Daily News Roundup - Oct 31 2011

NIIT Technologies will invest up to Rs1.75bn for the second phase of expansion of its campus in Greater Noida which will begin in January next year. (ET)

NMDC is likely to put a bid for acquiring 100% stake in Vincy Coal, which is estimated to have coking coal reserves of 70-100 million tonne. (ET)

Bengal may clear JSW Steel's Salboni project very soon. (BL)




Studies conducted by Reliance Industries reveal that the decline in gas output from Dhirubhai-1 and 3 fields in its KG Basin's D6 block could be ‘irreversible'. (BL)

Kotak Mahindra Bank has hiked its savings rate to 6% a year for savings account balances above Rs 1 lakh. For balances below Rs 1 lakh, the bank has hiked its interest rate to 5.50%. (BL)

PowerGrid Corporation is looking at entering into joint venture agreements with various state governments for laying out intra-state transmission networks. (BS)

The state cabinet decided to allot 1,000 acre land for building the factory and township in Kurnool district for a 9.3mn tonne cement plant being set up in Andhra Pradesh by Prism Cement Limited. (BS)

In a bid to renew its association with West Bengal, TVS Motors has proposed to manufacture bikes in their franchise operated plant at Uluberia. (BS)

The Rs226.21bn debt recast of GTL and its group companies has been deferred till November-end. (BS)

Maruti Suzuki India Limited board has approved a proposal to purchase 1,400 acres of land in Mehsana district of Gujarat to set up manufacturing facilities. (BS)

The Chhattisgarh government put a spanner in the expansion plan of Korba power project of Lanco Amarkantak Power Private Limited, a subsidiary of Lanco Group. (BS)

Indian Overseas Bank is all set for a big overseas expansion drive and has identified 14 locations across the globe to set up branches. (FE)
Economy Snippets

The government has decided to redraft the National Food Security Bill to keep an option open for supplying more than 3 kg of subsidized food grain to general households in case of increased output. (ET)

Rubber dealers will urge food minister KV Thomas to impose strict limits on price swings of rubber futures contracts traded on NMCE on grounds that sharp price moves were threatening their existence. (ET)

India’s widening trade gap with China has triggered an alarm in the government, forcing it to brood over a host of measures to restrict imports from the country. (ET)

The insurance regulator is contemplating scrapping the third party motor pool from which claims of all accident victims are settled, possibly doubling the insurance premium for millions of automobile buyers. (ET)

Draft pharma policy balances act between consumer, industry. (BL)