Myanmar gas move

New Delhi, July 13: ONGC Videsh and GAIL (India) along with their South Korean partners Daewoo Corp and Korea Gas Corp may invest $3.73 billion to produce natural gas found off the Myanmar coast. The four may invest $2.79 billion in the three gas fields in Block A-1 and A-3 and another $936.26 million in laying an under-sea pipeline to take the gas to the shore, industry sources said.

Bengal steel

Calcutta, July 13: Jai Balaji Industries has received a coal block with Bhushan Steel at Andal East in Burdwan district of Bengal for their proposed steel plants. The estimated deposit of the coal block is 229.50 million tonnes.

Ore prices

New Delhi, July 13: State-owned mining giant NMDC has clinched a 33-44 per cent lower rate on the long-term contracted prices for iron ore with Japanese and South Korean steel mills for the current fiscal.

Axis Bank net

Mumbai, July 13: Axis Bank has reported a 70 per cent jump in net profit at Rs 562.04 crore for the first quarter ended June 30 compared with Rs 330.14 crore in the year-ago period.

IDBI strike

Mumbai, July 13: A section of officers and non-officers of IDBI Bank will go on strike on July 15 to press for a higher salary package.