Briefly Business

data for the second quarter this fiscal,BSE barometer Sensex pared early losses to settle with a gain of 116 points,mainly on the bounce-back in realty stocks led by DLF. The 30-share Bombay Stock Exchange index Sensex lost nearly one per cent during intra-day trade,but gained momentum on smart GDP data and finished 0.60 per cent or 116.15 points higher at 19,521.25. National Stock Exchanges Nifty too settled with a smart gain of 22.70 points at 5,862.70.

GSPC raises Rs 3,000 cr term loan to fund DDW

Ahmedabad: State-run oil and gas explorer Gujarat State Petroleum Corporation (GSPC) said it has raised

Rs 3,000 crore term loan through a consortium of 15 banks to finance its Deen Dayal West (DDW) block in KG basin. The company also said its IPO is likely sometime later next year. A consortium of 15 banks,led by Bank of Baroda,has arranged for the loan. The funds shall be used to finance Deen Dayal West block in KG Basin, GSPC top officials said.

Ennore Coke mulls buying US mine

New Delhi: Ennore Coke on Tuesday said that its

parent firm Haldia Coke is looking to buy a mine in the US for $20 million (about Rs 92 crore). Our parent Haldia coke is planning to acquire a small mine in West Virginia,US,which has reserves of 20-22 million tonne. The acquisition cost is likely at $20 million, Ennore Coke president and CEO Ganesan Natarajan said.

Govt to award 5 big road projects by March

New Delhi: The government on Tuesday said it will

award five big-size road projects worth Rs 15,000 crore by March,2011. We would be awarding five mega road projects in the next 3-4 months, transport and highways minister Kamal Nath said here. The estimated cost of each project is about Rs 3,000 crore. They (five projects) are about Rs 15,000 crore, Nath added.

IDBI to raise $1 bn debt in overseas mkt

New Delhi: State-owned IDBI Bank on Tuesday said

it is planning to raise $1 billion (about Rs 4,500 crore)

through bonds in the overseas market in next 12 months. We are planning to raise $1 billion from bonds by October 2011, IDBI Bank chairman and managing director R M Malla said.

PFC may launch FPO in April-May next year

New Delhi: Power Finance Corp might come out with a 20% FPO in April-May next year if the Department of Disinvestment clears a proposal floated by the power ministry. The power ministry has proposed disinvestment of 5 per cent of the Centres stake in the institution,as well as the issue of 15 per cent fresh equity,through the FPO route. The power ministry has sent a proposal for a 15% fresh equity and 5% disinvestment of government stake in PFC, Department of Disinvestment secretary Sumit Bose said.