India Business Insight articles from November 2011

India Business Insight archives from November 2011

SPOT POWER RATES ZOOM AS COAL STATIONS FACE DWINDLING STOCKS (nearly 32 thermal stations have coal stocks of less than four days).
November 30, 2011... Spot rates of electricity in India have gone up to Rs5 a unit in southern region and Rs4 in the rest of the country due to declining coal stocks. Peak electricity rates have gone up to Rs9 in the South and Rs6 in the rest of the country on the...

UNINOR PLAN FOR Rs8,500-CRORE RIGHTS ISSUE HITS SNAG (shareholding of Telenor is likely to go up to 74 percent).
November 30, 2011... Uninor is facing opposition from the Department of Telecom for its proposal to raise Rs8,500 crore through a rights issue. The Revenue Department has also opposed the proposal on the grounds of treaty shopping. The rights issue is likely to...

AREVA AWAITS GOVERNMENT NOD ON LIABILITY RULES TO INK JAITAPUR DEAL (the company has offered to supply two 1,750-MW reactors in the first phase).
November 30, 2011... Areva of France is waiting for the approval of the Government of India on liability rules to sign the agreement on the nuclear power plant of 10,000 megawatt (MW) at Jaitapur. The company has offered to supply two 1,750-MW reactors in the...

LIPITOR PATENT EXPIRES; IS RANBAXY READY WITH ITS GENERIC' (Ranbaxy has a six-month exclusivity on the drug).
November 30, 2011... Ranbaxy Laboratories Ltd does not seem to be ready to launch the generic version of Lipitor of Pfizer. The patent of Lipitor expires on 30 Nov 2011. Ranbaxy has a six-month exclusivity on the drug. The company had fought a long legal battle...

ASHOK PIRAMAL GROUP, IDFC, SNC-LAVALIN PARTNER FOR ROAD PROJECTS (the partners intend to invest up to $300 million in the next five years).
November 30, 2011... Ashok Piramal Group (APG) has entered into a joint venture with India Infrastructure Fund (IIF) of IDFC and SNC-Lavalin of Canada to develop road projects in India. The joint venture, Piramal Roads Infra Pvt Ltd, will take up road and highway...

CHANGE IN DEPRECIATION ACCOUNTING HELPS MRF REPORT HIGHER PROFIT (the company has announced a net profit of Rs619.42 crore for 2010-2011).(Financial report)
November 30, 2011... MRF Ltd has announced higher net profit for 2010-2011 due to change in the accounting for depreciation. The company has announced a net profit of Rs619.42 crore for the year (Rs353.98 crore for 2009-2010). Its turnover has gone up by 32...

AFGHAN ORE PROJECT COST PEGGED AT $2 BILLION (a consortium of SAIL and Indian companies has bagged three blocks).
November 30, 2011... A consortium of Steel Authority of India Ltd (SAIL) and other Indian companies are expected to invest $2 billion in the Hajigak iron ore project in Afghanistan. The consortium has bagged three iron ore blocks of Hajigak deposits. The project is...

IVRCL LOOKS TO MONETISE ASSETS TO TRIM DEBT (the company has a total debt of Rs2,400 crore).
November 30, 2011... IVRCL Ltd is planning to sell its stake in road and water treatment projects to bring down its debt. The company has a total debt of Rs2,400 crore. IVRCL is operating three toll ways and a water treatment project in Chennai. The company...

BEARING MAKER NEI GEARS UP FOR OVERSEAS BUYS (the company intends to invest Rs500 crore in the next five years).
November 30, 2011... National Engineering Industries (NEI) is planning to acquire bearing manufacturing companies in Europe and the US. The company sells bearing under the NBC brand to automobile sector in India. NEI intends to invest Rs500 in a phased manner...

EATON CONSOLIDATES AUTO, TRUCKS BUSINESS (the company has appointed Krishnakumar Srinivasan as the Managing Director).
November 30, 2011... Eaton Corporation has consolidated its automotive and truck business in India. The company has appointed Krishnakumar Srinivasan as the Managing Director for the consolidated business. The company intends to take advantage of the synergies...

