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Business Briefs

Relief for sugar mills

Mumbai, Dec. 19: The domestic sugar industry got a breather today as Allahabad High Court asked the Uttar Pradesh government to reconsider its state advised price (SAP). SAP is the price at which sugar mills buy sugarcane from farmers. The state government had fixed the price at Rs 125 per quintal, which had an adverse effect on the companies’ bottomlines.

Orient tiff

New Delhi, Dec. 19: Stung by the us hotel chain Orient Express’ rebuff to be associated with the Taj Hotels, the Tatas today shot off a letter to the company, alleging its posture as “libellous”. The Tatas asked for an apology by the US hotel group to the Taj Hotels.

Morgan loss

New York, Dec. 19: Morgan Stanley has reported a net loss from continuing operations of $3.59 billion, or $3.61 a share, for the quarter ended November 30. The company recorded a bigger-than-expected $9.4 billion writedowns and said it sold a $5-billion stake to China Investment Corp to bolster its capital.

Wheat bonus

New Delhi, Dec. 19: The government today said it was not considering any proposal for a bonus over and above the minimum support price of wheat.

Idbi move

New Delhi, Dec. 19: irda today cleared a proposal by idbi-led insurance joint venture to enter into life insurance.

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