The Telegraph
Since 1st March, 1999
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Business Briefs

Unit Trust carve-up cleared

New Delhi, Dec. 3: Parliament today gave its approval for bifurcation of Unit Trust of India into two companies — UTI-I and UTI-II — with finance minister Jaswant Singh assuring the Rajya Sabha that the government would meet all commitments to investors. The UTI (transfer of undertaking and repeal) Bill 2002, already passed by the Lok Sabha, was approved by the Rajya Sabha by a voice vote after the mover of the statutory resolution opposing the Ordinance of October 29, Manmohan Singh, withdrew it and Left parties walked out in protest.

Reliance move

Mumbai, Dec. 3: Reliance Industries has hiked polymer prices, while reducing prices of fibre intermediates for December. Prices of poly vinyl chloride has been raised to Rs 36.10 per kg from Rs 34.10, a rise of Rs 2, that of polypropylene has been hiked to Rs 43.35 from Rs 42.35.

Airport lease

Mumbai, Dec. 3: The government will invite expressions of interest (EoIs) within the next one month for leasing of the metro airports, civil aviation secretary K. Roy Paul said.

Sebi report

New Delhi, Dec. 3: Sebi would give within a week its report on price movement and share trading in oil PSUs HPCL and BPCL following the government’s decision to defer by three months a decision on disinvestment in the two oil marketing firms. At the same time, Sebi said it will take a view on Grasim’s investment in L&T soon.

Crude oil

New Delhi, Dec. 3: The country will get 30 lakh metric tonnes of crude oil per year as a result of ONGC-Videsh Limited’s agreement for buying 25 per cent stake in a Sudani oil field.

Bank of India

Mumbai, Dec. 3: Bank of India (BoI) has decided to split the 15-90 day term deposit band into 15-45 day and 46-90 day tenure slabs and slash the interest rate on “15-45 day” slab by 50 basis points to 4.75 per cent from December 5.

SBI Life plan

Mumbai, Dec. 3: SBI Life Insurance has rolled a scheme, whereby customers of Sundaram Home Finance can avail life insurance cover along with their housing loans.

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