AIR INDIA TO GO IN FOR SALE-AND-LEASE BACK OF BOEING 787 DREAMLINERS (the airline will not serve full meals on flights that are less than 90 minutes).
November 30, 2011... Air India has decided to sell and lease-back Boeing 787 Dreamliner aircraft to bring down its debt. The airline had ordered 27 Boeing 787 aircraft and is yet to receive the aircraft. Air India is also planning to lease out excess capacity of...

CRUDE OIL IMPORTS NOT HIT BY LIBYA TURMOIL, SAYS JAIPAL (Indian refiners imported 96.808 mt of crude oil in Apr-Oct 2011).
November 30, 2011... The Minister for Petroleum and Natural Gas, Jaipal Reddy, is of the view that the turmoil in Libya has not affected crude oil imports into India. Indian refiners imported 96.808 million tonnes (mt) of crude oil in Apr-Oct 2011. The country...

DUMPING DUTY LEVIED ON HOT-ROLLED FLAT PRODUCTS FROM EU, US, SOUTH AFRICA, TAIWAN (Jindal Steel had filed a petition against the imports of the products).
November 30, 2011... The Government of India has imposed definitive dumping duty on imports of hot-rolled flat stainless steel products from the European Union (EU), the US, South Africa and Taiwan. Jindal Steel Ltd had filed a petition against the imports of the...

ROSSELL WANTS A SLICE OF FAST FOOD, HOTELS (the company intends to open two outlets in Delhi).
November 30, 2011... Rossell India Ltd has set up a hospitality division to set up Indian fast-food chain. The company intends to open two outlets in Delhi in the next two months. Rossell India has three divisions, Rossell Tea, Rossell Techsys and Rossell...

TAB TOP EXPANDS REACH; TO LAUNCH NEW RANGE IN JANUARY (Milagrow has set aside Rs15 crore for advertising).
November 30, 2011... Milagrow Business Solutions is planning to launch a new range of Tab Top tablet computers in Jan 2012. The company had launched the eight- inch tablets in Oct 2011 in the price range of Rs25,000 to Rs30,000. Milagrow intends to price the new...

ADANI SEES FORTUNE IN TV AD (the company has developed the ad with Ogilvy and Mather).
November 30, 2011... Adani Wilmar Ltd has launched a new television advertisement for its Fortune brand of edible oil. The company has developed the ad with Ogilvy and Mather. The ad has the background music of SD Burman from the 1960s to convey the sentiment.

RUPEE WEAKENS SEVEN PAISE TO 52.02 (against the US currency on 29 Nov 2011).
November 30, 2011... The rupee depreciated by seven paise against the US currency on 29 Nov 2011 to end at 52.02/03 owing to weak domestic equities and demand for dollars from importers. The Reserve Bank of India has fixed the reference rate for the US dollar at...

BONDS FIRM UP (on 29 Nov 2011 owing to buying pressure from banks and corporate entities).
November 30, 2011... Government securities remained firm on 29 Nov 2011 owing to buying pressure from banks and corporate entities. The 9.15 percent 2024 bond closed at Rs101.55 on 29 Nov 2011 as compared to Rs101.3550 on 28 Nov 2011 while its yield dropped to...

CALL FALLS FURTHER (on 29 Nov 2011 owing to excess liquidity in the banking system).
November 30, 2011... The inter-bank call rate declined on the overnight call money market on 29 Nov 2011 owing to excess liquidity in the banking system. The overnight rate closed at 8.5 percent on 29 Nov 2011 from the previous close of 8.65 percent on 28 Nov 2011.

HOME LOANS GROW DESPITE RISING INTEREST RATES, PROPERTY PRICES (and the growth is attributed to availability of affordable houses on the outskirts of metros and in tier II and III cities).
November 30, 2011... The National Housing Bank and the Reserve Bank of India have released data, which has revealed that demand for housing loans has remained firm despite high property prices and rising interest rates. Home loan disbursements of 54 housing finance...

