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Business Briefs

AMC to manage UTI-II

New Delhi, Oct. 29: The Ordinance to repeal the UTI Act was today promulgated paving the way for setting up of an asset management company (AMC) for managing the net-asset-value-based UTI-II after the split of the country’s largest mutual fund within two months. Along with the Ordinance to repeal the UTI Act of 1963, President A. P. J. Abdul Kalam also promulgated the Ordinance to amend the Sebi Act for providing extra teeth to the market regulator besides enlarging its board. Following the issue of the Ordinance, a notification would be issued for setting up an AMC with a initial corpus of Rs 10 crore by Life Insurance Corporation, State Bank of India, Punjab National Bank and Bank of Baroda with 25 per cent interest each.

RIL gas reserve

New Delhi, Oct. 29: Reliance Industries Limited (RIL) has made a significant gas find in Andhra Pradesh’s Krishna-Godavari basin, which is comparable to the size of basin field of Oil and Natural Gas Corporation. Initial estimates put the in-place reserves at 5-6 trillion cubic feet, of which up to 40-50 million cubic meters per day can be recovered.

Nalco selloff

New Delhi, Oct. 29: The Centre is believed to have temporarily suspended the process of due-diligence in Nalco, in the wake of heckling of the Hindalco team members at the corporation’s smelter and refinery in Orissa by demonstrators protesting its privatisation.

ABB India chief

New Delhi, Oct. 29: ABB India today reconstituted its board of directors appointing Peter Smits as its new chairman as part of strategy to increase synergies in Asia and enhance its global role.

Lever shares

Mumbai, Oct. 29: The Reserve Bank of India (RBI) today said that foreign institutional investors were now allowed to purchase equity shares and convertible debentures in Hindustan Lever Ltd (HLL) up to 49 per cent of its paid up capital.

Bank rating

New Delhi, Oct. 29: Moody’s today said the financial strength ratings of Indian banks continued to be constrained by “difficult” operating environment leading to poor asset quality and scant profitability.


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