The Telegraph
Saturday , December 17 , 2011
Since 1st March, 1999
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Business Briefs

Vedanta trio join Cairn

New Delhi, Dec. 16: Vedanta has appointed three nominees, including its vice-chairman Navin Agarwal and Priya Agarwal, on Cairn India’s board. Vedanta group chairman Anil Agarwal has decided to stay away from Cairn India and has put his brother Navin as the head of the company. His close confidant Tarun Jain and daughter Priya Agarwal will be the other nominees on the board.

NRI rates freed

Mumbai, Dec. 16: The RBI today freed interest rates on various non-resident deposit schemes, a move that will help to attract more funds from NRIs and arrest the slide in rupee in the forex market.

Petrol price

New Delhi, Dec. 16: State-owned oil firms today decided not to change petrol prices this fortnight in view of the correction in the rupee-dollar value. “The RBI action has led to rupee correcting by Re 1 per dollar and we feel we should wait for some time before making any changes in retail prices of petrol,” an IOC official said.

e-IPO on way

New Delhi, Dec. 16: Sebi is considering a proposal to allow firms to sell shares through an all-electronic initial public offer, wherein investors will be able to bid for shares without the need for signing any papers physically. The move will also help in fast-tracking the IPO process and lower costs.


New Delhi, Dec. 16: The government will consider revising upward the Rs 5,000-crore limit up to which top performing Maharatna PSUs can take investment decisions without approval from the cabinet or administrative ministries, heavy industries and public enterprises minister Praful Patel said today.

JSW Steel

New Delhi, Dec. 16: JSW Steel today said a Rs 523-crore initial payment from a promoter has been forfeited as the promoter group entity could not convert warrants worth Rs 2,117.5 crore within the permitted time.

Rashmi move

Calcutta, Dec. 16: Rashmi Metaliks is planning to invest Rs 300 crore to set up an iron ore beneficiation and pellet plant at Kharagpur.