IRDA ASKS LIC TO HASTEN CLAIMS SETTLEMENT (and IRDA also asks LIC to develop effective systems to ensure prompt settlement of claims).
November 30, 2011... The Insurance Regulatory & Development Authority (IRDA) has directed the Life Insurance Corporation of India (LIC) to complete investigations of claims within the stipulated time. IRDA has also asked LIC to develop effective systems to...

BANKS CAN OPEN BRANCHES IN TIER II CENTRES WITHOUT PRIOR RBI APPROVAL (as per a notification from RBI on 29 Nov 2011).
November 30, 2011... Commercial banks do not require prior approval of the Reserve Bank of India (RBI) to open branches in tier II cities, as per a notification from RBI on 29 Nov 2011. Further, RBI has said that a bank, which opens a branch in a tier II centre,...

SARASWAT CO-OPERATIVE UPS SAVINGS BANK RATE TO SIX PERCENT (to six per cent from four the existing percent).
November 30, 2011... Saraswat Co-operative Bank has raised interest rate on savings bank deposits to six per cent from existing four percent. The revised rate will come into effect on 1 Dec 2011. The bank will credit interest every quarter and the effective...

PC MONITOR SALES RISE 17% IN JUL-SEP (2011 as compared to Apr-Jun 2011).(Financial report)
November 30, 2011... CyberMedia Research has revealed that sales of PC monitors grew by 17 percent in Jul-Sep 2011 as compared to Apr-Jun 2011. The highest contributor to PC monitor sales was south India at 39 percent followed by west, north and east India. Sales...

NETAPP TO OFFER LOW-PRICED SOLUTIONS FOR MID-SIZED BUSINESS (by offering data storage and management services at a lowered price of Rs4.5 lakh).
November 30, 2011... Net App, the data storage and management company of Silicon Valley, California, has decided to launch low-priced solutions for mid-sized businesses (MSB) in India. The product, which will be designed specifically for MSBs, will be equipped with...

HIGH TAXES, REMOVAL OF SOPS TURN IT COMPANIES AWAY FROM PUNE (and the earlier single-window system of clearance has been discontinued).
November 30, 2011... The Pune Municipal Corporation has said that it has not received proposals for establishing a software technology park since Apr 2008. This is attributed to withdrawal of sops, high property taxes and octroi. Further, the earlier single-window...

PE FUNDS FINDING EXIT DIFFICULT AS IPOs DRY UP (owing to market volatility).
November 30, 2011... Private equity (PE) firms are finding it difficult to exit companies in which they had invested, as initial public offerings (IPOs) are being cancelled owing to market volatility. SMC Global Securities has reported that 25 IPOs which planned...

GOVERNMENT TO SET UP Rs740 CRORE ELECTRIC VEHICLE R&D FUND IN 12th PLAN (which will be utilised for developing new technology in EVs and hybrids).
November 30, 2011... The Government of India plans to create a fund with a corpus of Rs740 crore for research and development (R&D) in electric vehicles and hybrids in the XII Five Year Plan. The fund will be utilised for developing new technology in EVs and...

MARYLAND COULD BE GATEWAY TO US FOR INDIAN BUSINESS: GOVERNOR (of the state says).
November 30, 2011... The Governor of Maryland state in the US has said that Maryland could serve as a gateway for Indian businessmen to take advantage of opportunities in other states in the US and Canada. Maryland houses 16 of the top 25 aerospace companies and...

LEAD BANK TO IMPLEMENT ELECTRONIC WAGES AND BENEFIT TRANSFER (as per the decision of SLBC, Karnataka).
November 30, 2011... The State Level Bankers Committee (SLBC), Karnataka has decided to empower the lead bank to decide on effective implementation of the Electronic Wages and Benefit Transfer scheme. In Karnataka, the 'one district one bank' model is already in...

GAUTIER TO SET UP 20 MORE STORES IN TWO YEARS (after opening its fifth store in India at Hyderabad).
November 30, 2011... Gautier France SAS, the luxury furniture manufacturer of France, has opened its fifth store in India at Hyderabad. It plans to open three more stores at Faridabad and Chennai by Mar 2012. The company is targeting 20 stores over the next...

