Daily News Roundup - July 12 2010

GVK to invest Rs10bn in Bangalore airport expansion. (BL)

NMDC may make a downward revision of ore prices for the October-December quarter, going by the present trends in the global market. (BL)

Bharti Airtel will invest US$150mn in Kenya to help boost network and capacity distribution. (FE)



Reliance Industries raises US$1bn to fund projects. (ET)

PowerGrid Corporation invites bids from banks to manage a 20% stake sale, in order to raise more than Rs75bn and comply with the new listing rules. (ET)

United Bank of India puts a ceiling on its lending rates at 14.25% a year. (ET)

Bharat PetroResources, promoted by Videocon and BPCL, plans to bring natural gas from its Rovuma Basin block off the coast of Mozambique in southern Africa. (BS)

Engineers India follow-on public offer is likely to mop-up Rs10bn and will open on July 27. (BS)

Essar Oil raises US$147mn by selling FCCB to part finance expansion plan. (ET)

Government has allowed LIC, IFCI, IDFC and other NBFCs classified as an infrastructure finance company to issue tax-free infrastructure bonds. (BS)

Super Religare Laboratories is in advanced talks to buy Piramal Healthcare’s diagnostic chain for up to Rs8bn. (ET)

Everonn plans to build 300 schools for Rs36bn by 2015. (ET)

Reliance Life says it is looking for a strategic investor and also proposes to come out with an IPO once the guidelines are put in place by IRDA and SEBI. (DNA)

Jubilant Organosys has demerged its agri and performance polymer business. (DNA)

KEC International has bagged orders worth Rs6.1bn for supply of turn-key transmission lines and cables to various geographies across the globe. (FE)

Tata Motors will invest about Rs100bn on product development, capacity enhancement and plant modernisation spread over 2-3 years. (FE)

Foreign exchange reserves rose by US$1.3bn to US$278bn for the week ending July 2. (BL)

Centre's indirect tax collections grew 43% in the first quarter of this fiscal to Rs569bn. (BL)

Food and agriculture minister says he favours ending the government’s role in fixing sales quota in the sugar industry. (TOI)

Diesel subsidy may be set at Rs1.49/litre. (ET)