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Business Briefs

ONGC to borrow $1bn

New Delhi, Oct. 8: ONGC has said it would borrow $1 billion to fund its proposed Rs 6,400-crore aromatic petrochemical complex at Mangalore. ONGC Mangalore Petrochemicals has mandated SBI Caps to arrange for the funds for the $1.52-billion plant adjacent to the company’s 9.69-million-tonne refinery at the port city, a company official said.

Ranbaxy

New Delhi, Oct. 8: Ranbaxy Laboratories said it remained confident that its products were safe and effective as the US Department of Justice withdrew a legal motion against it that charged fraudulent practice. The justice department has been provided with a comprehensive set of audit documents based on instructions by Ranbaxy, a company spokesperson said.

Coal use

New Delhi, Oct. 8: The government may allow power generating companies to use surplus coal for a project other than the one for which the block was allotted, as in the the case of Reliance Power’s project at Sasan in Madhya Pradesh.

Union Bank

Mumbai, Oct. 8: The Union Bank of India has introduced a 900-day deposit scheme with a 10.5 per cent interest to depositors. The new to effect from October 6.

Spectrum call

New Delhi, Oct. 8: The finance ministry has sought a fresh clarification from the department of telecom on the proposed segregation of revenues generated from existing 2G and to-be-launched 3G services to work out the annual spectrum usage charges.

BSE timings

Mumbai, Oct. 8: The Bombay Stock Exchange will start trading on normal timings from October 10. The market will open on at 9.55 am and trading session will end at 3.30 pm.

Markets closed

New Delhi, Oct. 8: All major markets, including the BSE, the NSE, bullion, metals, steel and foreign exchange, will remain closed tomorrow on account of Dussehra.


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