MANIPAL UNIVERSITY TO HOLD CET FOR B.TECH COURSES (for the academic year 2012-2013).
November 30, 2011... Manipal University has decided to conduct a common entrance test (CET) and counselling for admissions to B.Tech courses for the academic year 2012-2013. The CET will facilitate admission to Manipal Institute of Technology, Manipal, Sikkim...

INDIA INC SITTING ON CASH MOUNTAIN (of Rs4,56,700 crore as of 30 Sep 2011).
November 30, 2011... Data released by Business Standard Research Bureau reveals that corporate companies of India, excluding trading and financial services companies, had surplus cash reserves of Rs4,56,700 crore as of 30 Sep 2011, a year-on-year jump of 21 percent....

SEBI REVISES AUDIT RULES FOR EXCHANGES (while laying down the selection process for auditors).
November 30, 2011... The Securities and Exchange Board of India (SEBI) has revised the rules for audit of information technology systems of bourses and depositories and also laid down the selection process for auditors. The audit report should take previous audit...

JSW STEEL STARES AT WARRANT CONVERSION, BOND MATURITY (on top of losses suffered on account of acquisition of Ispat Industries).
November 30, 2011... JSW Steel, which has already suffered losses following acquisition of Ispat Industries, is facing two major matters of concern in the near future. The first is meeting the deadline of 15 Dec 2011 for the promoters of the company to infuse...

FIRSTSOURCE REPURCHASES BONDS (worth Rs99.7 crore due for maturity in Dec 2012).
November 30, 2011... Firstsource Solutions Limited (FSSL) of Mumbai has repurchased zero coupon convertible bonds worth Rs99.7 crore or $19.1 million due for maturity in Dec 2012. The buyback will lower the company's outstanding foreign currency convertible bonds to...

HARESH CHAWLA: 'IT'S BEEN A ROLLER COASTER RIDE, NEED TO BE AWAY FROM MY BLACKBERRY' (after transforming the Rs15-crore, 120-employee company in to a Rs1,484-crore, 6,000-people company).
November 30, 2011... Haresh Chawla, the 43-year-old chief operating officer of the Network18 Group, has resigned and will stay on till a successor takes over. Chawla, while stating that he enjoyed his association with the company also wants to take a break for now....

MOUNTING LOSSES PROMPT AIR INDIA TO LEASE PLANES (in order to tide over the current financial crisis).
November 30, 2011... The board of directors of Air India has decided to lease out two Boeing 747-400s and five Boeing-777s to tide over the current financial crisis. The company expects to garner Rs300 crore or $60 million annually by leasing the aircraft. Air...

AIR INDIA CANCELS FOUR FLIGHTS TO LONDON (owing to a nationwide general strike by several unions in the UK).
November 30, 2011... Air India cancelled four flights to London on 29 Nov 2011 owing to a nationwide general strike by several unions in the UK. The flights cancelled by Air India are London-Delhi (AI-112), Delhi-London (AI-111), London-Delhi (AI-116) and...

BPL FAILS TO SALVAGE PART OF LAND BANK PLEDGED TO DEUTSCHE BANK (after talks to raise money from private equity major New Silk Route failed).
November 30, 2011... BPL Limited of Bangalore has failed to recover a part of its 350-acre land bank pledged with Deutsche Bank after talks to raise money from private equity major New Silk Route failed. BPL, a former manufacturer of electronics equipments and now a...

SEBI NOD FOR EVERONN'S OPEN OFFER TO VARKEY (for an additional 20 percent stake in Everonn for Rs237 crore).
November 30, 2011... Everonn Education of Chennai has obtained approval from the Securities and Exchange Board of India for its open offer to the Varkey Group of Dubai. The Varkey Group is planning to acquire an additional 20 percent stake in Everonn for Rs237...

LOAN GROWTH MAY FALL TO 7-YEAR LOW IN FY13 (owing to slow economic activity and delays in project execution).
November 30, 2011... Credit growth of banks is expected to fall to a seven-year low of less than 16 percent in 2012-2013 owing to slow economic activity, delays in project execution and rising interest rates. The credit growth of banks has remained above 16...

