licences likely to come out by end-November.
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Reserve Bank of India said Indians who have non-resident accounts in the country can now hold
them in any currency that is fully convertible.
INSURANCE:
Max Bupa Health Insurance to double up its paid up capital to 7 bn Rs to expand business in the next
four years.
Insurance Regulatory and Development Authority said profitability of insurance companies would not
be clinching criteria for them to raise funds through public issues.
INSURANCE: Insurance Regulatory and Development Authority planning on allowing life insurance
companies to buy a greater amount of non-AAA rated debt, which could result in higher returns for
policy holders.
Max Bupa Health Insurance in talks with regional rural banks and co-operative banks to strengthen
distribution network.
Insurance Regulatory and Development Authority has extended the revival period for discounted Unit
linked insurance policies from a month to two years or until the lock in period, whichever comes first.
RETAIL:
Future Group has forayed into rural wholresale and distribution business by opening its first 'Adhaar
Wholesale' store in Gujarat.
TOBACCO:
Panel has suggested increasing the tax on retail price of cigarettes by 15% and on bidis by 26%.
BROKERAGES:
Way2Wealth may close on its second acquisition worth 750 mn Rs.
EXCHANGE:
National Stock Exchange gets Securities and Exchange Board of India's approval to set up a separate
exchange for small and medium enterprises.
MANUFACTURING:
A Group of Ministers reached a consensus on the draft of the national manufacturing policy on
Friday; draft to be sent to the Cabinet this week.
Kilburn Chemicals completes sale of chemicals ops

In furtherance to the business transfer agreement dated Oct 01, 2011 as disclosed earlier, Kilburn Chemicals
Ltd has now informed that the Company has completed the sale and transfer of its division engaged in
manufacturing and marketing of the Anatase grade Titanium Dioxide ("Chemicals Division") including the
identified assets and liabilities to V.V. Titanium Pigments Private Limited, a Company incorporated under the
Companies Act, 1956 and having its registered office at Keeraikaranthattu, Mahadevankulam, Tisayanvillai 627 657 owned and controlled by Mr. S. Vaikundarajan, as a going concern on a slump sale basis
("Purchaser"). The Chemicals Division transferred to the Purchaser, includes, (a) the leasehold interest in
the State Industries Promotion Corporation (SIPCOT) premises at Plots A79, A80 and A81 of the industrial
complex promoted by the SIPCOT at Meelavittan, Tuticorin (SIPCOT Premises), including all rights to the
common access ways, drainage, drains, easements, water rights etc., appurtenant to the said industrial
plots and all superstructures, sheds, standing thereon, subject to the necessary approvals from the SIPCOT;
(b) all plant and machinery, equipment, office equipment, furniture, fittings, vehicles and generally all assets
of whatsoever description located at, or brought upon the SIPCOT Premises, (c) the employees working for
the Chemicals Division; (d) inventories in relation to the Chemicals Division; (e) trade receivables; (f)
sundry debtors and sundry creditors; etc.
Govt may again allow FDI deals with debt options
The government may allow foreign investors to sell back shares in an Indian firm to its joint venture partner.
Recent communications within the government indicate the specific clause that barred a foreign investor
from selling back shares in an Indian firm to its joint venture partner here may be dropped. A fortnight ago,
the government had shut the door to foreign direct investment deals it felt were debt masquerading as
equity. The newspaper said that in a letter dated Oct 5, the Department of Industrial Policy and Promotion
urged the Department of Economic Affairs to review the particular clause related to options in FDI. "We have
also asked RBI to maintain status quo until all the departments concerned arrive at a unanimous revision of
the clause," the newspaper quoted a senior industrial policy department official as saying. Indian promoters
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sell 'put options' to attract foreign strategic investors, thus giving them the 'right' to sell back shares if the
company fails to fulfil conditions like stock exchange listing or an agreed internal rate of return. The practice
never went down well with the RBI, which felt such fund flows would increase the country's short-term debt,
the report said.
Ministries told to revive or shut sick units
The public enterprises department has written to all ministries asking them to prepare comprehensive
proposals to either revive or close down sick state-owned companies under their charge. "If there is clarity
from the administrative ministry on the viability and proposed action plan, then we can proceed with either
revival or closure," the newspaper quoted a government official as saying. So far, the government has
approved 40 cases of revival, which would require funding of around Rs.240 bn. Heavy Industries Minister
Praful Patel had earlier said the government will have to take a "fundamental call" about those companies,
which cannot be turned around. The finance ministry has also expressed concern over continuing
government support to sick units, which have become totally unviable. Stake sale in Scooters India has been
approved but no further action has been taken due to upcoming Uttar Pradesh elections. Similarly, stake
sale in sick enterprises West Bengal-based Tyre Corp and Andhra Pradesh-based HMT Bearings has been
pending since long.
Govt source says Securities Transaction Tax change likely in Budget
The rationalisation of Securities Transaction Tax rate is possible only in the Budget for the next financial
year that starts Apr 1, a senior finance ministry official said. The official also ruled out complete abolition of
the tax. "It (abolition) is not on the table," the official told reporters. Earlier, finance ministry officials met
representatives from stock exchanges to discuss the tax. There has been a growing demand from market
participants to lower or do away with the tax to push up volumes in the market, especially now when
uncertainty and volatility is hurting investments. In case of delivery-based buying or selling of shares, the
securities transaction tax is 0.125% of the total transaction value and in the case of intraday trading, the
applicable tax is 0.025%. In the case of derivatives, the tax is only on the seller and is calculated at
0.017%.
Moser Baer says no strike at co's plant
With regard to the news that has appeared in certain segments of the media stating that that "Moser Baer
employees are on Strike", Moser Baer India Ltd has clarified to BSE that: " 1. There is no strike in the plant.
2. Over the last 28 years, we at Moser Bear have always enjoyed a very cordial relationship and have
maintained high engagement levels with all our associates. 3. Unfortunately, a very small group of
approximately 150 associates from the packaging section of one of our optical disc plants, out of around
10,000 associates have come up with unreasonable demands. 4. We are currently in discussion with them
and looking at their concerns. 5. Our manufacturing plant is in operation."
Future Group plans 60 Aadhaar Wholesale stores in 3-5 years
Future Ventures Ltd, through its subsidiary Aadhaar Retailing Ltd, launched its first wholesale store 'Aadhaar
Wholesale' in Kalol, Gujarat, with plans to launch 60 such stores across the country in the next three to five
years. Aadhar is a format for the rural areas, targeted at small retailers and traders. Future Ventures
expects the 60 stores to get Rs.40 bn in revenue in the next three to five years. "The idea is to transform
rural distribution. Earlier, the retailers had to buy things from different stores. Here they will get everything
under one roof," said Damodar Mall, director - food strategy, Future Group. The first Aadhaar Wholesale
store in Kalol is part of a pilot study for the company. "Besides the Kalol store, we are planning two other
stores in Gujarat in the next 3-5 years," said Mall. He declined to share details of the investment that would
go into setting up the stores.
Corp affairs min asks cos to file annual returns before Diwali
The Ministry of Corporate Affairs has asked all companies to file annual returns and balance sheets before
the Diwali festival on Oct 26 to avoid last minute rush and system congestion. "To avoid last minute rush
and system congestion in MCA21 towards end of Oct 2011 expedite filing of balance sheet and annual return
may preferably be done before Diwali without waiting for the last days of the months," the ministry said in
an advertisement in The Financial Express. From now until Oct 26, the registrar of companies facilitation
centre desk would give priority to entities e-filing their annual returns and balance sheets, it said.
Dealing ops at LIC hit on power outage, lack of adequate back-up
Trading operations at Life Insurance Corp of India were affected due to inadequate electricity back-up as
power outage hit South Mumbai again. The state-owned company is the biggest investor in the Indian
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financial markets. Trading volumes in the government bond market were marginally lower as banks that
have treasury operations in South Mumbai witnessed technical snags, dealers said. Electricity supply to parts
of South Mumbai were cut on Sunday after a cable that supplies power from the sub-station of the
Brihanmumbai Electricity Suburban Transport, or BEST, caught fire.
MMTC floats tender to export up to 60,000 tn pig iron in Nov-Dec
MMTC Ltd has floated a tender to export up to 60,000 tn basic grade pig iron in two tranches in Nov-Dec.
The first tranche will be for firm quantity of 30,000 tn pig iron, to be shipped in the second half of Nov.
Another lot of 30,000 tn pig iron will be optional for sellers, which can be shipped in the first half of Dec,
MMTC said. Technical and financial bids must be submitted separately by 1500 IST on Nov 1. The opening of
bids will be completed by Nov 2, MMTC said. However, bids will remain valid until 1730 IST on Nov 7, it said.
IndiaCo Ventures to provide advisory services to Xeon Intl PE fund
Investment management firm IndiaCo Ventures Ltd has signed a pact to provide advisory services to Xeon
International's private equity division focused on emerging markets. Xeon International is a brand under
Luxembourg-based Crescendo Group Ltd, IndiaCo said in a notice to the exchange. Xeon International will in
turn provide IndiaCo with various private equity investment opportunities and financial advisory services in
global markets.
Tata Elxsi in JV with US co A Squared Entertainment
With reference to earlier announcement dated Jan 06, 2011, Tata Elxsi Ltd has now informed BSE that Tata
Elxsi Limited (TEL) has entered into a Joint Venture Agreement with M/s. A Squared Entertainment LLC, USA
(A2E) to create, develop and distribute original brands including animated entertainment and digital gaming.
The new Company will be incorporated as a LLC at Delaware, USA, with TEL and A2E participating almost
equal in the equity capital of the JV Company.
MD says Shoppers Stop not to hike prices in any category Oct-Dec
Shoppers Stop Ltd will not hike prices in any of its product categories in Oct-Dec due to the festival season,
Customer Care Associate and Managing Director Govind Shrikhande told. The company retails apparel,
accessories, books, music, home decor items and footwear, among other things. The retail store chain is not
witnessing a slowdown in sales, and expects same store sales to grow 7-9% in the current financial year
ending Mar, Shrikhande said, adding it has been witnessing around 18% sales growth in men's and women's
apparel and accessories.
Moser Baer says resolved staff concerns; plant running as normal
Moser Baer India Ltd said it had resolved all issues with its staff, numbering 150, at the Greater Noida plant
and all of them had since rejoined their respective duties. "We have successfully resolved all issues
concerning a very small group of our associates at the Greater Noida plant. All 150 dissatisfied associates
have come back and have joined their respective duties. Our plant operations are running as normal," a
release quoted Bhaskar Sharma, chief executive officer of the company's blank optical media and consumer
electronics business, as saying on the National Stock Exchange.
Rajesh Exports says to open 25 jewellery stores in Karnataka Mon
Rajesh Exports Ltd will open 25 retail jewellery showrooms in Karnataka on Oct 24 to coincide with the
festival of Dhanteras. The company operates showrooms under the brand Shubh Jewellers. With the launch
of the new jewellery stores, Rajesh Exports will take its showroom tally in Karnataka to 65, and in India to
73. The new stores will add 15,500 sq ft retail space to the existing 30,400 sq ft space, the company said. It
plans to set up 500 stores in the country by 2014, the release said.
Fin min source says may raise $10 bn cap on FII invest in G-Sec
The government is likely to increase the $10 bn cap on investments made by foreign institutional investors'
into government securities, a senior finance ministry official said. "We plan to begin consultation shortly on
raising the limit," the official said. The most traded 7.80%, 2021 paper rose 27 paise to Rs.93.95following
the news.
Everonn shrholder OK issuing 2.6 mn shr to Varkey Group
Everonn Education Limited has informed the Exchange that the Shareholders of the Company at the ExtraOrdinary General Meeting held on October 19, 2011 have: (1)Approved the Issue and allotment upto
26,18,120 Equity Shares on preferential basis to M/s. Varkey Group Limited; (2) Approved the increase of
total NRI shareholding limit in the Company from 10% to 24% subject to statutory approvals.
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BLB forms subsidiary co BLB Global for international ops

