FIIs stay net sellers

Mumbai, May 29: Foreign institutional investors (FIIs) have recorded net sales of Rs 317.4 crore ($72.6 million) in equities for the trading week ended May 27. The foreign funds were net sellers at Rs 120 crore ($27.5 million) in the debt market during the period under review, according to the data available with the Securities and Exchange Board of India. The foreign funds recorded highest net outflow of the trading week in equities at Rs 185.10 crore ($42.42 million) on May 27 followed by Rs 162.50 crore ($37.20 million) on May 25.

NCL foray

Calcutta, May 29: Northern Coalfields Ltd (NCL), the highest profit-making subsidiary of Coal India Ltd, is considering a foray into power generation, preferably through a joint venture.

Biotech draft

New Delhi, May 29: The Confederation of Indian Industry has welcomed the draft national biotech development strategy. It would help the sector emerge as a global player and attract domestic and foreign investments, the chamber said.

Hiranandani

Mumbai, May 29: Real-estate major Hiranandani group today said it will bid for National Textiles Corporation?s (NTC) mill lands in Mumbai, which are coming up for auction. NTC has decided to sell two more properties, Mumbai Textile Mill and Apollo Textile Mill.

VAT fallout

New Delhi, May 29: The Confederation of All India Traders has said the continued stalemate over value-added tax (VAT) could result in a drop in states? revenue collection.