SWISS RE: 'IT IS IMPORTANT TO ALLOW UP TO 49% FOREIGN OWNERSHIP' (in insurance companies and no consumer has suffered by the opening of the markets to global players).
November 30, 2011... Swiss Re, the second-largest re-insurer in the world, has stated that it is important to allow up to 49 percent foreign ownership in insurance companies in India and that no consumer has suffered by opening up of the markets to global players....

JSPL - IMPROVING QUALITY OF LIFE (of people living in and around the operational areas of the company).
November 30, 2011... Jindal Steel and Power Limited (JSPL) is one of the leading manufacturers of steel in India with a three-million tonnes per annum steel plant at Raigarh in Chhatisgarh. JSPL has a corporate social responsibility (CSR) policy that aims at...

LIC PARES EQUITY INVESTMENT TARGET (brings down the investment target for 2011-2012 to Rs40,000 crore from the original Rs60,000 crore).
November 30, 2011... Life Insurance Corporation (LIC) has cut its equity investment target by a third in 2011-2012. There has been a decline in sale of insurance policies due to an increasingly hazy economic environment. LIC had planned an investment of Rs60,000...

BIG TAKERS FOR TECHNOLOGY PRODUCTS BY START-UPS (companies like Bharti Airtel, SAIL and SBI seek specialised services and solutions from start-ups).
November 30, 2011... Large Indian companies are buying technology products tailor- made by start-ups. A clutch of start-ups recently won the trust of blue-chip clients like Bharti Airtel, Steel Authority of India Ltd (SAIL) and State Bank of India (SBI) by providing...

FRENCH SELLERS OF SHANTHA PIE MUST PAY TAXES HERE (AAR rules that Merieux Alliance has to pay capital gains tax to the Government of India on sale of its stake in Shantha Biotech to Sanofi).
November 30, 2011... French company Merieux Alliance held a majority stake in Shantha Biotech through a subsidiary called ShanH, incorporated outside India. The Authority for Advance Ruling (AAR) has ruled that Merieux Alliance, which sold its controlling...

VOLKSWAGEN TO LAUNCH PORSCHE SPORTS CARS (plans to import the Porsche models 911, Cayman, Boxter, Panamere and Cayenne SUV).
November 30, 2011... Volkswagen AG will launch the iconic Porsche sports car marquee in India in 2012. It will also appoint a new team to promote sales in the competitive Indian automobile market. The company proposes to import the Porsche models 911, Cayman,...

IDFC FUND, CANADA COMPANY FORM JV FOR ROAD INFRASTRUCTURE (Ashok Piramal Group to hold 51% equity in the new JV, Piramal Roads Infra).
November 30, 2011... IDFC Project Equity Fund of the Ashok Piramal Group and engineering group SNC-Lavalin Group of Canada have formed a joint venture (JV) company to develop road and highway projects through public-private partnership (PPP) across India. The JV...

MRF'S FY11 NET PROFIT UP 73% (to Rs618 crore in 2010-2011 from Rs357 crore in 2009- 2010).(Financial report)
November 30, 2011... MRF Limited has reported 73 percent growth in consolidated net profit at Rs618 crore for the year ended Oct 2011 compared to Rs357 crore announced for 2009-2010. The company reported a one-time exceptional gain of Rs404 crore owing to change in...

NUZIVEEDU ENTERS CAPITAL MARKETS TO RAISE Rs900 CRORE (the proposed initial public offering to be launched in early 2012-2013).
November 30, 2011... Seed producer Nuziveedu Seeds, based in Hyderabad, has initiated the process of entering the capital markets to raise around Rs900 crore. It has appointed five investment banks, including Goldman Sachs, JP Morgan, JM financial and ENAM...

MOODY'S DOWNGRADING WILL NOT AFFECT BANKS: GOVERNMENT (says the downgrading will have no long-lasting effect as the financial health of the banking sector is sound).
November 30, 2011... Moody's, based in the United States, has changed its outlook for India's banking system from 'stable' to 'negative' citing concerns of high inflation, monetary tightening and rapidly raising interest rates. The Government of India has dismissed...

