Daily News Roundup - Nov 4 2010

GAIL and Petronet LNG are looking to pick up stake in LNG projects in Nigeria to secure supplies for the country’s rising energy needs. (BS)

GAIL plans to invest Rs80bn during 2011-12, a 30% increase over the current year’s spending of Rs62bn. (BS)

IDBI Bank has raised it deposit rates by 10-50bps across maturities. (BS)



Cairn Energy has again informed ONGC that its decision to sell majority stake in its Indian unit to Vedanta Resources does not trigger the ONGC’s pre-emption rights. (BS)

ABB has bagged an order worth US$40mn from PMC Project to supply three new substations. (BS)

GTL Infra Plans to raise Rs35bn via Fresh Equity issue through the sale of treasury stocks. ( ET)

Bajaj Auto International Holdings BV Netherlands, a wholly-owned subsidiary of Bajaj Auto, has increased its stake in KTM Power Sports AG to 38%. (BS)

Jain Irrigation System to buy UK Sleaford quality foods through its subsidiary. (ET)

Tata Tele to roll out 3G services on Friday. (ET)

GTL Infra and Tata Quippo is likely to buy Vodafone 7000 towers across seven circles. (ET)

Kemrock Industries has signed MOU with DSM Composites to form a JV for manufacturing of unsaturated polyester in India. (ET)


The government today said it would opt for a debt reduction strategy that seeks to improve upon the target set by the 13th Finance Commission. (BS)

Bank credit increased by ~Rs71.3bn in the fortnight ended October 22 to Rs34.76tln, according to a statement released by the RBI. (BL)