Blb Limited has informed the Exchange that the Company has incorporated a 100% Wholly Owned
Subsidiary Company in the name of M/s. BLB Global Business Limited vide Certificate of Incorporation dated
Sep 29, 2011 and certificate for commencement of Business to carry on the international Business activity
such as exporting, importing, merchanting, liasioning, selling, purchasing various agri and non agri
commodities, bullion, metals, oil and other products in India or at any county, directly or indirectly.
Source says Cabinet panel may approve Mohanty as Dredging Corp CMD
Dredging Corp of India Ltd will get a full-time chairman and managing director soon as the Cabinet
Committee on Appointments is all set to approve D.K. Mohanty's candidature for the post, a senior shipping
ministry official told. Mohanty is the only person recommended for the post by the Public Enterprises
Selection Board.
Moser Baer workers go on strike demanding wage hike
Some workers at Moser Baer's Noida plant are on strike demanding a revision in wages and bonuses. The
company, however, maintains work has not stalled and it is in talks with the protesters since there is no
union representing the agitating employees.
RBI says Indian cos invest in overseas JVs, arm up at $3.46 bn Sep
Indian companies invested $3.46 bn in overseas joint ventures and subsidiaries in Sep, compared with
$2.29 bn in Aug, according to Reserve Bank of India data released. Of the total investment, $1.29 bn was in
the form of equity, $336 mn as debt, and the remaining $1.83 bn in guarantees.
SAT dismisses Sahara plea against SEBI order in debenture case
The Securities Appellate Tribunal dismissed Sahara Commodity Services Corp Ltd and Sahara Housing
Investment Corp Ltd's appeal against the Securities and Exchange Board of India's order asking the
companies to refund money to investors collected through optionally fully convertible debentures.
Decision on FDI in multi-brand retail by yearend
Government may take a decision on allowing foreign direct investment in multi-brand retail by December.
Commerce Secretary Rahul Khullar said some political decisions were awaited on recommendations made by
the Committee of Secretaries.
SAT sets aside SEBI order penalising Hindustan Dorr, officials
The Securities Appellate Tribunal has set aside an order of the Securities and Exchange Board of India
imposing a Rs.250,000 penalty on Hindustan Dorr Oliver Ltd and some of its senior officialsincluding
Chairman Prabhakar Ram and Managing Director E. Sunil Reddy--for violation of insider trading norms.
ITC hikes Benson & Hedges cigarette price by 9%, Capstan by 12%
ITC Ltd has hiked prices of cigarette brands Benson & Hedges and Capstan, a company spokesperson told in
an e-mailed response.
NSE gets SEBI OK to launch exchange for small, medium enterprises
The National Stock Exchange said it has got the approval of the Securities and Exchange Board of India to
set up a separate exchange for small and medium enterprises.
Savita Oil's Japanese partner Idemitsu terminates marketing pact
Savita Oil Technologies Ltd said Japan's Idemitsu Kosan Co Ltd has decided to terminate a marketing pact
between the two companies for the latter's products.
Ministries resolve differences on mfg policy; GoM OKs draft
A Group of Ministers reached a consensus on the draft of the national manufacturing policy, Agriculture
Minister Sharad Pawar, who heads the panel, said.
Promoters bought 0.19% Pantaloon Retail shares from market Oct 5
Pantaloon Retail (India) Ltd promoter entities, PIL Industries Ltd and Future Corporate Resources Ltd,
bought 408,751 shares, or 0.19%, of the company from the open market for around Rs.74 mn on Oct 5, the
company informed the National Stock Exchange.
Moser Baer commissions 30 MW solar power plant in Gujarat
Moser Baer Clean Energy Ltd commissioned a 30 MW solar power project in the Banaskantha district of
Gujarat, the state government said in a release.
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SEBI head feels need for review of securities transaction tax

Securities and Exchange Board of India Chairman U.K. Sinha said that the existing transaction cost in the
securities market is high and there is a need to relook at the levies on buying and selling of shares.
International Paper completes 75% stake buy in Andhra Pradesh Paper
US-based International Paper has completed the acquisition of 75% stake in Andhra Pradesh Paper Mills Ltd,
the company said in a release.
Eros International in 520-mn-rupee multi brand tie-up for Ra.One
Eros International Media Ltd and Red Chillies Entertainments Pvt Ltd have entered into tie-ups worth around
Rs.520 mn with at least 25 brands for their upcoming movie Ra.One, the former informed the exchanges.
Minister says govt to decide on mandatory gold hallmarking in 3 mos
The government will decide on making hallmarking mandatory for gold jewellery in three months, Consumer
Affairs Minister K.V. Thomas said.
Prequin says global PE funds' Jul-Sep mop-up down 42% at $44.8 bn
Hit by global economic slowdown, fund raising by private equity funds the world over slowed down
significantly in Jul-Sep, with 97 funds raising $44.8 bn, a decline of 42% on year.
Ministries resolve differences on mfg policy; GoM OKs draft
A Group of Ministers reached a consensus on the draft of the national manufacturing policy, Agriculture
Minister Sharad Pawar, who heads the panel, said.
India Apr-Sep gem, jewellery exports Rs.1.02 trn, up 16%
India's gem and jewellery exports in the first half of current financial year that began Mar 1 rose 16% on
year to Rs.1.02 trn, according to provisional data published by Gem & Jewellery Export Promotion Council.
CRISIL plans to buy back shares for up to Rs.1,000/share
CRISIL Ltd will buy back its shares for up to Rs.1,000 each and may spend a maximum of Rs.800 mn on the
process. The proposal was approved by the company's board, which met to discuss its Jul-Sep earnings.
Glitz Cinemas put on the block for Rs.30 mn/screen
Glitz Cinemas, the multiplex chain owned by Capital 18, the private equity arm of Network18, has been put
on the block. The promoters of Glitz Cinemas are asking for around Rs.30 mn per screen.
Rap Media sells Jalandhar land for Rs.22 mn
Rap Media Ltd has informed BSE that the Company has sold its land at Jalandhar in Punjab. The Company
had purchased this land at Rs.1.63 Crores and sold it for Rs.2.24 Crores thus making a profit of Rs.61.00
Lacs.
MOSER BAER INDIA:
Moser Baer Clean Energy inaugurates 30 MW solar power project in the Banaskantha district of
Gujarat.
Workers go on strike at the company's Noida unit demanding a revision in wages and bonus.
However, company said that the work has not been stalled.
Has said the company's plant is operational with no employee on strike.
Has resolved all issues with 150 employees at its Greater Noida plant; plant operations are running
normal.
NAVIN FLUORINE INTERNATIONAL:
Has reported Jul-Sep net profit of Rs.588.2 mn and net sales of Rs.1.92 bn.
The company will pay interim dividend of Rs.8.5 a share.
BALAJI TELEFILMS: Jul-Sep net loss narrows on year to Rs.7.02 mn from Rs.64.02 mn year ago.
DMC EDUCATION: Board approves issuing convertible debentures worth Rs.27 mn to DB CORP.
ITL INDUSTRIES: In talks with private equity players to sell 10% stake for around Rs.4.5 bn.
NESTLE INDIA: Its joint venture with Coca Cola plans to make changes to its iced-tea brand Nestea with a
new design, packaging, and flavour.
SAVITA OIL TECHNOLOGIES: Japan's Idemitsu Kosan Co ceases marketing pact with the company;
termination to impact only 2% of Savita Oil's total revenues for the year ended Mar.
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VADILAL ENTERPRISES: Shareholders approve sale/transfer of the forex advisory division.