RIL TO TAKE FCCB ROUTE TO RAISE $1 BILLION (to fund shale gas ventures in the US and for investments at its refinery at Jamnagar).
November 30, 2011... Reliance Industries Ltd (RIL) plans to raise over $1 billion through the sale of Foreign Currency Convertible Bonds (FCCBs) to fund shale gas ventures in the United States and investments at its refinery at Jamnagar. It has appointed Citibank,...

INDIA OCTOBER REFINERY OUTPUT FALLS 2.8% YOY (because of refinery maintenance shutdowns during the month).
November 30, 2011... Indian refiners processed 2.8 percent less oil in Oct 2011 as compared to Oct 2010. This is the first decline since Nov 2010, which was attributed to refinery maintenance shutdowns during the month. Refiners processed about 3.12 million...

TYRE COMPANIES EYE HIGHER RUBBER IMPORTS (as international rubber prices are lower than prices in India by about Rs20).
November 30, 2011... The tyre industry in India has contracted for more imports of rubber as global prices are depressed. International rubber prices are around Rs20 lower than prices in India. As Chinese buying is sluggish, global prices could be in the lower...

SAUDI SABIC TO BUILD FACTORIES IN CHINA, INDIA (to manufacture resin and engineering plastic compounds).
November 30, 2011... Saudi Basic Industries (SABIC) is planning to build factories in India and China to manufacture resin and engineering plastic compounds. According to SABIC, there are no transport costs and fixed production costs are much lower in China. ...

RIL SHUTS 4 WELLS IN KG-D6 GAS FIELD AS OUTPUT DIPS (owing to high water ingress, sanding issues and fall in pressure).
November 30, 2011... Reliance Industries Limited (RIL) has closed down four of its gas wells in the flagship Dhirubhai-6 block in the Krishna Godavari (KG-D6) oil and gas fields off the east coast of India. Production in the fields has fallen to 41 million cubic...

L&T INFRA PLANS ECB, SEEKS TO BE CAUTIOUS (as interest rates are high at present).
November 30, 2011... L&T Infrastructure Finance Company Limited is planning to raise funds of up to Rs700 crore through the external commercial borrowing (ECB) route. The company is likely to raise the funds via ECBs in Jan-Mar 2011, as interest rates are high...

TRIVENI ENGINEERING POSTS NET PROFIT OF Rs9.14 CRORE (for Jul-Sep 2011 compared to Rs17.25 crore for Jul-Sep 2010).(Financial report)
November 30, 2011... Triveni Engineering and Industries Limited has announced that its standalone net profit fell by 47 percent to Rs9.14 crore for Jul- Sep 2011 from Rs17.25 crore for Jul-Sep 2010. Its standalone net sales also fell by 35 percent to Rs380.31 crore...

SHIP-BREAKING INDUSTRY TO GROW 10% OVER 2 YEARS: CRISIL (says as shipping companies are replacing fuel guzzling older ships with new fuel efficient ones).
November 30, 2011... Rating agency Crisil Ratings has projected the share of the Indian ship breaking industry in the global market to grow by 5- 10 percent over the next two years as shipping companies are replacing fuel guzzling older ships with new fuel efficient...

25% GTL LOANS MAY BE RESTRUCTURED (into convertible debentures for conversion into equity at a later stage).
November 30, 2011... A consortium of 25 banks may approve restructuring of 25 percent of the Rs17,000 crore loans of telecom infrastructure company GTL into convertible debentures for conversion into equity at a later stage. The banks have agreed to lower the...

ASHOK PIRAMAL GROUP, SNC-LAVALIN, IDFC FUND IN JV FOR ROADS (under the public-private partnership mode of the Government of India).
November 30, 2011... Realty developer Ashok Piramal Group (APG) is planning to form a joint venture (JV) called Piramal Roads Infra Private Limited (PRIL) in association with India Infrastructure Fund (IIF) and engineering and construction company SNC-Lavalin of...

COTTON PRODUCTIVITY AT 510 KG PER HECTARE (in 2010-2011).
November 30, 2011... The Ministry of Agriculture, Government of India, has informed the Parliament that cotton productivity has improved over a five- year period by 21 percent to 510 kg per hectare in 2010-2011 from 421 kg per hectare in 2006-2007. Cotton output in...

