Briefly Business

Reliance Industries has debunked charges that KG-D6 gas field output fell due of non-drilling of an adequate number of wells.

Reliance debunks charges on output fall

New Delhi: Reliance Industries has debunked charges that KG-D6 gas field output fell due of non-drilling of an adequate number of wells,saying the phenomenon was a result of reservoir complexity and indiscriminate drilling would have lead to infructuous capital expenditure.

Textile Ministry lowers cotton output estimates

New Delhi: The Textiles Ministry has lowered the countrys cotton production estimates further to 30.5 million bales for the 2010-11 season as unseasonal rains in December 2010 have affected the crop output,leading to lower arrival in mandis.

Indian Bank to appoint bankers on FPO

New Delhi: Public sector lender Indian Bank is looking to hire merchant bankers to advise it on a proposed Rs 61 crore follow-on public offer FPO. Indian Bank is planning to come out with an FPO shortly and invites sealed tenders from reputed lead managers for appointment as book running lead managers to the issue, the bank said in a public announcement on Sunday.

UCO Bank moves HC against I-T order

New Delhi: The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC. A bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna has referred the matter to a larger bench and fixed July 15 for further hearing.

Disinvestment kitty to cross Rs 1 lakh crore

New Delhi: The governments disinvestment proceeds from all its asset sales till date are set to cross the Rs 1 lakh crore milestone with its share sale in Power Finance Corp scheduled to hit the market later this week. The government may garner over Rs 1,100 crore from sale of its 5 per cent stake in PFC through a follow-on public offer FPO.

Cos to provide details of CSR to shareholders

New Delhi: The new company law will make it mandatory for companies to disclose details of social sector initiatives,or CSR,in addition to money spent,to shareholders in their annual reports. Companies will also have to disclose to their shareholders where they have spent the 2 per cent of net profit earmarked for corporate social responsibility CSR initiatives.