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Business Briefs

Trade policy date

New Delhi, April 1: The government is likely to give a boost to labour-intensive sectors, including textile and select farm products, in the review of the Foreign Trade Policy (FTP) to be unveiled on April 11. Confirming the date for the policy, commerce secretary G.K. Pillai said he was confident that India’s exports would reach $155 billion for 2007-08. “We have reached $138 billion up to February... We expect to achieve $155 billion this year,” he said.

KYC norms

Mumbai, April 1: The Securities and Exchange Board of India (Sebi) has proposed that brokers should limit trading exposure of their clients based on their financial position, a move intended to avoid any default from investors.

Rites IPO

New Delhi, April 1: Rites Ltd, an arm of the Indian Railways, has approached Sebi to dilute the government holding in it by 28 per cent through an initial public offer, 10 per cent of which is sought to be offered to employees.

Iron ore

London, April 1: Prime Minister Manmohan Singh can intervene to provide iron ore blocks to Lakshmi Mittal, CEO of ArcelorMittal, for his two proposed 12-million-tonne steel plants in India, steel minister Ram Vilas Paswan said today.

Market circuit

Mumbai, April 1: A movement of 1575 points in the sensex and 470 points in the Nifty will bring trading to a halt through the current quarter ending June, according to the new circuit filter limits set by the BSE and the NSE.

Accentia

Mumbai, April 1: Outsourcing firm Accentia Technologies is planning to increase its headcount to 5,500 by the end of this fiscal to meet its business requirements.

DRL buy

Mumbai, April 1: Pharmaceutical company Dr Reddy’s Laboratories (DRL) will acquire part of the US-based Dow Chemical Company’s small molecules business for an undisclosed amount. The company has entered into a definitive agreement with Dow Chemical.

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