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Public sector lender Punjab National Bank (PNB) has reduced their prime lending rate by 50 basis points, with effect from January 1.

The BPLR of PNB would now stand 12 per cent, from the existing 12.50 per cent.

In addition, PNB also announced a reduction in its peak deposit rate by 100 basis points to 8.5 per cent for deposits of one year to less than three years beginning New Year.

Nagpur - based Confidence Petroleum has informed that it has acquired 80% equity stake in Garg Distilleries, for an undisclosed amount.

Garg Distilleries Pvt. Ltd, is an unlisted, closely-held ethanol manufacturing unit, located near Dhule, Shirpur (Maharashtra State) having an installed capacity of 32400 KL per annum and crude oil distillation of 12000 KL per annum.

A well made 67 from Tanmay Srivastava facilitated Uttar Pradesh to reach 289 for eight in their second innings and virtually shut Gujarat out of the game on the penultimate day of the quarterfinal match.

At the end of the third day’s play, UP were 477 runs ahead with two second innings wickets in hand at Motibagh ground here.

Resuming at the overnight score of 76 for the loss of one wicket, young lad Suresh Raina fell victim to Parmar. Tanmay Srivastava (67runs, 149balls, 4 boundaries) played a patient knock but a doosra from Parmar saw the end of his courageous innings.

Star soccer player David Beckham would be provided 24-hour security when he arrives at United Arab Emirates.

It is learnt that the 33 year old Beckham would be given Dubai's biggest security cover ever. Beckham is scheduled to reach UAE on Monday.

Earlier, the Daily Star has reported that the former English captain would be an ideal target and thus a special security team will be dragged in.

Power transmission equipment manufacturer KEC International has received an order worth Rs 636 crore from Egyptian Electricity Transmission Company.

It is the largest contract the company has ever got. The order will be funded through the European Investment Bank and the Egyptian National Bank.

In a statement, the company said that the scope of the order includes design, supply and construction of circuit lines in Egypt. The total length of the Egyptian transmission lines will be 196 kilometers and the order is to be finished in 24 months.