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Wednesday, July 24, 2013

Daily News Roundup - July 24 2013

Tata Motors will re-enter Australia with LCVs. The company will introduce its 4x2, 4x4, single and crew-cab variants, with Euro V Turbo diesel engines in Australia. (BL)

SpiceJet CEO Neil Mills has quit. The sources said Mills put in his papers after a recent meeting with senior airline management. (BL)

Tata Power announced that it had generated 43.386mn units of solar power from its 25 MW facility at Mithapur in Gujarat in 2012-13. (BL)

Reliance Infrastructure has completed four laning of a 52-km stretch on NH-11, from Jaipur to Reengus in Rajasthan. Collection has begun on the toll road built at a cost of about Rs5.55bn. (BL)

ONGC and its partners — Tata Petrodyne and Hindustan Oil Exploration Co will invest Rs11bn in developing an offshore block in the Gulf of Cambay, off the west coast of India. (BS)

Jindal Steel and Power will consume 25-30mn tons of iron ore a year by 2015, three times current volumes, and source most of the raw material from abroad. (BS)

Larsen and Toubro has sought shareholders nod to raise up to US$600mn through issuing securities. (BS)

JSW Steel may buy the local assets of Stemcor Holdings to gain iron ore mines. (BS)

DLF has sought shareholders’ approval to modify the company's memorandum of association for providing specific retirement benefits to directors who have made outstanding contribution to the growth of the company. (ET)

With the dynamics of the gas market changing, Petronet LNG feels that the price at which it inked a contract to buy gas from Exxon’s Gorgon project in Australia could be re-visited, for it may end up being the most expensive gas the country has ever imported. (BL)

Economy Snippets
RBI said banks would be permitted to borrow under the liquidity adjustment facility only up to 0.5% (lowered from 1%) of their net deposits and time liabilities at the benchmark interest rate of 7.25%. (BS)

RBI has tightened rules on the cash reserve ratio. Now, banks will have to hold cash equivalent of at least 99% of CRR on a daily basis, compared with 70% earlier. (BS)

The National Association of Software and Services Companies (Nasscom) has maintained its growth forecast for the industry, at 12-14% for fiscal 2014. (BL)

Ticket pricing by airlines is set to come under scrutiny, with the civil aviation ministry roping in anti- trust watchdog Competition Commission of India to keep in check indiscriminate airfare increases in domestic aviation. (BS)