FUTURE VENTURES INDIA: Has launched its first wholesale store 'Aadhaar Wholesale' in Gujarat; plans to
launch 60 such stores in three-five years.
JYOTHY LABORATORIES: Acquires 12.05% in Henkel India through open offer, taking its holding to
83.7% in the company.
MAGMA FINCORP: Has reported Jul-Sep net profit of Rs.205.81 mn and income from operations of Rs.2.37
bn.
SANTOWIN CORP: Has approved a two-for-one stock split.
CRISIL: Will buy back its shares for up to Rs.1,000 each and may spend a maximum of Rs.800 mn in the
process.
MIDLAND POLYMERS: Investors Rupesh Soni, Radhika Soni, and Rudh Equities and Investment Advisors
make open offer for additional 20% stake in company for Rs.29 a share.
BLB: Incorporates BLB Global Business as subsidiary for international operations.
ANDHRA PRADESH PAPER MILLS: Finnish Fund for Industrial Cooperation has cut stake in the company
to 1.82% from 5.34%.
CAMLIN: Kokuyu, which owns 50.7% stake in the company, to triple the company's turnover to Rs.10 bn in
five years.
COROMANDEL INTERNATIONAL: Plans to spend around Rs.5 bn in two years to raise its capacity to 4 mn
tn from the current 32 mn tn.
EVERONN EDUCATION: Gets shareholders' approval to dilute 12% stake to Varkey Group for Rs.1.4 bn.
INDIA INFOLINE: Securities and Exchange Board of India has issued a show-cause notice to the company
for alleged violation of certain norms.
RALLIS INDIA: Has reported Jul-Sep net profit of Rs.618.6 mn and net sales of Rs.4.27 bn.
RAP MEDIA: Sold Jalandhar land for Rs.22 mn, earned Rs.6 mn profit.
RAYMOND: Jul-Sep consolidated net profit up 23.9% on year at Rs.809.6 mn. Net sales rose 25% to
Rs.9.78 bn.
THOMAS COOK INDIA: In talks with British foreign exchange and financial services company Travelex to
sell its foreign exchange business in India.
ZEE NEWS: Has reported Jul-Sep consolidated net profit of Rs.34.82 mn and consolidated total income of
Rs.791.3 mn.
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EARNINGS
Infosys Ltd has posted a net profit of Rs.18220 mn for Q2FY12 against Rs.16410 mn for Q2FY11. Total
Income has increased from Rs.66730 mn for Q2FY11 to Rs.78530 mn for Q2FY12. The company has posted
a consolidated net profit of Rs.19060 mn for Q2FY12 against Rs.17370 mn for Q2FY11. Total Income has
increased from Rs.72140 mn for Q2FY11 to Rs.84860 mn for Q2FY12.
Reliance Industries Ltd posted an unaudited net profit of Rs.57030 mn for Q2FY12 against Rs.49230 mn
for Q2FY11. Total Income has increased from Rs.581510 mn for Q2FY11 to Rs.796710 mn for Q2FY12.
Housing Development Finance Corporation Ltd has posted an unaudited profit after tax of Rs.9707.00
mn for Q2FY12 against Rs.8075.40 mn for Q2FY11. Total Income has increased from Rs.29702.20 mn for
Q2FY11 to Rs.41691.40 mn for Q2FY12.
Tata Consultancy Services Ltd has posted an audited net profit after taxes of Rs.31871.10 mn for Q2FY12
against Rs.18126.50 mn for Q2FY11. Total Income has increased from Rs.73706.70 mn for Q2FY11 to
Rs.107497.20 mn for Q2FY12. The company has posted an audited consolidated net profit of Rs.23010.00
mn for Q2FY12 against Rs.21692.10 mn for Q2FY11. Total Income has increased from Rs.93571.40 mn for
IFCI Ltd has posted an audited profit after tax of Rs.1982.60 mn for Q2FY12 against Rs.2023.00 for
Q2FY11. Total Income has increased from Rs.6198.60 mn for Q2FY11 to Rs.7579.10 mn for Q2FY12.
ING Vysya Bank Ltd has posted an unaudited net profit of Rs.1153.70 mn for Q2FY12 against Rs.752.60
mn for Q2FY11. Total Income has increased from Rs.8320.50 mn for Q2FY11 to Rs.10955.30 mn for
Q2FY12.
Zee Entertainment Enterprises Ltd has posted an unaudited net profit after tax of Rs.1186.00 mn for
Q2FY12 against Rs.1575.60 mn for Q2FY11. Total Income has increased from Rs.5167.90 mn for Q2FY11 to
Rs.5434.30 mn for Q2FY12. The company has posted an unaudited consolidated net profit after tax of
Rs.1599.70 mn for Q2FY12 against Rs.1263.00 mn for Q2FY11. Total Income has increased from Rs.7355.40
mn for Q2FY11 to Rs.7463.10 mn for Q2FY12.
Hero MotoCorp Ltd has posted an unaudited net profit of Rs.6036.20 mn for Q2FY12 against Rs.5056.00
Q2FY12.
HCL Technologies Ltd has posted an unaudited net profit of Rs.3975.50 mn for Q2FY12 against
Rs.1948.80 mn for Q1FY11. Total Income has increased from Rs.15403.40 mn for Q2FY11 to Rs.20287.70
mn for Q2FY12.
Jindal Steel & Power Ltd has posted an unaudited net profit of Rs.3957.90 mn for Q2FY12 against
mn for Q2FY12. The company has posted an unaudited consolidated net profit of Rs.8753.80 mn for Q2FY12
Rs.44484.70 mn for Q2FY12.
Chambal Fertilisers & Chemicals Ltd has posted an unaudited net profit of Rs.916.544 mn for Q2FY12
Rs.16532.442 mn for Q2FY12.
Coromandel International Ltd has posted an unaudited net profit of Rs.2788.20 mn for Q2FY12 against
Rs.28166.30 mn for Q2FY12.
Petronet LNG Ltd has posted an unaudited net profit of Rs.2603.312 mn for Q2FY12 against Rs.1311.239
Q2FY12.
CRISIL Ltd has posted an unaudited net profit of Rs.509.777 mn for Q2FY12 against Rs.748.008 mn for
Q2FY11. Total Income has increased from Rs.1827.077 mn for Q2FY11 to Rs.1830.482 mn for Q2FY12. The
company has posted an unaudited consolidated net profit of Rs.601.783 mn for Q2FY12 against Rs.754.388
Q2FY12.
Indusind Bank Ltd has posted an unaudited net profit of Rs.1930.90 mn for Q2FY12 against Rs.1331.50
Q2FY12.
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Torrent Pharmaceuticals Ltd has posted an audited net profit of Rs.702.30 mn for Q2FY12 against
Rs.973.20 mn for Q2FY11. Total Income has increased from Rs.4842.50 mn for Q2FY11 to Rs.5121.20 mn
for Q2FY12. The company has posted an unaudited consolidated net profit after minority Interest of
Rs.999.90 mn for Q2FY12 against Rs.761.90 mn for Q2FY11. Total Income has increased from Rs.5839.90
mn for Q2FY11 to Rs.6875.80 mn for Q2FY12.
Biocon Ltd has posted an unaudited net profit of Rs.680.70 mn for Q2FY12 against Rs.873.30 mn for
The Group has posted a net profit of Rs.857.00 mn for Q2FY12 against Rs.892.20 mn for Q2FY11. Total
Income has increased from Rs.4277.00 mn for Q2FY11 to Rs.5243.90 mn for Q2FY12.
Dish TV India Ltd has posted an unaudited net loss of Rs.(485.60) mn for Q2FY12 against net loss of
Rs.(451.70) mn for Q2FY11. Total Income has increased from Rs.3507.70 mn for Q2FY11 to Rs.4914.70 mn
for Q2FY12.
HDFC Bank Ltd has posted an unaudited net profit of Rs.11993.50 mn for Q2FY12 against Rs.9121.40 mn
for Q2FY11. Total Income has increased from Rs.57707.00 mn for Q2FY11 to Rs.79293.80 mn for Q2FY12.
Indraprastha Gas Ltd has posted an unaudited net profit after tax of Rs.772.246 mn for Q2FY12 against
mn for Q2FY12.
Crompton Greaves Ltd has posted an unaudited net profit of Rs.1123.20 mn for Q2FY12 against
against Rs.2135.90 mn for Q2FY11. Total Income is Rs.27270.30 mn for Q2FY12 against Rs.24206.60 mn
for Q2FY11.
Hindustan Zinc Ltd has posted an unaudited net profit of Rs.13446.90 mn for Q2FY12 against Rs.9487.20
Q2FY12.
Torrent Power Ltd has posted an unaudited net profit of Rs.2919.80 mn for Q2FY12 against Rs.2226.10
Q2FY12. The company has posted an unaudited consolidated net profit of Rs.3079.70 mn for Q2FY12 against
mn for Q2FY12.
Bajaj Finserv Ltd has posted an unaudited net profit of Rs.420.70 mn for Q2FY12 against Rs.238.80 mn for
Q2FY11. Total Income has increased from Rs.485.20 mn for Q2FY11 to Rs.637.80 m for Q2FY12. The
company has posted an unaudited consolidated net profit of Rs.1581.90 mn for Q2FY12 against Rs.694.00
mn for Q2FY11. Total Income is Rs.7142.00 mn for Q2FY12 against Rs.4710.10 mn for Q2FY11.
Yes Bank Ltd has posted an unaudited net profit of Rs.2350.20 mn for Q2FY12 against Rs.1762.60 mn for
UltraTech Cement Ltd has posted an unaudited profit after tax of Rs.2789.00 mn for Q2FY12 against
mn for Q2FY12.
Exide Industries Ltd has posted an unaudited net profit after tax of Rs.511.50 mn for Q2FY12 against
mn for Q2FY12.
Bajaj Auto Ltd has posted an unaudited net profit of Rs.7258.00 mn for Q2FY12 against Rs.6820.80 mn for
IDBI Bank Ltd has posted an unaudited net profit of Rs.5159.10 mn for Q2FY12 against Rs.4291.00 mn for
Q2FY11. Total Income is Rs.62914.20 mn for Q2FY12 against Rs.50692.50 mn for Q2FY11.
Cairn India Ltd has posted an unaudited consolidated net profit of Rs.7630.30 mn for Q2FY12 against
mn for Q2FY12.
Bajaj Holdings & Investment Ltd has posted an unaudited net profit of Rs.4297.30 mn for Q2FY12
against Rs.5903.00 mn for Q2FY11. Total Income has decreased from Rs.6081.50 mn for Q2FY11 to
Rs.4508.20 mn for Q2FY12. The company has posted an unaudited consolidated net profit of Rs.3637.70 mn
for Q2FY12 against Rs.6494.50 mn for Q2FY11. Total Income has decreased from Rs.4274.10 mn for
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IPO Watch
IPO Alert: Taksheel Solutions sets IPO price at Rs.150/share
Taksheel Solutions Ltd has set the issue price of its 5.5-mn-share initial public offering at Rs.150 a share,
the upper end of its price band. The shares have face value of Rs.10 each. The company will raise up to
Rs.825 mn via the IPO. It had set a price band of Rs.130-150 a share for the issue, which remained open for
subscription from Sep 29 to Oct 4. The IPO was oversubscribed 2.99 times. While the qualified institutional
bidders' portion was subscribed 0.24 times, the non-institutional investors' and retail investors' portions
were oversubscribed 4.7 times and 6.18 times, respectively. At Rs.150, the issue is priced at a price-toearnings multiple of around nine times 2010-11 (Apr-Mar) earnings per share. The Hyderabad-based
information technology and telecom software company plans to use the IPO proceeds to set up software
development centres in Special Economic Zones in Andhra Pradesh. The company plans to use Rs.200-250
mn of the proceeds for an acquisition in North America. Some of the funds would also be used for working
capital requirements.
Govt invites bids from lead managers for Hindustan Aeronautics IPO
The central government has invited bids from lead managers to conduct the initial public offering of
Hindustan Aeronautics Ltd. The centre is planning to sell 10% of its stake in the company through the
offering. The lead managers can submit their bids for the IPO by Nov 8 and merchant bankers can bid on a
standalone basis or in consortium for the share issue, the government said. In 2010-11 (Apr-Mar),
Hindustan Aeronautics reported a net profit of Rs.21.14 bn and revenue of Rs.131.16 bn.
ISSUES CLOSED, TO LIST
Size
Shares:Rupees
Face
Value
(mn:bn)
(rupees)
Swajas Air Charters
3.96:0.357
Indo Thai Securities
Issue
Price
Issue
Period
To
list
on
Lead Manager
10
90
26/09-05/10
--
Aryaman
4.0:0.296
10
74
30/09-05/10
--
Allianz
Readymade Steel India
N.A:0.347
10
108
27/06-29/06
--
Arihant
VMS Industries
N.A:0.26
10
40
30/05-02/06
--
Ashika
Issuer
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MERGERS & ACCQUISITIONS

