Briefly Business

Reliance Life Insurance has launched 17 new unit-linked plans to cater to individuals of all age groups....

BSNL selloff likely soon,no merger

NEW DELHI: The Prime Minister8217;s IT advisor Sam Pitroda on Friday said the government is not planning to merge BSNL and MTNL,but efforts are on to sell stake in BSNL. There is no move to merge BSNL and MTNL, he said,however,adding the government is considering selling a part of its stakes in BSNL and will move in quickly in that direction.

Telenor ups stake in Unitech to 60 pc

MUMBAI: Norwegian telecom major Telenor has hiked stake to 60.1 per cent in its Indian joint venture Unitech Wireless from 49 per cent earlier and has paid Rs 1,493 crore for the same. The payment is the third tranche for the 11.1 per cent stake in Unitech Wireless,realty major Unitech,which founded Unitech Wireless,said.

CLSA sells stake in Maytas Infra

MUMBAI: Foreign fund house CLSA Mauritius has lowered its stake in Maytas Infra to 3.52 per cent by selling shares worth Rs 14.31 crore in open market deals. CLSA sold 8.54 lakh shares,representing 1.45 per cent stake in Maytas,for about Rs 14.31 crore on January 4,the company,which was founded by the kin of B Ramalinga Raju,said.

FinMin keen on ONGC,Indian Oil FPOs

NEW DELHI: The finance ministry is keen on selling stakes in Oil and Natural Gas Corporation and Indian Oil Corporation but follow-on public offers in the two bluechip PSUs are unlikely as unresolved issues are affecting their valuations. Disinvestment secretary Sunil Mitra last month wrote to his counterpart in petroleum ministry R S Pandey seeking comments on public offerings from governments shareholding in ONGC and IOC.

Tea production rises,export up 23 pc in Nov

NEW DELHI: Indias tea production have gone up slightly in November 2009 to 90.53 million kg compared to 89.65 million kg in the same month previous year,according to the data released by the Tea Board on Friday. Tea exports rose by 23 per cent to 19.2 million kg compared to 15.6 million kg in the period under review.

Reliance Insurance launches 17 ULIPs

JAIPUR: Reliance Life Insurance has launched 17 new unit-linked plans to cater to individuals of all age groups. These new products are in line with our strategy to enhance our product portfolio and target customers who are conversant with the capital market and are looking at better alternatives amongst market linked products, Reliance Life Insurance president Malay Ghosh said.

SBI plans Rs 3,000-5,000 cr bond issue

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MUMBAI: The State Bank of India has said it plans to raise between Rs 3,000 and Rs 5,000 crore by way of issuing 10-year retail bonds,to test the market appetite. We are looking at issuing retail bonds. This is mainly to test the market. The bonds will have a maturity of 10 years, SBI chairman OP Bhatt said.