Fillip for project exports

Mumbai, Jan. 8: The Reserve Bank (RBI) today provided greater flexibility to project and service exporters by relaxing norms for inter-project transfer of machinery and funds overseas. It also allowed them to deploy temporary cash surplus generated outside the country through investments in short-term papers abroad or depositing it with overseas branches or subsidiaries of designated Indian banks.

Trent stake

Mumbai, Jan. 8: Tata Sons has picked up a 1.53 per cent stake in the group’s retail arm Trent Ltd, taking its total stake in the company to 24.35 per cent.

FM meet

New Delhi, Jan. 8: Finance minister P. Chidambaram will hold a pre-budget consultation with industrialists such as Ratan Tata, Kumar Mangalam Birla and the Ambani brothers tomorrow. Heads of Ficci, CII and Assocham will also be present.

Karvy plea

Mumbai, Jan. 8: The Securities Appellate Tribunal (SAT) today dismissed Karvy Stock Broking’s plea against Sebi’s interim order in the IPO scam, where thousands of fictitious demat accounts were used to corner retail portion of shares in 21 initial public offers.

Airline merger

New Delhi, Jan. 8: The group of ministers dealing with the merger of Air-India and Indian will meet on January 15 to consider various options recommended by the committee of secretaries on the course to be adopted.