== ABROAD - INDIA ==
CAMLINKOKUYOAnnounced:Oct20
Camlincompletessaleof50.3%staketoJapan'sKokuyo.
Status:Complete
INTERNATIONALPAPERANDHRAPRADESHPAPERAnnounced:Oct14
USbasedInternationalPapermakesopenoffertoacquire21.54%morestakeinAndhraPradeshPaperMillsat
544.20rupeespershare.
Status:Complete
== INDIA - INDIA ==
GVKPOWERMUMBAIINTERNATIONALAIRPORTAnnounced:Oct18
GVKAirportHoldings,asubsidiaryofGVKPower&Infrastructure,buys13.5%additionalstakeinMumbai
InternationalAirportfromBidServicesDivision(Mauritius)Ltdfor$231mln.
Status:Complete
AURUMSOFTSYSTEMSPOINTREDTELECOMAnnounced:Oct19
AurumSoftsystemstomergePointRedTelecomwithself.
Status:Ongoing
FDCASLAnnounced:Oct15
FDCtoacquireASLfor64.3mlnrupees.
Status:Ongoing
==GLOBAL M&A==
G4S PLC - ISS
Security services contractor G4S Plc acquires Denmark's ISS for $8.3 bln.
ALCATEL-LUCENT - PERMIRA
Alcatel-Lucent to sell arm Genesys to private equity group Permira for $1.5 bln.
KINDER MORGAN - EL PASO CORP
Kinder Morgan to buy El Paso Corp for around $21.1 bln.
STATOIL - BRIGHAM EXPLORATION
Statoil to acquire Brigham Exploration for $4.4 bln.
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RATINGS
ICRA affirms A+(Stable) on Stewart Holl's fund based limits
Styleone Retail Concepts' term loan facilities get ICRA C
Woodind's non-fund based facilities get ICRA B ICRA affirms AA(Stable) on ThyssenKrupp Ind' cash credit
ICRA affirms BBB+(Stable) on TTP Technologies' term loan
ICRA affirms BBB-(Stable) on Uttam Galva Metallics' term loan
Vishvas Ginning & Industries' cash credit gets ICRA B+
Rane Madras' commercial paper programme gets ICRA A1
ICRA affirms A+ on Garware Wall Ropes' bank facilities
ICRA affirms B- on GTN Industries' term loan facilities
Jai Bharat Steel Ind's cash credit gets ICRA BB
ICRA affirms A2 on KP Sanghvi & Sons' fund-based bank limits
ICRA affirms A+(Stable) on Lloyd Insulations' term loans
MS Metals & Steels' term loans get ICRA BBB-(Stable)
Magna Projects' cash credit gets ICRA BBB-(Stable)
ICRA affirms BBB+(SO) on MPP Technologies' term loans
Janta Rice Mill's fund based limits get ICRA B
Fitch affirms AA+(ind) national long-term rtg to Sundaram Fin
ICRA affirms rtg on Meltroll Engineering's cash credit limits
ICRA affirms A+(Stable) on Amgoorie India's fund based limits
Aruppukottai Shri Vijayalakshmi Textile' term loan get ICRA B ICRA affirms BB-(stable) on BST Textile Mills' long-term loans
DRS Dilip Roadlines' vehicle loans get ICRA BB East Coast Energy's term loan gets ICRA BB ICRA affirms A2+ on Emkay Global Financial's bank facilities
Mohata Enterprises' cash credit gets CRISIL B+/Stable
CRISIL affirms BBB-/Stable on Navdeep Chemicals' term loan
CRISIL affirms BB/Stable on Pallavi Motors' cash credit
Peekay Mediequip's cash credit gets CRISIL D
Permionics Membranes' cash credit gets CRISIL BBB-/Stable
SPBM Foundation's term loan gets CRISIL BB-/Stable
SSK Trading's cash credit gets CRISIL B+/Stable
Fitch affirms long-term rtg to Morgan Stanley India Capital
CRISIL affirms rtg on Arya Vaidya Pharmacy's cash credit
CRISIL affirms A+/Stable on Bharat Insecticides' cash credit
CRISIL affirms BBB+/Stable on Bhima Jewels' long-term loan
Choksey Chemicals' cash credit gets CRISIL BB-/Stable
Hansa Tubes' cash credit gets CRISIL BB-/Stable
Bharat Rasayan's cash credit limit gets CRISIL A+/Stable
CRISIL affirms AAA/Stable on GAIL (India)'s bonds programme
CRISIL affirms AAA/Negative on HPCL's NCDs
Kevin Ceramic's long-term bank facilities get CARE BB Laxmiraj Distributors' long-term bank facilities get CARE BB
LMJ Overseas' long-term bank facilities get CARE BB+(SO)
Lucky Shikshan Sansthan's bank facilities get CARE BBB-
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CARE affirms A- on Maharashtra Airport Development Co's NCDs

Rathore Freight Carriers' long-term bk facilities get CARE C
CARE affirms BBB on Remi Process Plant's bank facilities
Shiva Construction Co's long-term bk facilities get CARE B+
Ideal Institute of Medical's bank facilities get CARE BBB(SO)
CARE affirms AA- on Elecon Engineering's bank facilities
Future Capital Holdings' short term debt plan gets CARE A1+
CARE affirms A- on Hotel Leelaventure's bank facilities
CARE affirms AAA(so) on ICICI Home Finance's senior bonds
CARE affirms AAA on ICICI Home Finance's senior bonds
Ideal Institute of Technology's bank facilities get CARE BBB
CARE affirms AA on JSW Steel's long-term bank facilities
Indiabulls Housing Finance's NCD issue gets Brickwork AA+
SREI Equipment Finance' NCD issue gets Brickwork AA
SREI Infrastructure Finance' NCD issue rtg gets Brickwork AA
Brickwork affrims AA(SO) on Tata Bluescope Steel's NCD issues
Brickwork affirms AA-(Stable) issuer rating to Vijaya Bank
Brickwork cuts rtg on Harsil Projects' NCD issue to D
ICRA ups rtg on Innoventive Industries' term loan to BBB+
ICRA ups rating on Ramdev Sugars' cash credit to BB ICRA cuts rating on Shera Silk Mills' cash credit to D
ICRA ups rating on Shakti Sugar Mill's cash credit to B+
ICRA ups rating on Narmada Sugars' cash credit to BB CARE ups rtg on Tag Offshore's long-term bank facilities to A
CARE cuts rtg on Bharati Shipyards' long-term bk facilities
CARE ups rtg on Rushil Decors' long-term bk facilities
Fitch cuts national long-term rtg to Asset Reconstruction Co
CRISIL ups rating on of Janatics India's cash credit
CRISIL ups rating on of Satguru Foundations' term loan
CRISIL cuts rtg outlook on of Kolkata Municipal Corp's bond
VNR Logistics' long-term bank facilities get CARE BB+
Ridham Texport's long-term bank facilities get CARE BB
Mudra Real Estates' long-term bank facilities get CARE BB CARE puts Fortis Healthcare's NCDs rtg under credit watch
Inducto Steel's long-term bank facilities get CARE BB HCG Constructions' long-term bank facilities get CARE C
CARE cuts rtg on Paramount Minerals and Chem's bk facilities
CARE cuts rtg on Taneja Developers & Infra's bank facilities
DuFlon Industries' long-term bank facilities get CARE B
CARE cuts rtg on TDI Infra's long-term bank facilities to D
Fitch A-(ind) national long-term rating to CCL Products
Mahindra Ugine Steel's working capital gets Fitch BBB+(ind)
CRISIL affirms BB+/Stable on RD Samant Contractors' term loan
Sahu Exports' term loan gets CRISIL BBB-/Stable
CRISIL affirms A4+ on Plymex Timber's foreign letter of credit
CRISIL affirms D on Supreme Cot-Spin Mills' term loan
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Arora Matthey's cash credit gets CRISIL BB/Stable

