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Business Briefs

Mumbai, Oct. 16: The Centre for Monitoring Indian Economy (CMIE) today said that overall agricultural production due to drought conditions was expected to decline by 7 per cent in the current fiscal and this could have a direct impact on the real gross domestic product (GDP), which is expected to grow only by 3.1 per cent. CMIE said that production of foodgrain was expected to decline by nearly 9 per cent and that of non-food crop by 5 per cent.

Air-India selloff

Patna, Oct. 16: Union civil aviation minister Syed Shahnawaz Hussain today scotched speculation on disinvestment or privatisation of Air-India and Indian Airlines in the near future.

Ranbaxy pact

Mumbai, Oct. 16: Ranbaxy SA, a wholly-owned subsidiary of Ranbaxy Laboratories, and Adcock Ingram, a Tiger Brands’ healthcare division, have formed a 50:50 joint venture to exclusively sell and distribute Ranbaxy’s range of anti-retroviral products in South Africa.

Bonds rating

Mumbai, Oct. 16: Crisil has downgraded the bond programmes of Maharashtra Krishna Valley Development Corporation and Vidarbha Irrigation Development Corporation to D from BB+ with negative implications. This follows delays in payment of interest and principal obligations by these entities on bonds rated by Crisil.

CSE crisis

Calcutta, Oct. 16: A large section of brokers of the Calcutta Stock Exchange is up in arms over the decision of the CSE authorities to adjust Rs 4 lakh, instead of the stipulated Rs 2.50 lakh, on an ad hoc basis from their non-interest bearing deposits towards the settlement guarantee fund to meet the March 2001 payment crisis.

Gilt auction

Mumbai, Oct. 16: The Reserve Bank of India received an overwhelming response for the 7.46 per cent Government of India stock, 2017, of notified amount Rs 4,000 crore. The cut off price was Rs 100.79 and yield to maturity stood at 7.37 per cent.

Feedback plan

New Delhi, Oct. 16: Feedback Ventures has received the government’s permission to set up an integrated residential township in Gurgaon.


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