EPFO bond choice
• New Delhi, July 5: Retirement fund body EPFO has decided to invest in corporate bonds in the AA+ investment grade, a notch lower than the earlier norm of AAA, a move that will help it park around Rs 3,000 crore per annum in such securities. The decision to invest 2 per cent of investible deposits of the Employees Provident Fund Organisation (EPFO) was taken by its advisory body, finance, audit and investment committee, at its meeting held today.
Singhania row
• New Delhi, July 5: Over nine years after an arbitrator divided their family properties three-way, the Singhania family groups today brought the dispute to an end, with Raymond owner Gautam Singhania and others informing the Supreme Court that they have settled their wrangle. Three Singhania family groups - Mumbai, Calcutta and Kanpur - were locked in the dispute over shares in the premium properties.
ONGC pacts
• New Delhi, July 5: ONGC has rescinded the initial pacts for outsourcing production from its ageing fields in Gujarat and Assam to international service providers Schlumberger and Halliburton after the oil ministry objected to the contract being handed over without bidding.
Services show
• New Delhi, July 5: The services sector in India rose to an eight-month high of 53.1 in June, driven by a sharp jump in new work orders, the Nikkei India Services Purchasing Managers' Index (PMI) showed.