CRISIL affirms B/Stable on Ambica Papers' cash credit
CARE affirms BB on Shree Balkrishna Exports' bank facilities
CARE affirms A1+ on Sadbhav Engineering's commercial paper
CARE ups rtg on Rajasthan Electronics' bank facilities
CARE affirms B on Keerthi Ind's long-term bank facilities
CARE affirms BBB+ on Juniper Hotels' long-term bank facilities
CARE affirms AAA on Grasim Industries' long-term bk facilities
CARE affirms BB+ on Godhani Gems' long-term bank facilities
CARE affirms BBB+ on Gimatex Industries' bank facilities
CARE affirms BB+ on Camex's long-term bank facilities
CARE affirms A on Amar Remedies' long-term bank facilities
CRISIL removes Reliance Infra's bond rtg from negative watch
CRISIL affirms AA+/Stable on Sesa Goa's cash credit
Vijaywargi and Sons' cash credit gets CRISIL BB/Stable
CRISIL affirms A/Stable on Nelco's cash credit
Namison Powertech's cash credit gets CRISIL B-/Stable
Motels & Infrastructure India's long-term loan gets CRISIL D
Anjani Cotton Industries' cash credit gets CRISIL B+/Stable
Fitch cuts rtg on Salem Tollways' bank loans to BB-(ind)
Fitch cuts rtg on Kumarapalayam Tollways' bk loans to BB-(ind)
CRISIL cuts rating on Medi Drips Carriers' cash credit to D
CRISIL ups rtg on Neeta Chemicals' letter of credit to A3+
CRISIL affirms BBB-/Stable on P A Footwear's long-term loan
CRISIL affirms BB-/Stable on S J Exports' packing credit
CRISIL affirms rtg on Kalp Diamonds' post-shipment credit
CRISIL affirms BBB-/Stable on NBZ Pharma's cash credit
Golden Texo Fabs' cash credit facility gets CRISIL BB-/Stable
Sarada Starch & Chemicals' term loan gets CRISIL B/Stable
CRISIL affirms rating on Roop Telsonic Ultrasonix' term loan
CRISIL affirms A4+ on Impex Diamonds' packing credit
Oswal Apparels' long-term fund based limits get ICRA B+
ICRA affirms B+ on Oswal Trends' long-term fund based limits
Shiva Spin-N-Knit's fund based limits get ICRA B+
ICRA affirms BB+(Stable) on Sivaswati Textile's term loan
Vakrangee Softwares' term loans gets ICRA A-(stable)
Welmech Engineering Co's term loan gets ICRA B
ICRA affirms BBB- on Dhanuka Lab's fund based facilities
Dhir International's fund based limits get ICRA A4
Jayalakshmi Textiles' term loan facilities get ICRA C
Oswal Fashion's long-term fund based limits get ICRA B+
Shanta Sriram Constructions' cash credit gets CRISIL B/Stable
CRISIL A+ on Spectrum Coal and Power's enhanced cash credit
KPN Textile Mills' term loans get ICRA C
Prakash Dal & Flour Mills' fund based limit gets ICRA BB+
ICRA affirms B on Casil Industries' long-term loan
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ICRA affirms BBB-(Stable) on Coastal Energy' fund based limits

Balajee Hitec Rolling's cash credit gets CRISIL BB/Stable
Bildon Steels (India)'s cash credit gets CRISIL D
CRISIL affirms BB+/Stable on Cadillac Buildwell's cash credit
CRISIL affirms BB+ on Effective Teleservices' bank facility
CARE affirms BBB on TR Sawhney Motors' long-term bk facilities
VNR Logistics' long-term bank facilities get CARE BB+
CARE affirms BBB on Transweigh (India)'s cash credit
Clifton Exports' cash credit gets CRISIL B/Stable
CRISIL BBB-/Negative on RPP Infra Projects' cash credit
CRISIL affirms AA/Stable on Afcons Infrastructure's term loan
Shailja Texprints' long-term bank facilities get CARE B+
CARE affirms A3(SO) on NM Industries' short-term bk facilities
CARE affirms BBB on Rajahmundhry Godavari Bridge bk facilities
Ridham Texport's long-term bank facilities get CARE BB
Shailja Texprints' long-term bank facilities get CARE B+
CARE affirms A- on Kris Flexipacks' long-term bank facilities
Lotus Gums & Chemicals' long-term bank facilities get CARE BB CARE affirms BBB- on Lulu Flight Kitchen's bank facilities
Meghmani Unichem LLP's long term bank facilities get CARE BBB Mudra Real Estates' long-term bank facilities get CARE BB CARE affirms BBB on NCML Industries' long-term bank facilities
CARE A+ on Hindustan Construction's long-term bank facilities
Inducto Steel's long-term bank facilities get CARE BB CARE affirms BB+ on Jag Heet Exports' bank facilities
Karpasa Exports' short-term bank facilities get CARE A4
Karpasa Exports' short-term bank facilities get CARE A4
CARE affirms A- on AU Financiers' long-term bank facilities
DNH Spinners' long-term bank facilities get CARE BBB
DuFlon Industries' long-term bank facilities get CARE B
CARE put Fortis Healthcare (India)'s NCDs rtg on credit watch
Gujarat Industries Power's bank facilities get CARE A+
HCG Constructions's long-term bank facilities get CARE C
CARE ups rating on East Hyderabad Expressway' bank facilities
CARE ups rating on Gujarat State Fertilizers' bank facilities
CARE ups rating on Gujarat Urja Vikas Nigam' long term bonds
CARE ups rating on Orchid Chemicals' long-term bk facilities
CARE ups rtg on Sardar Sarovar Narmada Nigam's long term bonds
CRISIL ups rtg on Sri Vela Smelters's term loan to BB-/Stable
CRISIL ups rtg on KLJ Organic's cash credit to A/Stable
CRISIL ups rtg on KLJ Poly alloys's cash credit to A/Stable
CRISIL cuts rating outlook on Lanco Power's term loan
CRISIL ups rtg on RKD Constructions' cash credit BB-/Stable
CRISIL ups rtg on Silvassa Plast's cash credit to A/Stable
ICRA ups rtg on Autocomp Corp Panse's cash credit to BBB ICRA cuts rtg on Kenersys India's long-term loan to BB+
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ICRA cuts rtg on Vasundhara Cotton Mills' term loans to BB CRISIL ups rtg on Kitty Industries' term loan to BBB-/Stable
CRISIL ups rtg on KLJ Resources' cash credit limit to A/Stable
CARE ups rtg on RS Software India's bank facilities to A Truwoods' long term fund based facilities get ICRA BB Satyam Balajee Rice Ind's term loan gets ICRA BB(Stable)
ICRA affirms BB on SRI RAM Spinning Mills' loan facilities
Sri Ganesh Automotive Impex's bank facilities get ICRA B+
SEW Engineering's cash credit gets ICRA BB+(Stable)
Sanghamithra Rural Financial'S bk facilities gets ICRA BB
ICRA affirms BB+ on NK Proteins' long-term fund based limits
ICRA affirms BB on of Nandi Vardhana Textile Mills' term loan
ICRA affirms BBB- on Nezone Strips' fund based limits
ICRA affirms BBB- on Nezone Tubes' reduced term loan
ICRA affirms A+ on Om Logistics' bank facilities
Phoeniix's term loan facilities get ICRA B ICRA affirms rtg on Phoolchand Bhagatsingh's fund based limits
ICRA affirms BBB-(Stable) on Pratham Motors' term loan
ICRA affirms BB+(stable) on Prince Industries' term loans
GHV (India)'s fund based limits get ICRA BBB-(stable)
ICRA affirms BB(Stable) on Gokak Textiles' term loans
High End Infratech's term loan gets ICRA B+
Hi-Rise Infrastructures' cash credit gets ICRA B
ICRA affirms A- on IFMR Capital Finance's bond programme
ICRA affirms rating on Kalapurna Steel's cash credit limits
ICRA affirms BBB on Kamineni Hospitals' fund-based limits
ICRA affirms BBB-(SO) on Manyata Promoters' term loans
Mungi Engineers' term loan facilities get ICRA BBB (Stable)
ICRA affirms BB on Agsons Agencies' fund based limits
Asian Logistics' proposed IPO gets ICRA Grade 2
ICRA affirms BB+ on Baheti Metal and Ferro Alloys' cash credit
Barclays Securities' short-term debt plan gets ICRA A1+
ICRA affirms BB on Bharath Builders' term loan
ICRA affirms BB+ on Bharath Auto Cars' fund based facilities
ICRA affirms B on BS Transcomm's fund-based facilities
ICRA affirms C on Dembla Valves' term loan
ICRA affirms A+(stable) on Dharampal Satyapal's term loans
Suvarna Fibrotech's cash credit gets CRISIL D
CRISIL affirms A+/Positive on Titagarh Wagons' cash credit
Trident Tools' cash credit gets CRISIL B+/Stable
Vidhi Minerals & Alloys' cash credit gets CRISIL BB-/Stable
CRISIL affirms BBB-/Stable on Western Thomson India term loan
DSR Steel's fund based limits get ICRA B+
ICRA affirms A+(SO) on Abhisar Buildwell's fund based limits
Adie Broswon Brewries' long-term fund based limits get ICRA B
Adie Broswon Distillers' fund based limits get ICRA B
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Nagarwala Enterprises' cash credit gets CRISIL B+/Stable

