Daily News Roundup - Nov 15 2011

Banks belonging to the consortium which has funded Kingfisher Airlines have raised concerns over the viability of a further conversion of the airline's debt into equity. (BL)

Jet Airways said it will ‘rationalise' its manpower to cut losses; to go for sale, lease-back of aircraft. (BL)

Cairn Lanka, a fully-owned subsidiary of Cairn India, said it has discovered more natural gas reserves in Mannar basin in Sri Lanka. (BL)



State Bank of India is unlikely to raise funds from overseas markets in the October-December quarter, given the current liquidity and market conditions. (BL)

Reliance ADAG group president A N Sethuraman told a Delhi court on Monday that it "appeared" that Hari Nair, an accused in the 2G spectrum scam, had certified documents on behalf of Swan Telecom. (FE)

Uninor has approached the Foreign Investment Promotion Board seeking permission for its rights issue to raise Rs82.50bn. (FE)

SICOM is understood to have emerged as a source of some of the funds worth Rs4bn being raised by the UB Group to support Kingfisher Airlines. (ET)

Kingfisher Airlines may suffer another blow as the GMR-owned Delhi and Hyderabad airports have decided to put it on the cash-and-carry mode. (ET)

Gail India is eyeing the controlling stake in British gas major BG’s subsidiary in Gujarat. (ET)
Economy Snippets


The Finance Ministry told global rating agency Moody's to upgrade the country's rating, at least two notches higher than the present grade. (BL)

RBI voices concern over State Govts regulating microfinance institutions. (BL)

The Government may soon allow foreign individuals, foreign pension funds and foreign trusts to invest directly into Indian equity market. (BL)

Banks need to step up efforts to resolve their existing non-performing assets and tighten their credit management systems, said the Reserve Bank of India in the Report on Trend and Progress of Banking in India 2010-2011. (BL)

The Reserve Bank of India has exhorted banks to improve the country’s savings growth rate by offering higher rates on deposits, even if it means bringing down the net interest margin (NIM). (BS)

Inflation rose marginally to 9.73 per cent from 9.72 per cent in September (BS)

India’s US$90bn urbanisation project to build a Delhi-Mumbai industrial corridor will get a boost with the government plan to offer 26% in the venture to Japan. (FE)

The commerce and civil aviation ministries have agreed on allowing foreign airlines to pick up stakes in Indian airline companies but they still have to take a call on whether the FDI cap would be 24% or 26%. (FE)