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Meet on price rise
New Delhi, March 18: A high-level inter-ministerial group today discussed high inflation rates, especially of essential items. The meeting was chaired by external affairs minister Pranab Mukherjee. The wholesale price-based inflation touched a nine-month high of 5.11 per cent during the week ended March 1, above the tolerance level of the RBI, for the second week in a row. The meeting was attended by finance minister P. Chidambaram, agriculture minister Sharad Pawar and commerce and industry minister Kamal Nath.
Edible oil
New Delhi, March 18: The government has banned the export of all edible oils for one year to boost domestic supplies and contain the rising prices of vegetable oils in the country. The restriction is effective from March 17, the Directorate General of Foreign Trade said in a notification on its website.
SBI rights
Mumbai, March 18: The State Bank of India’s rights issue was fully subscribed on the closing day today, garnering around Rs 16,736 crore after a robust response from institutional investors. The share of retail investors was 6.1 per cent of the total subscription.
Axis stake
Mumbai, March 18: Foreign fund Orient Global Tamarind Mauritius has picked up nearly 1 per cent stake in Axis Bank for Rs 237.85 crore in open market transactions. Orient Global Tamarind acquired 30 lakh equity shares in Axis Bank at a price of Rs 792.85 each in a bulk deal, data available on the Bombay Stock Exchange showed.
UTI issue
New Delhi, March 18: Rating agency Crisil has assigned IPO grade 4/5 to the proposed initial public offering of UTI Asset Management Company. This grade indicates that the fundamentals of the issue are above average relative to other listed equity securities in India.
Airline
New Delhi, March 18: The government is unlikely to allow foreign airlines to invest in their Indian counterparts as long as the domestic aviation industry strengthens itself, civil aviation secretary Ashok Chawla said. “We want the industry to reach a certain level of comfort,” he said.
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