CRISIL affirms BBB-/Stable on PKPN Spinning Mills' cash credit
Pyramid Timber Associates' cash credit gets CRISIL B+/Stable
CRISIL affirms BB on Rohan Rajdeep Warora ROB Infra term loan
Sai Steel Industry's cash credit gets CRISIL B/Stable
Shriram Equipment Finance Co's NCD issue gets CRISIL AA/Stable
Sinic Electronics' cash credit gets CRISIL BB-/Stable
CRISIL B+/Stable on Southern Steels and Forgings' cash credit
CRISIL affirms AA-/Stable on Sunbeam Auto's cash credit
CRISIL affirms BBB-/Stable on JPP Mills' cash credit
KP Textiles (Coimbatore)'s term loan gets CRISIL BBB-/Stable
Kamaz Vectra Motors' cash credit gets CRISIL B+/Stable
Kaybee Industrial Alloys' cash credit gets CRISIL BBB+/Stable
CRISIL puts Kilitch Drugs' cash credit on negative rtg watch
Kupidisaatham Narayanaswami Educational's loan gets CRISIL B
CRISIL affirms BB/Stable on Milroc Development Co's term loan
CRISIL affirms BB on Milroc Good Earth's overdraft facility
CRISIL affirms AA+/Stable on Alfa Laval India's cash credit
Andhra Pradesh Power Finance's bonds get CRISIL A(SO)/Stable
CRISIL affirms BB/Stable on Antony Garages' term loan
Combine Diamonds' packing credit gets CRISIL A4
Esko Die Casting's cash credit gets CRISIL BB+/Stable
Indiabulls Liquid Fund gets CRISIL AAAmfs
CRISIL BB/Stable on Jai Gopal International Impex' cash credit
CRISIL affirms BBB/Stable on Jivraj Tea's term loan
Kabirdass Motor Co's IPO gets CARE Grade 1
CARE affirms BB+ on Koshambh Multitred's bank facilities
CARE affirms AA+ on Micro Inks' long-term bank facilities
Omaxe Infrastructure's long-term bank facilities get CARE BB
CARE affirms AAA on Oriental Bank's lower Tier II bonds
CARE affirms A- on Precision Wires' long-term bk facilities
Radhamohan Builders' long-term bank facilities get CARE C
Sarvesh Refractories' long-term bank facilities get CARE D
CARE affirms AA+ on Shree Cement's long term bank facilities
CARE affirms BBB on Spectrum Dyes & Chemicals' bank facilities
Indiabulls Housing Finance's NCD issue gets Brickwork AA+
CARE affirms A3+ on Aries Dye Chem Ind's bank facilities
Ayyappa Hydro Power's long-term bank facilities get CARE BBB Dasari Builders' long-term bank facilities get CARE BBB CARE affirms A+ on Dhunseri Petrochem long-term bk facilities
GVK Deoli Kota Expressway's bank facilities get CARE BBB
Harikrishna Cotgin's long-term bank facilities get CARE B+
CARE affirms BBB(SO) on JITF ESIPL CETP's bank facilities
ICRA cuts rating on M-Tech Innovations' long-term loans to D
ICRA cuts rating on Magma Mettcast's term loan to D
CARE cuts BBB on Dolphin Offshore Shipping' bank facilities
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ICRA cuts rating on Alliance Palms Developers' term loan

CARE cuts rtg on Dolphin Offshore Enterprises' bk facilities
ICRA cuts rtg on Bharat Cottage Industries' term loans to B+
ICRA ups rating on HES Infra's fund based limits to BB+
ICRA cuts rtg on Ram Fashion Exports' non-fund based limits
ICRA ups rating on APL Apollo Tubes' fund-based limits to A CRISIL ups rating on KLJ Polymers' cash credit to A/Stable
CRISIL ups rating on Snam Alloys' cash credit to BBB+/Stable
ICRA ups rtg on Quality Engineering's fund based facilities
ICRA cuts rtg on CMS Educational Trust's term loan facilities
ICRA cuts rtg on Lilliput Kidswear's fund based facilities
CRISIL ups rtg on KLJ Plasticizers' cash credit limit
CRISIL cuts rating on Verdant Life Sciences' term loan to D
CRISIL ups rating on Vijayasri Organics' cash credit
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GLOBAL ECONOMY
GLOBAL ECONOMY:
Berlusconi wins confidence vote.
Syria uprising: UN says protest death toll hits 3,000.
Bangkok readies as Thai floods close In.
Exodus of Indian students to S continues.
Thai PM reassures as Bangkok braces for floods.
Jet crashes during air show in China.
Hollande wins Socialist Party's nomination for French elections.
Iran warns US against 'inappropriate action'.
US presses inspectors on nuclear data to isolate Iran.
Wall Street protests sweep the globe.
US cuts back proposed size of its force in Iraq.
Mexico's president works to lock in drug war tactics.
Strikes hit Yemen as violence escalates in capital.
Syrian forces arrest protesters as Arab league meets to discuss violence.
Barrack Obama's jobs road shows seek to tap anti-Wall Street anger.
Kenya targets Somali insurgents.
Minister says Iran willing to look at Saudi plot evidence.
10 militants, 9 Pakistani soldiers dead in battle.
Uganda police tear gas protesters in capital.
Greece heads for standstill before austerity vote.
Gilad Shalit freed in Israeli-Palestinian prisoner Swap.
Tibet nun 'dies in fire protest'.
Berlusconi cleared of tax fraud charges.
Libyans push into Gaddafi's hometown from east.
Khmer Rouge trial to hear evidence next month.
Afghans, NATO launch 'new push against Haqqanis'.
China set for change of guard at the top in 2012.
Assets frozen over alleged Iran plot to assassinate Saudi envoy.
Greek Parliament to pass austerity measures bill.
France, Germany ready to agree for 2-trln-euro rescue fund.
Standard and Poor's downgrades 24 Italian banks and financial institutions.
Moody's Investors Service cuts Spain's sovereign credit rating for the third time since June 2010 to
A1 from Aa2 with a negative outlook.
Moody to review France's AAA credit rating.
France's Sarkozy and Germany's Merkel hold crisis talks.
Don't mess with N-power Pak, Army Chief Kayani warns US.
After Gilad Shalit prisoner swap, Hamas hopes for eased Gaza blockade.
China backs Pakistan bid for non-permanent UNSC seat.
Strikes shut down Greece ahead of austerity vote.
24 Turkish soldiers killed in attack.
Clinton makes surprise visit to Libya.
Pakistan warns US about any unilateral action in North Waziristan.
Turkish troops pursue Kurdish rebels into Iraq.
Pakistan will revive biometrics on Afghan border.
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13 killed in gas blast in coal mine in China.
First 200 French soldiers to leave Afghanistan.
Spain's credit rating cut two notches by Moody's.
Singapore sees 2011 economic growth at around 5%.
S&P downgrades Spain on weak growth outlook.
G20 ministers meeting to discuss eurozone debt crisis.
G20 tells eurozone to tackle debt crisis.
Germany backing Italy seen as key to Europe's bank crisis.
Carrefour sells its first bonds in a year amid crisis optimism.
Europe faces shocking $7 trln loan crunch.
France and Germany ready to agree 2 trln euro rescue fund.
Greece braces for shutdown as austerity vote nears.
UK inflation rate rises to 5.2%.
China's GDP up 9.1% in third quarter.
China cuts holdings of US debt after ratings downgrade.
US consumer prices rise 0.3% in Sep.
Japan government trims economic outlook

