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Business Briefs

Core sector growth

New Delhi, July 27: A strong recovery in steel, cement and power sectors propelled infrastructure growth to 10.2 per cent in June 2005 from 2.4 per cent in the same month last year. The improved performance in the three sectors also offset the slowdown in crude, refining and coal to raise the overall growth in the six core industries.

NCAER move

New Delhi, July 27: NCAER today scaled down growth projection marginally to 7.05-7.1 per cent for 2005-06, while warning that fiscal deficit may go up to 4.12 per cent of GDP. The economic think-tank also expects inflation between 4 per cent and 5 per cent and stable interest rates.

UTI mutual

New Delhi, July 27: UTI Mutual Fund has been valued by SBI Capital Market at about Rs 2,000 crore and a new sponsor is expected to be shortlisted by September.

Exide buy

New Delhi, July 27: Exide Industries will acquire the 49.13 per cent stake held by GMR Industries in ING Vysya Life Insurance for Rs 203.2 crore. Exide will acquire an additional 0.87 per cent stake through its subscription to concurrent capital call.

Rural banks

New Delhi, July 27: The SBI, PNB, the Bank of Baroda, the Central Bank of India, Indian Bank, Dena Bank and Syndicate Bank will merge their RRBs into single entities in six states.


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