Stock Market News Today:SBI, OIL, Reliance.

Cabinet –Okays Reliance Industries (RIL) gas issue subject to company submitting bank guarantee -RIL can sell gas at new price from April 21, 2014 with riders -Cabinet rejects finance ministry demand to cap gas prices

Oil Minister Veerappa Moily says –No change needed in new gas formula w.r.t. spot prices -Cap/floor price need not be stipulated in gas pricing -RIL allowed to sell at new price after submitting bank guarantee (BG) -Allow Coal India to explore coal bed methane -RIL can sell D1, D3 gas at revised price subject to bank guarantee -Fertiliser, finance ministry to work out higher subsidy payout post gas price hike

Oil secretary says –Law ministry to decide final modalities, frequency of RIL bank guarantees -To notify new price formula as soon as cabinet meet minutes ready -Will sign a supplementary agreement with RIL on bank guarantee -RIL's D1 D3 gas shortfall till April 1, 2013 at 1 TCF -Disagree RIL bank guarantee can be over USD 9 billion -Fertiliser, finance ministry to work out higher subsidy payout post gas price hike

Power Grid to CNBC-TV18 -FPO subscribed 6 times; retail investors subscription at 2.2 times -Current capitalisation stands at Rs 8,000 crore -No need to raise equity in near future -Can expect a Rs 2,000-Rs 3,000 crore bond issue after few months -Marginal impact on CERC norms reducing availability -To ask CERC to reconsider availability incentive steps -May see impact of Rs 160 crore on back of CERC norms

SBI reduces home loan interest rates SBI says –Interest rates on home loans up to Rs 75 lakh to Be 10.15 percent -Interest rates on home loans above Rs 75 Lakh to be 10.30 percent -To offer 5 bps discount on home loans for women -New interest rates on home loans effective December 20 -Slab for lower interest rates raised from Rs 30 lakh to Rs 75 lakh

IDFC : -Seeks to cut foreign holding limit in company to 49.9 percent from 54 percent -To cut foreign holding limit to meet RBI bank licence norms -Foreign holding in company at 51.27 percent as on December 6 -To reinstate 74 percent foreign holding limit if no bank license given.

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