The Japanese government cut its view of the economy in Oct, saying in its monthly economic report
released that the pace of recovery from the Mar disaster is losing steam, as the global slowdown drags on
exports and production while the strong yen and energy constraints continue to cloud the outlook. "The
Japanese economy is still picking up, although the pace of recovery is decelerating, as difficulties due to the
Great East Japan Earthquake persist," the Cabinet Office said in the report. Tokyo lowered its assessment of
exports, industrial production and personal consumption, and said that the adverse effects of deflation still
threaten the economy.
US Industrial production edges up 0.2% in September
The nations industrial production rose 0.2% in Sep, capping a third-quarter rebound in activity for the
manufacturing sector, the Federal Reserve reported. Seps gain was led by business equipment production,
which rose 1% on the month and is up 10.3% from Sep 2010 levels, while the big drag came from utilities,
where production dropped 1.8%. Business equipment has been a strong point in an otherwise tepid
economy, helped by a need for companies to retool after the recession, prior dollar weakness as well as a
tax rules that are set to expire at the end of the year. For the third quarter as a whole, industrial production
rose at a 5.1% annual pace, far better than the 0.5% advance in the second quarter when the Japanese
earthquake affected domestic availability of key components. Motor vehicle and part production surged at an
annualized 21.4% rate in the third quarter after a 15.8% nosedive in the second quarter, helping to cap a
4.7% advancement for manufacturing as a whole. Motor vehicle assemblies in Sep hit a six-month high, the
Feds data showed. Nondurable production, however, rose a scant 1% in the third quarter after having eased
1% in the April-through-June period. Capacity utilization edged up to 77.4% in Sep from a downwardly
revised 77.3% in Aug. Separately, the Federal Reserve Bank of New York reported its Empire State
manufacturing index was in negative territory in Oct for a fifth month, though it showed slender
improvement from Sep.
Chile's central bank sees slowing growth in 2012
Chile's economic growth will slow down to its trend rate of around 5% in 2012 after surging around 6.5%
year-on-year in 2011, central bank governing council member Rodrigo Vergara said. The deceleration, he
said, is in part due to a worsening international economic outlook. The Central Bank of Chile sees
industrialized economies losing steam but it isn't predicting a recession next year, he said. According to the
bank's outlook, gross domestic product will grow 6.25% to 6.75% on the year in 2011 and between 4.25%
and 5.25% next year.
Chile's copper output for 2018 tipped to grow 48%
Chile's annual copper production will likely grow to 8 mn metric tons a year in 2018 from the 5.4 mn tons
the Andean nation currently produces, the head of the Sonami mining trade group said. Sonami says the
production increase will be the result of $70 bn being invested in Chile's mining sector in the 2011-2018
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period. Of the $70 bn, $31 bn will be invested in construction of new mines and expansion projects at
existing mines and another $27 bn will be invested in mining equipment during 2011 to 2018, Sonami
president Alberto Salas said in prepared remarks at a mining investment seminar. The expected investments
will be made by both privately held companies and the government as the latter owns Corporacion Nacional
del Cobre de Chile, or Codelco, which is the world's largest copper producer.
As a result of the planned investments, Chile will also increase its production of silver, gold, iron ore,
lithium, iodine and nitrates. The South American nation is the world's biggest producer of copper, iodine,
natural fertilizers, lithium and rhenium. It's also the world's third biggest producer of molybdenum, a metal
used to harden steel, and the fifth largest producer of silver.
Japan aims to launch key policy council this month
Japan's economy minister said the government hopes to hold this month an inaugural meeting of a new
national strategy council, which brings together key ministers, the Bank of Japan governor and the head of
the biggest business lobby to compile a badly needed growth strategy. Economy Minister Motohisa Furukawa
told a news conference that Prime Minister Yoshihiko Noda, who will chair the council, also named some
high-profile private sector figures as members, including former United Nations High Commissioner for
Refugees Sadako Ogata. The council is touted as a key body to tackle a range of policies from economic to
diplomatic issues, and looks similar to the once-powerful Council on Economic and Fiscal Policy used by past
governments to break vested interests.
U.S. wholesale prices surge in September
U.S. wholesale prices rose sharply in Sep as the cost of gasoline and vegetables spiked, the government
reported. The producer price index rose a seasonally adjusted 0.8% last month to mark the biggest increase
since Apr, the Labor Department said. Higher wholesale prices were driven by a 2.3% increase in energy
costs and a 0.6% rise in food costs. If those two categories are excluded, so-called core wholesale prices
rose a lesser 0.2%. The core index is usually viewed by investors and the Federal Reserve as a better gauge
of inflationary pressure because it excludes the volatile food and energy categories. Increases in wholesale
costs usually feed into the price of consumer goods and services, but rarely at the same rate. Many
companies will swallow extra costs, at least temporarily, to maintain market share or keep in step with rivals
in highly competitive markets. Yet consumer costs have also risen sharply over the past year. The consumer
price index is up 3.8% over the 12 months ended in Aug, outstripping the increase in worker wages over the
same span. The result: many families have had to make do with less. Thats contributed to a weaker U.S.
economy.
S&P downgrades Egypt a notch on political pressure
Standard & Poor's Ratings Services downgraded Egypt's speculative-grade debt rating a notch, citing the
continuing risk high government debt and political turmoil are posing to the country's economy. Weak
economic growth was among the main drivers behind Egypt's massive revolution in Jan after days of popular
protests toppled President Hosni Mubarak and shook the political landscape in the Middle East. Egypt's
Army-run interim government is now trying to lead the transition to a more participatory political system,
but sometimes-violent street protests remain the main conduit for people to express their demands for the
time being, S&P said. S&P now rates Egypt at double-B minus, three steps below investment-grade. The
firm also lowered its long-term local currency rating two notches, also to double-B minus. Its outlook is
negative. "Risks to macroeconomic stability have risen during the transition period for Egyptian political
reform, which we expect to evolve over the next two years," analyst Trevor Cullinan said. The ratings
service cited legitimate and pressing public expectations for improved living standards that will likely prompt
the government to continue to spend, adding to budget deficits and inflation risks. S&P said it expects civil
discontent will ease after the Mideast heavyweight conducts parliamentary elections, elects a so-called
Shura Council, ratifies a constitution and elects a president, a process that could last until early 2013.
Austrian FM favors Allianz-type model for EFSF
A few days before euro-zone members meet to try to finalize the currency bloc's bailout fund, Austria's
Finance Minister Maria Fekter said that she supports a proposal by German insurance giant Allianz SE
(ALV.XE) to turn the European Financial Stability Fund into a bond insurance program. "This insurance
model for example would create increased volumes," said Fekter, in an embargoed speech, adding that it is
important that such models be intensely discussed at a technical level and that solutions independent from
tax payers' funds be found. Increasing the EFSF's lending capacity beyond EUR440 bn using funds provided
by national governments seem unlikely, said Fekter. "I can't imagine increases to the EFSF beyond that. I
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can't at all imagine that parliaments will ratify in the dimensions that are sometimes mentioned in the
media," said Fekter.
EU raids banks in suspected interest-rate cartel
The European Commission confirmed that its antitrust inspectors raided financial institutions involved in the
market for interest-rate derivatives linked to the Euro Interbank Offered Rate, or Euribor. The inspections
took place in "certain member states," the commission said, without providing more details. The Wall Street
Journal reported that among the targets were a large French bank and a large German bank. More than 40
banks set Euribor, a benchmark that is used to set rates on trns of euros worth of derivatives and loans.
Greece on strike again as more austerity looms
Normal life in Greece was once again disrupted, as tens of thousands joined a 48-hour general strike to
protest the latest round of austerity measures as the nation teeters on the brink of default. The strike,
organized by Greeces two big unions representing both public- and private-sector workers, is the latest in a
multitude of demonstrations to hit the debt-laden country in recent months. The protests underscore the
level of public frustration with the cost-cutting measures the government has taken in an attempt to reduce
Greeces deficit and keep receiving financial aid from international lenders, as the local economy remains
mired in a severe recession. Government offices, along with businesses and shops, were closed Oct 19,
while public-transportation services werent working, according to media reports. Air-traffic controllers also
walked off the job for 12 hours, grounding flights. The BBC, citing police, reported that more than 70,000
people took part in demonstrations in central Athens. Against this backdrop, the Greek parliament is
expected on Oct 20 to vote on a package of austerity measures demanded by the International Monetary
Fund and the European Union in exchange for releasing an 8 bn euro ($11 bn) aid tranche. Greece
desperately needs the aid if it is to avoid a near-term default on its debt obligations.
U.S. housing starts jump 15%, hit 17-month high
Housing starts surged 15% in Sep to the highest level in 17 months, according to government data
released, as increased demand for rental stock as well as rebuilding after Hurricane Irene contributed to the
upturn. The Commerce Department said starts rose to a seasonally adjusted annual rate of 658,000, which
also is 10.2% above the Sep 2010 reading and the best level since Apr 2010 the month the homebuyer
tax credit expired. The rise was led by a 53% surge in starts of buildings with five or more units to 227,000,
the best reading in three years; single-family starts rose a more modest 1.7% to 425,000, which is only a
two-month high. Rental demand is booming, as buyers struggle to get the credit needed to purchase homes
even with mortgage rates near record lows and as some show a reluctance to re-enter the housing market
over fears of declining prices.
U.S. consumer prices up 0.3% in September
Consumer prices rose again in Sep as Americans paid more for gasoline and a wide variety of groceries, the
government reported. The Labor Department said the consumer price index rose a seasonally adjusted 0.3%
last month, pushing the increase over the past 12 months up to 3.9% from 3.8% in Aug. The spike in
consumer prices over the past year means millions of Americans who receive Social Security and other
federal benefits will get a 3.6% increase in 2012, based on how the government calculates payments. It will
be the first increase in three years. Increases in benefits are tied to changes in the so-called CPI-W gauge
during the U.S. governments fiscal year, which runs from Oct to Sep. The core rate of inflation, meanwhile,
rose a smaller 0.1% in Sep, keeping its 12-month increase at 2.0%. It was the smallest increase since Mar.
Spains credit rating cut two notches by Moodys
MOODYS Investors Service cut Spains credit rating by two notches yesterday as Europes debt crisis
threatens to engulf the nation. The credit rating agency reduced its ranking to its fifth-highest investment
grade, cutting it by two levels to A1 from AA2, with the outlook remaining negative. Standard & Poors
downgraded Spain to its fourth-highest investment grade, and Fitch Ratings cut it to the same level on Oct
7, the day it also downgraded Italy. Moodys is maintaining a negative outlook on Spains rating to reflect
the downside risks from a potential further escalation of the euro-area crisis, the agency said. The company
cited the continued vulnerability of Spain to market stress that is driving up the cost of borrowing, as well
as weaker growth prospects. Spanish bonds fell on financial markets. Spanish and Italian bonds are being
pummelled as European leaders fail to convince investors they can contain the debt crisis and shore up
banks to withstand the risk of a Greek default. The Spanish Treasury said the decision was not justified by
the nations economic data and was due to market tension over the euro crisis. European finance ministers
and leaders are due to hold meetings on the sovereign debt crisis in Brussels.
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GLOBAL BUSINESS
GLOBAL MARKET:
Google Jul-Sep net up 26% on year, revenue grows 37% (ET)
Suzuki sends legal notice to German VW (ET)
Occupy Wall Street: Protesters to block 'eviction' move (var)
Sony Ericsson to go smartphone-only from 2012 (var)
'Father' of C programming language and Unix dies (var)
EU official Rehn says close to reaching deal on bk recapitalization (BB)
RBS cancels Christmas to reduce costs (BB)
Goldman Sachs says 50 of 91 Europe banks may fail stress tests (Reuters, Sat)
EU pins hopes on yet another 'complete' plan (FE)
Larger Greek debt write-off must to stave off crisis: German minister (FE)
Wal-Mart China's chief steps down (BBC)
Struggling Dutch electronics group Philips is to cut 4,500 jobs (BBC)
Citigroup third quarter earnings jump 74% to $3.8 bn (var)
BP in $4 bn Gulf spill settlement (BBC)
RIM to compensate users for 3-day service breakdown with $100 in apps (FT)
G4S buys rival ISS in 5.2 bn pound sterling deal (FT)
Apple's profit gains 54%, but iPhone sales fails expectations (NYT)
Goldman reports $428 mn quarterly loss (FT)
HTC loses Apple patent case in US (BBC)
Coca-Cola reports $2.2 bn profit and 45% revenue jump (BBC)
Japanese group acknowledges $687 mn paid to Gyrus adviser (FT)
Morgan Stanley swings to $2.2 bn profit (FT)
Apple full-year profits rise 85% (BBC)
Intel quarterly profits up by 17% (BBC)
Russia, seven other former Soviet republics sign free-trade agreement (BBC)
SABMiller buys 24% stake in Efes (BBC)
Bank of England's MPC united over quantitative easing (BBC)
Ferrostaal likely to invest in Cameroon plant

Germany's Ferrostaal AG is expected to spend up to XAF500 bn ($1.06 bn) when it completes the
construction of a new fertilizer plant in Cameroon, a local official involved in the project told.
Vale board approves $3 bn shareholder payout
Brazilian mining giant Vale SA (VALE, VALE5.BR) said that its board had approved dividend and interest on
capital payments of $3.0 bn.
Evergreen Group signs loan deal worth $824 mn
Evergreen Group said in a statement that it signed a syndicated loan deal with a consortium of nine banks
led by the Bank of Taiwan worth $824 mn. In the statement Evergreen Group, which owns Evergreen Marine
Corp. Taiwans largest container shipping company, said the loan would be used to make adjustments to its
fleet of ships.
Kinder Morgan buying El Paso in $38 bn deal
Kinder Morgan Inc. said it will create the largest natural-gas pipeline system in the U.S. by buying El Paso
Corp. in a $38 bn cash, stock and warrant deal that includes $17 bn in debt.
Cheung Kong Infrastructure closes Northumbrian buy
A consortium led by Hong Kong bnaire Li Ka-shing's Cheung Kong Infrastructure Holdings said it has
completed its GBP 2.41 bn(US$3.93 bn) deal to take over Northumbrian Water Group PLC, one of the U.K.'s
largest water-services companies.
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Roche to buy Anadys to boost hepatitis therapies

