Daily News Roundup - Oct 7 2010

According to Canada based Niko resources which hold 15% stake in K-G Basin D4 block "the prospective gas reserve in Reliance Industries K-G basin D4 block could be significantly higher then previously estimated (BS)

GAIL places Rs6.8bn orders for pipelines for laying a gas pipeline from Dabhol in Maharashtra to Bangalore. (BS)



Maruti Suzuki plans to expand its service network to over 4,200 outlets from current 2,700 outlets across India. (ET)

Cairn Energy to seek shareholders nod for the Cairn India Vedanta deal today. (ET)

JSW Energy seeks lower rate for Rs33.8bn Ratnagiri project loan. (ET)

Glenmark gets exclusive pain molecule worldwide licence by Lay Line Genomics. (BL)

HCL Technologies sees US$300mn opportunity in new technology such as cloud computing. (ET)

Oil marketing companies like BPCL and HPCL losses to rise on higher crude oil prices. (BS)

Bank of India raises base rate by 50bps to 8.5%. (ET)

IDBI targets Rs60bn small and micro enterprise (SME) loan in the current fiscal year. (BS)

GVK Power and Infrastructure plans to raise US$300mn through share sale in the next few months. (BS)

Shree Renuka Sugars has bagged an order to supply 118mn litre of ethanol to oil marketing companies in five states for a period of 1 year. (BL)

Binani Cement promoters to buy public stake, de-list company. (ET)

Oriental Bank of Commerce raises base rate by 50bps to 8.5%. (ET)

Neyvelli Lignite plans 50MW wind project in Tirunelveli. (BL)

Income Tax department raids Nagarjuna Construction offices. (BS)

Parsvnath Developers raises Rs2.7bn through QIP. (BS)

IMF raises India’s growth forecast to 9.7% against 9.4% earlier. (ET)

RBI is holding a meeting with industry chambers including Indian Banks Association and CII on new bank licences today. (ET)

Gems and jewellery export may grow by 30-35% in FY11 says Gem and Jewellery Export Promotion Council (GJEPC). (ET)