Daily News Roundup - Nov 2 2010

RIL raises polyester yarn prices by Rs3 from Nov1, 2010. (FE)

Religare Enterprises is in advance talks to buy 60% stake in Ajay Piramal’s private equity and fund management venture - Indiareit Fund Advisors for Rs1.8bn. (BS)

HCL Tech and multinational distributor of IT products, Ingram Micro are in talks to buy a controlling stake in Sonata Software. (BS)



Jet Airways has refinanced Rs18bn worth of debt through dollar loans. (BS)

Siemens to set up Rs2bn plant in Goa. (FE)

SAIL and JSW Steel have dropped prices of hot rolled steel products by about 2%. (BS)

Chennai Petro to add 9mt refining capacity. (FE)

SBI plans to hold on to its rates even if the Reserve Bank raises key policy rates in its mid-term review of the annual policy. (BS)

IOB has raised US$75mn from Standard Chartered and Deutsche Bank as a line of credit. The money will be used to expand the bank’s overseas credit portfolio. (BS)

Reliance Power gets gas allocation for its 2,400mw project in Samalkot, Andhra Pradesh(ET)

Visa Steel to build 1.25mt steel plant, 1,00,000 tonne manganese alloy plant along with a 300 MW power plant in Madhya Pradesh at an estimated cost of Rs40.3bn(ET)

JSW Energy plans Rs33bn expansion of its existing capacity of 860 mw at Vijaynagar, Karnataka by 660 mw(ET)

Pratibha Industries gets order worth Rs3.87bn. (FE)

Nagarjuna Oil Corporation which is setting up a 6mn tonne refinery at Cuddalore in Tamil Nadu plans to launch an IPO after the refinery is commissioned by the end of 2011. (BS)


Trade deficit narrowed to US$9bn in September, as the pace of growth of imports slowed. (BS)

Exports grew 23% yoy to touch a two-year high of US$18bn in September. Imports grew at a faster pace of 26.1% to US$27bn. (BS)

The Petroleum Minister has ruled out dual pricing of diesel. (BL)

Sugar output estimate raised to 24.5mt (ET)

SEZ exports grew by 56% during April to September 2010(ET)

Employees in the organised sector could get free insurance cover of upto Rs0.65mn from the next financial year under a scheme run by the government’s retirement fund manager(ET)