Bajaj deal not yet ready
Mumbai, Dec. 17: The two factions of the Bajaj family with Rahul Bajaj on one side and his brother Shishir on the other have yet to agree upon a final price for sale of the latter’s 6 per cent stake in Bajaj Auto Ltd (BAL). “ We have commenced talks with each other through our respective lawyers. But neither of them have discussed the price, which is the ultimate deciding factor, as of yet”, sources close to the family said.
Rupee firms up
Mumbai, Dec. 17: The rupee edged up further against the US currency today, ending at Rs 48.1350/1400 per dollar, yet another closing high for the current calendar year.
New Delhi, Dec. 17: The Supreme Court today said if an employee seeks VRS and does not withdraw his application within the cut-off date, he could not do so later on the ground that it had not been accepted. The ruling was given by a three-judge bench while upholding the VRS of State Bank of India.
BIFR, CLB staff
New Delhi, Dec. 17: Finance minister Jaswant Singh today assured the Rajya Sabha that no employee of BIFR and Company Law Board (CLB) would be retrenched when these are disbanded and merged into the National Company Law Tribunal.
UTI IT fund
Mumbai, Dec. 17: J. P. Morgan has ranked UTI’s India IT Fund, incorporated in Mauritius, at the top of the country funds over the last five-year period.
Basel (Switzerland), Dec. 17: India’s foreign exchange market is “stable and orderly” and the country is confident of achieving 5-5.5 per cent growth in economy, Reserve Bank governor Bimal Jalan said.
Berlin, Dec. 17: The euro rose to its highest level against the dollar in almost three years today, as concern about the threat of war with Iraq weighed on the US currency.
New Delhi, Dec. 17: The country’s foreign direct investment from January next year could increase sharply with the government slated to adopt a broader classification as per IMF standards.