GRAIN YIELD ROSE 10% IN 4 YEARS, STILL LAGS GLOBAL LEVEL (posing challenges for policy makers).
November 30, 2011... The Ministry of Agriculture, Government of India, has informed the Parliament that the average grain yield rose by 10 percent during the past four years to 1,921 kg per hectare in 2010-2011 from 1,756 kg per hectare in 2006-2007. However, the...

RBI TO CONDUCT ANOTHER OMO OF Rs10,000 CRORE TO EASE LIQUIDITY (in accordance with the stance of the monetary policy).
November 30, 2011... The Reserve Bank of India (RBI) has announced another open market operation (OMO) or auction of Rs10,000 crore of bonds to ease liquidity. RBI has decided to conduct the OMO in accordance with the stance of the monetary policy and based on the...

DEFAULTERS OWE OVER Rs47,000 CRORE TO LENDERS (announces the Ministry of Finance, Government of India).
November 30, 2011... The Ministry of Finance, Government of India, has announced that a total of 4,102 defaulters owed Rs47,594.31 crore to banks and financial institutions as on 31 Mar 2011. This is according to a list of people who defaulted Rs1 crore and above in...

AIR INDIA TO GO AHEAD WITH PLAN TO BUY BOEING 787s (opting for sale-and-leaseback mechanism).
November 30, 2011... Air India has the approval of its board for going ahead with its plan of acquiring 27 Boeing 787 aircraft. It would opt for sale- and-leaseback mechanism for the 787 aircraft. The company plans to lease out some of its planes to reduce its debt...

L&T FINANCE PLANS TO TAP RURAL INDIA FOR EXPANSION (with focus on rural mortgages and microfinance products).
November 30, 2011... L&T Finance Holdings Ltd is planning to expand into rural India. It would focus on rural mortgages, microfinance products and warehousing in the rural sector. The company has an asset base of Rs21,232 crore - infrastructure (41 percent),...

RGTIL TO ASSESS GAS DEMAND (for viability of the gas pipeline project of Rs20,000 crore).
November 30, 2011... Reliance Gas Transportation India Ltd (RGTIL) would assess the demand for natural gas in India to ascertain the viability before investing in the pipeline project. It has invited expressions of interest from gas producers and consumers...

ASHOK PIRMAL ENTERS INTO JV FOR HIGHWAY PROJECTS (the company will have a 51 percent stake in the JV).
November 30, 2011... Ashok Pirmal Group is forming a joint venture company with IDFC Project Equity Fund and SNC-Lavalin Group Inc, an engineering group from Canada for highway projects. The stake of Ashok Piramal Group in the joint venture company (JVC) would be...

TCG REAL ESTATE TO RAISE SECOND FUND (of $300 million to invest in residential and commercial projects).
November 30, 2011... TCG Real Estate plans to raise second fund of $300 million on its own and later seek a strategic partner. The fund would invest in residential and commercial projects. The company has invested Rs200 crore in two residential projects in Mumbai...

AMREST PLANS ITALIAN RESTAURANT CHAIN IN INDIA (to open restaurants under La Tagliatella in 2012).
November 30, 2011... AmRest Holdings SE plans to launch Italian restaurant chain La Tagliatella in India. It would invest Rs500 crore for the purpose. The company would set up five-ten restaurants in Mumbai, Delhi, Bangalore and Pune in 2012.

PROFILE OF LAND ROVER FREELANDER 2 HSE (priced at Rs40.4 lakh).
November 30, 2011... The Freelander 2 HSE, a passenger vehicle offering from Land Rover and priced at Rs40.4 lakh (ex-showroom, Mumbai), is equipped with an I-4, turbo diesel engine with a displacement of 2,179 cubic centimetres that develops power of 187bhp at...

