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Business Briefs

UBI, Calcutta bourse in deal

Calcutta, Nov. 12: Public sector banker United Bank of India has signed a pact with Calcutta Stock Exchange (CSE) to launch an integrated online share trading platform called U-Connect to tap the growing demand from retail clients who want to gain access to the capital market. While CSE will get an online trading interface and will be able to leverage on the branch network and client base of the UBI, the banker is eyeing to strengthen its non-interest income and CASA book further.

Coal proposals

New Delhi, Nov. 12: With the impasse over the price pooling of imported coal remaining unresolved, there is a proposal to bring some changes in the mechanism, amid the PMO asking Coal India and Central Electricity Authority to work on the issue jointly. “It is being proposed to bring slight changes in the price pooling model. There is a proposal that pricing (of imported coal) should be on the calorific value (of coal) among others,” a source close to the development said.

OVL plans

New Delhi, Nov. 12: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), plans to restart crude oil production from its fields in South Sudan in the next few weeks, company sources said today. OVL and its partners had in January shut oil production from the Greater Nile Petroleum project after a dispute between South Sudan and Sudan over the pipeline transit fees.

SAT fine

Mumbai, Nov. 12: The Securities Appellate Tribunal (SAT) today reduced Sebi’s penalty on Dipak J. Panchal and his wife to Rs 2 crore each in a case related to irregular dealings in the IPO way back in 2003-05. In its order, SAT, while upholding the findings of Sebi, reduced the penalty to Rs 2 crore for Dipak J Panchal and his wife Devangi.

SpiceJet loss

Mumbai, Nov. 12: No-frills carrier SpiceJet narrowed its losses to Rs 163.52 crore in the September quarter and said high fuel costs and currency volatility remained a cause for concern. The carrier trimmed losses by 32 per cent from Rs 240.07 crore it reported in the year-ago period, helped by various cost control measures as well as a healthy 57 per cent jump in sales.


 
 
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