Briefly Business

Amid Indian rupees rising to two-year high last week,Reserve Bank said it may intervene in the foreign exchange market if FII inflows are volatile.

RBI may step in if inflows volatile

WASHINGTON: Amid Indian rupees rising to two-year high last week,Reserve Bank said it may intervene in the foreign exchange market if FII inflows are volatile. Foreign institutional investors FII have pumped a record 21 billion Rs 96,000 crore so far this year into Indian stock markets. If the inflows are lumpy and volatile or if they disrupt the macroeconomic situation,we will do so intervene. Our intervention will be to keep liquidity conditions consistent with activity in the real economy and to maintain financial stability, Subbarao said.

Pranab wins FM of Asia award

NEW DELHI: Pranab Mukherjee has won this year8217;s Finance Minister of the Year for Asia award given by London-based daily newspaper Emerging Markets. This is the second time Mukherjee has been bestowed with the honour. He was rated as the best finance minister in the world in 1984,a government statement said.

Mamp;M-SsangYong final pact by Dec-Jan

MUMBAI: Auto major Mahindra amp; Mahindra said due diligence on South Korean sports utility vehicle-maker SsangYong Motor Company is almost over and work on a draft agreement will begin by the month-end. We will be completing our due diligence soon and then hold talks with the management of SsangYong. We expect to draft our acquisition plan by end-this month, president automotive and farm equipment Pawan Goenka said.

Sept gold import soars 30 pc

MUMBAI: Skyrocketing price has not deterred India8217;s love for the gold as imports have zoomed 30 per cent to 34.8 tonne in September over the previous month. In August,gold import stood at 26.8 tonne,as per data given by the Bombay Bullion Association. Even as gold is trading over Rs 19,000 per 10 grams,the demand has gone up on the back of the ongoing festive season, Bombay Bullion association director Suresh Hundia said.

ICICI Lombard to insure Nacils fleet

MUMBAI: ICICI Lombard General Insurance has won the bid to insure NACIL8217;s aircraft fleet for 9.1 billion,a top company official said. We won the bid and completed the placement racing against a tight deadline, ICICI Lombard head risk amp; reinsurance Rajive Kumaraswami said.

NCDEX preferential issue by Oct-end

MUMBAI: The National Commodity and Derivatives Exchange NCDEX is likely to float a preferential issue by October-end to raise its paid-up equity capital by Rs 12.50 crore to Rs 50 crore,a top exchange official said. We are raising our equity capital from the current Rs 37.50 crore to Rs 50 crore through a preferential issue,which will be offered soon, NCDEX chief corporate services Anant Kumar said.

AI to demand another Rs 2K cr

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NEW DELHI: As the process to infuse Rs 1,200 crore as additional equity in Air India takes shape,the national carrier might ask for another Rs 2,000 crore from the government in the next financial year to repay its massive debt,official sources said today. AI would require Rs 3,000-Rs 4,000 crore annually to pay off its debt.