Fitch deficit alert

New Delhi, Feb. 1: Global rating agency Fitch has cautioned the government against its burgeoning fiscal deficit, even as it retained the current rating of the country at BBB-, which is an investment grade three notches down from the highest grade. The rating shows the chances of sovereign default as comparatively low. Fitch believes that India requires substantive fiscal reforms to address or offset the weaknesses exposed during 2008-09 and 2009-10.

Uttam Galva

New Delhi, Feb. 1: ArcelorMittal has acquired a 29 per cent stake in Uttam Galva for Rs 422 crore through an open offer, taking its holding in the domestic firm to 34.42 per cent. It had bought a 5.6 per cent stake in Uttam Galva in October 2009 and two months later launched the open offer.

Birla arm

Mumbai, Feb. 1: Aditya Birla Financial Services Group has tied up with South Korean firm Woori Investment and Securities to extend its product, service and advice offerings to a larger customer base across India and Korea.

IRDA move

New Delhi, Feb. 1: Insurance regulator IRDA has made it mandatory for insurance companies to disclose the remuneration of the independent directors as part of its steps towards improving corporate governance.

Brazil trade

Calcutta, Feb. 1: Trade between India and Brazil is expected to touch $10 billion in the next three to four years from more than $5 billion now, Brazil’s ambassador to India Marco Brandao said.

Parsvnath plan

New Delhi, Feb. 1: Delhi-based Parsvnath Developers will invest Rs 7,000 crore in its ongoing projects over the next five years. The company also plans to raise up to Rs 300 crore through private equity by March-end.

World Bank

New Delhi, Feb. 1: The World Bank today said India was likely to grow at 7.5 per cent next fiscal and the growth prospects remained strong, even as the world economy recovered slowly.