Roche Holding AG said it has agreed to acquire U.S.-based Anadys Pharmaceuticals Inc. for $230 mn in cash
in a move aimed at boosting the Swiss company's hepatitis franchise and broadening its business outside its
main cancer medicine operations.
G4S acquires Denmark's ISS for 5.2B pounds
G4S PLC, one of the world's largest security services contractors, said it has acquired rival Danish
outsourcing provider ISS A/S for approximately GBP5.2 bn ($8.2 bn) in cash, equity and debt, creating a
security and facilities services giant with combined sales of GBP16 bn.
KBC to sell Fidea to J.C. Flowers for 243.6M
Private-equity firm J.C. Flowers & Co. has agreed to buy Fidea, KBC Group NV's Belgian insurance business,
for EUR243.6 mn, KBC said. The transaction is expected to be completed in the first half of 2012, KBC said.
KBC has the potential to earn more from the transaction depending on Fidea's performance, the bank said.
Statoil buys U.S. company in $4.4 bn deal
Statoil announced the acquisition of Texas-based oil firm Brigham Exploration Co. in a deal that will
strengthen the Norwegian oil and gas major's position in the U.S. oil and gas industry and bring a stronger
foothold in unconventional resources. The Norwegian company will buy Brigham for $36.50 a share in an allcash tender offer, a 36% premium over the average trading price for the last 30 days. The total equity value
of the deal is approximately $4.4 bn, with an enterprise value of about $4.7 bn.
Fitch cuts AMC Entertainment outlook to negative
Fitch Ratings downgraded its ratings outlook on AMC Entertainment Inc. and its parent company AMC
Entertainment Holdings Inc. to negative from stable, citing weakened credit metrics.
Mexico's America Movil to buy content provider DLA
Mexican telecommunications company America Movil said it has signed a contract to buy Latin American
digital entertainment content provider DLA from Claxson Interactive Group Inc., in a deal expected to close
before the end of the year.
Moody's ups Dish on wireless outlook, settlement
Moody's Investors Service upgraded Dish Network Corp. one notch closer to investment grade, saying the
company's broadband wireless outlook is encouraging. The outlook is stable.
Telstra to consider share buyback after NBN deal
Telstra Corp. will consider a share buyback after approval and implementation of the proposed 11 bn
Australian dollar (US$11.2 bn) national broadband network deal, Chairwoman Catherine Livingstone will say.
New World Development plans $1.6-bn rights issue
New World Development Co. said it proposes to raise up to HK$12.34 bn (US$1.59 bn) from a rights issue in
Hong Kong, in a move aimed at strengthening its capital base and raising long-term equity funding for its
general working capital amid volatile market conditions.
Boeing: China Eastern swapped 787s order for 737s
Boeing Co. said that China Eastern Airlines Corp.'s decision to cancel an order for 24 of the U.S. company's
787 Dreamliner jets and instead buy 45 smaller 737 aircraft is just a reallocation, while the jet maker also
declined to comment on the financial impact of the shift.
HTC to acquire apps designer Inquisitive Minds
HTC Corp. said it agreed to acquire Inquisitive Minds Inc., which designs apps and interfaces for personal
computers, smartphones and tablets for children under the Zoodles brand, for US$13 mn as the Taiwanese
handset maker looks to expand its content provision and its reach in the U.S. market, where it is already the
largest producer of Android smartphones.
Oracle to buy privately held Endeca Technologies
Oracle Corp. agreed to buy software firm Endeca Technologies Inc., allowing the business-software giant to
boost its existing data management products.
Abu Dhabi's Aabar boosts Virgin Galactic stake
Abu Dhabi investment company Aabar Investments has boosted its stake in Virgin Galactic, Virgin Group's
commercial spaceline, to 37.8% from 31.8%, according to the prospectus for a planned bond sale by
Aabar's parent company.
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Home Retail Group's profit slumps 70%

Home Retail Group PLC's first half profit slumped an expected 70% amid the U.K. economic downturn, as
the group announced a joint venture to launch its general merchandise chain Argos in China.
BSkyB adds 77,000 new customers, net down slightly
British Sky Broadcasting Group PLC said that it added 77,000 new customers in the first quarter,
underpinned by demand for its broadband, phone and high definition television services, but cautioned that
the environment is likely to remain challenging as a result of the pressure facing consumers.
Brewer SABMiller agrees alliance with Anadolu Efes
Global brewing giant SABMiller PLC, maker of Grolsch, Peroni Nastro Azzuro and Miller Lite, posted a rise in
sales on higher volumes, driven by robust demand in emerging markets, and agreed a strategic alliance with
peer Anadolu Efes across the Central Asia region. SABMiller said it has agreed a strategic alliance with
Anadolu Efes across Turkey, Russia, Central Asia and the Middle East, under which it will transfer its Russian
and Ukrainian beer businesses to Anadolu Efes. Anadolu Efes will also transfer a 24% equity stake to
SABMiller by way of a capital increase, the group said.
Olympus defends advisor fees paid on Gyrus deal
Olympus Corp. said it paid a total of $687 mn to a firm at that provided financial advice in its 2008
acquisition of the U.K.'s Gyrus Group, and defended the portion of this amount paid for advisory services as
"appropriate."
Samsung, Google unveil Galaxy Nexus smartphone
Samsung Electronics Co. and Google Inc. jointly unveiled a new smartphone they developed together
running on a new version of the Android operating system as the South Korean company pushes out new
models in its attempt to gain more ground in the highly competitive and litigious smartphone market.
EU OKs Seagate to buy Samsung's hard drive unit
The European Commission cleared Wednesday Seagate Technology Inc. to buy Samsung Electronics Co.
Ltd.'s hard disk drive business, after an in-depth investigation of the combination.
Alcatel-Lucent gets $1.5B offer for Genesys
Telecom equipment maker Alcatel Lucent said it received a $1.5 bn binding offer for its Genesys unit from
private-equity firm Permira.
Dow Jones to launch online German version of WSJ
Dow Jones & Company Wednesday said it would launch a German language online version of The Wall Street
Journal in early January in an effort to build its presence in Europe's largest economy.
DiamondRock loss narrows; agrees to sell 3 hotels
DiamondRock Hospitality Co.'s showed a loss in the fiscal third quarter that narrowed from a year earlier as
the real-estate investment trust again benefited from improving occupancies and average daily rates.
Thai floods hit technology, auto outlook
The outlook for a string of global technology firms and auto makers remains clouded, after being forced to
halt production at plants in Thailand following the nations worst flooding in half a century.
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Oct 21, 2011

Global Economic and Corporate News

Citi to pay $285 mn over SEC charges

Nishita Shah Parsekar

Bridging the Information Gap in Corporate Landscape

1. Indias Data Watch

B. Pharma & Healthcare

D. Banking & Financial Services

E. Steel, Metals & Minels

F. Auto & Auto Ancillaries

7. Mergers & Accquisition

8. Global Economy & Business

Bridging the Information Gap in Corporate Landscape

INDIAS DATA WATCH

Total production for sale

India Apr-Sep gem, jewellery exports Rs.1.02 trn, up 16%

Bridging the Information Gap in Corporate Landscape

Egg, Meat & Fish

Bridging the Information Gap in Corporate Landscape

Liquefied petroleum gas

High speed diesel

FUEL & POWER

India adds 6.52 mn GSM mobile users in Sep vs 5.33 mn Aug

Bridging the Information Gap in Corporate Landscape

INDIA DATA CALENDAR

Crude, refinery output for Sep, from petroleum ministry

Core sector growth for September, by commerce ministry

Government finances for Sep, Apr-Sep, by CGA

Manufacturing PMI for October, by HSBC

Trade data for September, by commerce and industry ministry

Services PMI and composite PMI for October, by HSBC

Automobile sales data for October, by SIAM

Major port traffic in October, by Indian Ports Association

Index of Industrial Production for September, by CSO

Cement production, despatches in October, by CMA

Foreign tourist arrivals in Oct, by tourism ministry

Power generation for October, by Central Electricity Authority

WPI inflation for Sep, by commerce and industry ministry

Power generation for October, by Central Electricity Authority

GSM mobile subscribers data for Aug, by COAI

GDP growth estimate for Jul-Sep, and Apr-Sep, by CSO

Balance of payments for Jul-Sep, by RBI

Bridging the Information Gap in Corporate Landscape

India offers $500 mn in aid to Myanmar.

SC notice over threat to Taj Mahal.

Searches at houses of Deve Gowda's eldest son.

Delhi put on high alert.

India's longest rail tunnel ready in J&K.

Enforcement Directorate seeks details of funds from Formula 1.

Maya unveils Rs.6.85 bn park in Noida, Cong calls it a 'waste'.

Doctor Chakrabarty prescribes RBI action Crocin for inflation fever.

India Sep WPI inflation rate 9.72% vs 9.78% Aug.

Nandan Nilekani to head special purpose vehicle on GST.

Rangarajan says worried about econ growth in next fiscal.

Centre may match NREGA payouts with minimum wages in states.

Kohinoor Foods to reduce debt with stake sale in arm.

Lack of export offtake drags onion prices.

Law Minister Khurshid says no proposal to review RTI Act.

Election Commission Right to recall will destabilize country.

Anna for working with Cong if Govt creates strong Lokpal.

Huge quantity of explosives recovered in Madhya Pradesh .

Rajasthan Chief Minister Gehlot to sack ministers in Bhanwari Devi case.

Anna Hazare begins 'maun vrat' at Ralegan Siddhi.