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Business Briefs

FDI worth Rs 22 cr cleared

New Delhi, Oct. 14: The government today cleared 22 foreign direct investment proposals envisaging an inflow of Rs 21.76 crore, including Rs 12.16 crore plan by Australian company Techino Pty to transfer shares from resident to non-resident shareholders in its Indian arm, Chambal Agritech. Among other proposals cleared by finance minister Jaswant Singh was Swiss firm Ebito’s plan to acquire 20 per cent stake in Colour Chem Ltd from its public shareholders for manufacturing pigments for textile printing.

Sebi pact

Mumbai, Oct. 14: Sebi has signed a memorandum of understanding with the Monetary Authority of Singapore to strengthen communication channels and establish a framework for mutual co-operation.

Gilt auction

Mumbai, Oct. 14: The Reserve Bank will conduct an auction of 5.69 per cent government stock, 2018, totalling Rs 5,000 crore on October 21. Also it closed the sale on tap of 5.85 per cent state loans maturing in 2015 for Manipur, Orissa and Nagaland.

Cairn discovery

New Delhi, Oct. 14: Cairn Energy Plc has struck oil and gas in Rajasthan, the fourth discovery by the British firm in the block which borders Gujarat.

Gas price

New Delhi, Oct. 14: The government is likely to put off the proposal to hike natural gas prices by Rs 350 to Rs 3,200 per thousand cubic metres until assembly polls in five states were over, as the move would necessitate an increase in price of CNG supplied to automobiles in Delhi.

HCL selloff

New Delhi, Oct. 14: The government today extended the deadline for submitting financial bids for privatisation of Hindustan Copper Ltd (HCL) till the end of October as prospective bidders sought further information about the company.

Pharma export

New Delhi, Oct. 14: Pharmaceutical exports from India recorded a 21 per cent rise to Rs 11,925 crore last fiscal compared with the previous fiscal. The growth was mainly due to higher exports to the US, Germany, Canada, UK, Russia, Mexico and Spain, an official release said.

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