|
FIs’ debt exposure rules set
Mumbai, Jan. 13: The Reserve Bank today announced the final guidelines that will govern financial institutions’ (FIs) investment in non-government debt securities. A cap of 10 per cent has been set. The new rules will come into force from April, but the institutions will have a “transition period” to comply. During this time, firms can get their unlisted debt issues listed on stock exchanges, an RBI release said.
Flag move
New Delhi, Jan. 13: US-based Flag Telecom has cleared the decks for amalgamation with Reliance Gateway, a 100 per cent subsidiary of Reliance Infocomm, for $211 million. Flag’s shareholders approved the proposal unanimously.
Tax mop-up
New Delhi, Jan. 13: The Centre's tax collections were up over 14 per cent at Rs 1,63,611 crore till December, mainly due to an impressive growth in corporate tax. Direct taxes surged 23 per cent to Rs 64,230 crore, while indirect taxes grew 9.0 per cent to Rs 99,381 crore in April-December.
Jindal pact
New Delhi, Jan. 13: Jindal Stainless today entered into a technical alliance with Nisshin Steel of Japan to consolidate its position in the high-value segment by acquiring operating technology, besides improving production yields.
IT panel
Hyderabad, Jan. 13: In a bid to promote India as a hardware destination, a high-powered delegation headed by IT secretary K. K. Jaswal will visit the US and European countries to make board-level presentations.
Power sops
New Delhi, Jan. 13: To expedite the private sector power projects, financial institutions (FIs) today resolved not to press for government guarantees, a move which could help capacity addition to the tune of 8,000-10,000 MW, covering projects of BPL, Torrent and Jindal Group among others.
IndusInd net
Mumbai, Jan. 13: IndusInd Bank has posted a 210 per cent growth in net profit for the third quarter ended December 31 at Rs 77.09 crore from Rs 24.83 crore in the year-ago period. Operating profit at Rs 115.13 crore was up over 35 per cent from the corresponding period last year.
|
