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Business Briefs

LIC funds permit

New Delhi, Nov. 21: The finance ministry today permitted Life Insurance Corporation to invest up to 30 per cent in a firm against the earlier ceiling of 10 per cent. “LIC can invest up to 30 per cent of a company’s paid-up capital. Earlier it could invest up to 10 per cent,” financial services secretary D.K. Mittal said. The notification relaxing investment norms for LIC has been issued.

AI bonds

Mumbai, Nov. 21: Life insurance major LIC and the Employee Provident Fund Organisation (EPFO) have agreed to fully subscribe to the Rs 7,400-crore bond sale of Air India, a top SBI Caps official said today.

Coal penalty

New Delhi, Nov. 21: The government has decided to deallocate a coal block allocated to Bihar Sponge Iron and deduct bank guarantee of Rs 26.5 crore in case of Jindal Steel & Power Ltd and Jayaswal Neco.

Export slip

New Delhi, Nov. 21: Exports are likely to slip below $300 billion — far below the target of $360 billion set for this fiscal — because of the global demand slowdown impacting the economy.

Indirect tax

New Delhi, Nov. 21: Economic slowdown is impacting revenue realisation as the indirect tax collection has shown a moderate growth of 17 per cent to Rs 2.57 lakh crore in the April-October period against the annual target of 27 per cent.