The Telegraph
Since 1st March, 1999
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Business Briefs

Grasim ups stake in L&T

Mumbai, Sept. 17: Continuing to mop up Larsen & Toubro (L&T) shares from the market, the A. V. Birla group today informed the Bombay Stock Exchange that its group company, Grasim Industries has acquired 1.26 lakh shares or 0.05 per cent equity stake in L&T. Grasim informed that the shares were purchased between September 9 to September 17. Following this acquisition, its shareholding in Larsen & Toubro now stands at 351.84 lakh shares or 14.15 per cent, thus nudging the 15 per cent limit which triggers an open offer. Market circles are still unsure whether the group would take the plunge in making a open offer while sources in the know say that the group might make an open offer as it has averaged its price close to the prevailing market price.

JPC summons

New Delhi, Sept. 17: In a significant move, the Joint Parliamentary Committee (JPC) probing the stock scam and the temporary freeze on UTI US-64 scheme today decided to summon finance minister Jaswant Singh and his predecessors Yashwant Sinha, P. Chidambaram and Manmohan Singh next month for hearing.

RBI panels

New Delhi, Sept. 17: The Reserve Bank of India today said it has set up two working groups to formulate guidelines for setting up asset reconstruction companies in line with the recent securitisation Ordinance to enable banks to recover outstanding debts.

DPC board

Mumbai, Sept. 17: Mumbai High Court today suggested constitution of the board of Enron’s Dabhol Power Company (DPC), but said it would decide on September 19 about its implementation.

GE centre

New Delhi, Sept. 17: Multinational giant GE plans to invest $ 130 million to establish a research and development centre at Bangalore, according to minister for chemicals and fertilisers S S Dhindsa.

VSNL pact

New Delhi, Sept. 17: US-based telecom solution provider Starlinks International Inc. has signed an agreement with Videsh Sanchar Nigam Ltd (VSNL) for providing internet protocol technology to improve long distance communications based on voice over internet protocol.

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