Top stories at 3PM

* Steel prices may melt - cos to cut export, pipe makers slash rates.
* Govt says state-run oil marketers' FY09 revenue loss seen $42.5 bln.
* India pegs FY09 crude import bill at $110 bln-$120 bln.
* GAIL, Reliance Ind may invest $1.2 bln in Qatar petrochemical plant.
* Cairn India to start exploration in Bihar block post monsoon.
* Bharti AXA General Insurance gets IRDA OK to start ops.
* YES Bank hikes benchmark prime lending rate 50 bps effective Jul 1.
* SBICAP invites bids for sale of 900,000 NSE shares.
* Head says Karnataka Bank decision on rights issue post AGM Jul 12.
* Bharti official says not in talks to buy Kuwait mobile co Zain.
* JSW Steel Apr-Jun crude steel output 976,000 tn, up 22% on year.
* Industry aide sees sugar rates slipping in a week; dn till Sep.
* India bans maize export till Oct 15 to curb inflationary pressure
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