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Friday, August 30, 2013

Daily News Roundup - Aug 30 2013

Reliance Industries and its partners in the KG-D6 block — BP Plc and Niko Resources — have received Government approval to invest US$4bn in the R-Series gas-field in the block. (BL)

SREI Group is looking for acquisition opportunities in distressed power and road sectors. (BL)

The NSEL Investors Forum has urged the broking community to halt trading for one day on the Multi Commodity Exchange. (BL)

With the depreciation of the rupee and a rise in crude oil prices beginning to pinch them, airlines in India have begun raising fares. Jet Airways has started levying a surcharge of US$50 on the economy class fare on its Gulf flights. SpiceJet, is planning to increase the surcharge on its domestic flights. (BS)

SpiceJet is in talks with Airbus to acquire A320neo narrowbody aircraft. (BS)

ING Vysya Bank said it had increased interest rates on deposits by 25-50 basis points, effective August 28. (BS)

The commodity market regulator has now stumbled on information that a firm controlled by the group has been trading on FT-promoted MCX in violation of government guidelines. (ET)

Idea Cellular has applied for unified licences to provide voice and data services in seven circles and said it will comply with the telecom department’s guidelines on roaming agreements. (ET)

State Bank of India raised interest rates by up to 1.5% on bulk deposits of over Rs10mn. The interest rate for bulk deposits for tenors of 7 to 60 days will be 9%. (ET)

A 3-day block closure in Tata Motors’ Jamshedpur plant has begun. The closure, which will be observed from August 29 to 31, was aimed to prevent unnecessary build-up of inventory as well as at dealers’ end. (ET)

The REC is coming out with the tax-free bond issuance. Through this route, REC plans to raise Rs10bn, with an oversubscription option of Rs25bn. (BS)

A significant part of SAIL’s capacity expansion project, worth around Rs190bn, may miss the revised deadline of 2013-14. (BL)

Economy Snippets
The petroleum ministry has finalised a shale oil and gas exploration policy, which will be tabled before the Cabinet soon after the oil minister approves it. (ET)

The government is considering a radical plan to direct commercial banks to buy gold from ordinary citizens and divert it to precious metal refiners in an attempt to curb imports. (ET)

The Commerce Ministry has asked the Finance Ministry to include export credit in priority sector lending of all banks to boost overseas sales. (ET)

Credit ratings agency Moody’s has said the food security bill will weaken government finances and deteriorate country’s macroeconomic situation. (ET)