Bizbits

Private PF funds in MFsNew Delhi: The Centre on Wednesday said it had decided to allow from April 1 private retirement and employee benef...

Private PF funds in MFs
New Delhi: The Centre on Wednesday said it had decided to allow from April 1 private retirement and employee benefit funds to be channeled into mutual funds which invest in government securities. quot;The government has decided to permit non-government provident funds, superannuation funds and gratuity funds to invest in the units of such mutual funds which have been set up as dedicated funds for investment in government securities,quot; a statement said.

Central Bank reduces interest rates
Mumbai: Central Bank of India on Tuesday announced one per cent reduction in its prime lending rate PLR and medium term lending rate MTLR to 12.5 per cent with effect from April 1. The bank has also introduced prime term lending rates, for the benefit of specified categories of priority sector, which will be 12 per cent. The bank said small loans of over Rs 25,000 and upto Rs two lakh will attract interest rate of 12.5 per cent.

Sintek Industries launchestanks
Mumbai: Sintek Industries has introduced for the first time in India rectangular water tanks, made from UV-stabilised polyethylene, which is usable both indoors and outdoors. The required fittings for inlet, outlets, overflow and scour connections and float valves can also be provided. It can be put as sumps in bungalows, tenements, and individual houses and also corporate and commercial buildings.

BPL launches multimedia television
Mumbai: BPL will be launching, for the first time in the country, a 28 inch 100Hz flicker-free multimedia television with a personal computer and a DVD-ROM built-in. With the BPL multimedia television, people can watch television channels with high resolution images and crystal clear digital sound, playback video with broadcast quality pictures and multi-channel sound tracks, exchanges voice, video and data with any part of the world, capture, print and alter photographs taken on digital cameras, access information on the internet andcommunicate with the world using video conferencing.

Skanska to form local subsidiary
New Delhi: The 8-billion Swedish construction giant, Skanska is planning to form a 100 per cent subsidiary in the country. It is also open to a joint venture where it will hold a 76 per cent stake, according to Skanska International Civil Engineering AB8217;s regional manager South Asia, Ragnar Udo. He was, however, unwilling to disclosed potential local partners. Skanska is the 13th largest construction firm in the world, operating in 60 countries.

Indal reviews venture operations
Calcutta: Indian Aluminium Co Ltd is reviewing the operations of all its five joint ventures with the aim of controlling costs and improving margins. Industry sources said Indal is mulling two options for Courtaulds Packaging India Ltd, its 30 per cent venture with Courtaulds of the USeither to dilute its stake in favour of Courtaulds or to stop further investments.