Briefly Business

Hindalco to raise Rs 3K cr via equity sale

Mumbai: Aditya Birla group flagship company,Hindalco is planning to raise around Rs 3,000 crore through an equity sale to part fund its ongoing projects. Hindalco Chief Financial Officer S Talukdar said the company plans to raise the fund either through qualified institutional placement (QIP) or through sale of shares in overseas markets through the global depository receipts (GDR) route.

JSPL Q2 profit up 6 pc at Rs 808 crore

New Delhi: Naveen Jindal-promoted Jindal Steel and Power has reported a 6.04 per cent rise in net profit for the second quarter at Rs 808.36 crore over the same period a year ago. “As much as 70 per cent of the profit came from our power business under Jindal Power Ltd,” JSPL deputy managing director Sushil Maru said. The company had a net profit of about Rs 762 crore in the quarter-ended September 30,2008. Total income declined to Rs 2,445.28 crore in the quarter under review as against Rs 2,859.15 crore in the same period previous fiscal.

‘Power sector requires $250 bn in next 8 yrs’

New Delhi: The Indian power sector would require an investment of about $250 billion (about Rs 12,50,000 crore) in the next eight years for its growth,a report highlighting the emerging opportunities in future electricity markets said. “Investments of about $250 billion will need to be made in the power sector in the next 8-9 years to fuel planned growth,” a CII A T Kearney study said.

Tier-II cities ahead in job creation: Study

New Delhi: Medium size towns,known as Tier-II cities,have outpaced the metropolitans in creation of white collar jobs in the private sector,indicating a recovery in the overall employment market,a study has revealed. Employment opportunities in the private sector increased by close to 30 per cent in the second rung cities,while in top metros,they improved by about six per cent in the first seven months of the current fiscal,the study by Assocham found.

FinMin seeks view on 15% NMDC stake sale

New Delhi: The Finance Ministry has asked the Steel Ministry to give by November 5 its views on the proposed 15 per cent disinvestment in mining PSU NMDC. “Department of Disinvestment has recommended 15 per cent disinvestment in NMDC and sought Steel Ministry’s response on it by November 5. If the steel ministry does not respond by then,it will be construed that they approve of the Disinvestment Department’s recommendation,” a senior steel ministry official said.