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Business Briefs

Bajaj Auto to cut jobs

New Delhi, Sept. 2: Bajaj Auto will lay off about 2,000 workers over the next one year through a combination of voluntary retirement scheme, retrenchment and transfer to dealers. The company has also firmed up plans to introduce a 115cc motorcycle between Rs 43,000-Rs 45,000 in a bid to boost its motorcycle sales to 1 lakh units per month, vice-chairman Madhur Bajaj said.

RBI move

Mumbai, Sept 2: The Reserve Bank has permitted registered foreign institutional investors, having valid approval, to trade in all exchange traded derivative contracts approved by Sebi.

ONGC deal

New Delhi, Sept. 2: ONGC Videsh today signed the sale agreement with OMV Aktiengesellschaft of Austria for buying the latter’s stake in two onshore exploration blocks in Sudan for $115 million.

Dabur board

New Delhi, Sept. 2: Dabur Pharma Ltd, the new company formed to acquire the Rs 183.8 crore pharmaceuticals business of Dabur India Ltd, has formed a six -member board which includes Anand Burman, Amit Burman, P. D. Narang, Ajay Vij, Rama Mukherjee and P. S. Srinivasan.

Steel industry

New Delhi, Sept. 2: The government is taking steps to protect the steel industry amid rising international steel prices. Union steel minister Braja Kishore Tripathy said adequate supply and easy availability of raw materials must be maintained to stabilise steel prices.


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