PROFILE OF HYUNDAI EON SPORTZ (priced in the range of Rs2.69-3.71 lakh).
November 30, 2011... The Eon Sportz, a small car offering from Hyundai and priced in the range of Rs2.69-3.71 lakh (ex-showroom, Delhi), is equipped with an I-3, petrol engine with a displacement of 814 cubic centimetres that develops power of 55.23bhp at 5,500...

PROFILE OF SKODA YETI 2.0 TDI (priced at Rs16.76 lakh).
November 30, 2011... The Yeti 2.0 TDI, a sports utility vehicle offering from Skoda and priced at Rs16.76 lakh (ex-showroom, Mumbai), is equipped with an I-4, diesel engine with a displacement of 1,968 cubic centimetres that develops power of 140bhp at 4,200...

PROFILE OF CHEVROLET CRUZE LTZ AT (priced at Rs15.15 lakh).
November 30, 2011... The Cruze LTZ AT, a passenger car offering from Chevrolet and priced at Rs15.15 lakh (ex-showroom, Mumbai), is equipped with an I-4, diesel engine with a displacement of 1,991 cubic centimetres that develops power of 148bhp at 4,200 revolutions...

BIYANI FREEZES HIRING, CUTS TRAVEL (Future group has been forced to go on austerity drive).
November 30, 2011... Kishore Biyani's debt-ridden Future group has been forced to go on austerity drive. The group has imposed a hiring freeze for four months and stopped unnecessary travel. Even use of office stationery, air-conditioning and power and lighting are...

MRF SALES CROSS Rs10,000 CRORE, NET PROFIT SURGES 73% (Net sales grow 31% to Rs9,735.34 crore).(Financial report)
November 30, 2011... MRF has posted gross sales of Rs10,637.03 crore for the year ended 30 Sep 2011. Net sales grew 31 percent from Rs7,452.72 crore for the year ended 30 Sep 2010 to Rs9,735.34 crore the year ended 30 Sep 2011. The company's net profit rose 73...

GODREJ PROPERTIES RECASTS PROJECTS TO FIGHT DOWNTURN (changed the business model for two projects to largely residential in nature).
November 30, 2011... Godrej Properties is resizing and repositioning Godrej Garden City in Ahmedabad and Godrej Oasis in Hyderabad, two of its prime projects. The company has changed the business model for these two projects to largely residential in nature. The...

JET TO RAISE $300 MILLION FROM SALE, LEASE BACK OF PLANES (over the next three months).
November 30, 2011... Jet Airways is planning to reduce its debt, over the next six months, by selling some of the 40 aircraft that it owns and leasing them back. The airline expects to up to $300 million (Rs1,560 crore) with this move.

SKS HITS LIFE-TIME LOW AT Rs97.85 (on 29 Nov 2011).
November 30, 2011... Microfinance company SKS Microfinance saw its shares dipping to Rs97.85, a life time low, at the Bombay Stock Exchange (BSE) on 29 Nov 2011. In early Nov 2011, its shares were trading at Rs199. The company has been facing tremendous pressure...

CARBORUNDUM FORMS 51:49 REFRACTORY JV WITH ISRAEL FIRM (to set up a plant at the Cochin SEZ).
November 30, 2011... Carborundum Universal, India's leading manufacturer of abrasives and industrial ceramics, has entered into a 51:49 joint venture with Israel-based Cellaris for the refractory business. The joint venture will set up a plant at the Cochin Special...

LIPITOR US PATENT EXPIRES TODAY, ALL EYES ON RANBAXY (Ranbaxy will get the licence to sell generic versions of Lipitor in the US).
November 30, 2011... Pfizer's US patent for Lipitor, which is considered to be the best-selling drug, expires on 30 Nov 2011. Following this, Ranbaxy will get the licence to sell generic versions of Lipitor (Atorvastatin) in the US as per its Jun 2008 agreement....

LED PC MONITOR GROWTH OVERTAKES LCDs IN Q3 (LED sales went up by 88%).(Financial report)
November 30, 2011... Total PC monitor sales during Jul-Sep 2011 increased 17 percent to 7.41 lakh, compared to Apr-Jun 2011. LCD sales declined by 14 percent and LED sales went up by 88 percent. The contribution of the former to the total sales reduced from 69...