Briefly Business

Amid reports that Indian corporate giant Reliance Industries was mobilising funds for its acquisition,global petrochemical major...

No final bid from RIL yet: LyondellBasell

New Delhi: Amid reports that Indian corporate giant Reliance Industries was mobilising funds for its acquisition,global petrochemical major LyondellBasell has said it has not yet received a final bid. Reliance has not made a final bid,it has made only a preliminary non-binding offer, said a spokesperson for LyondellBasell,currently fighting to get out of bankruptcy.

RBI to act if inflation demand driven

Hooghly: Amid rising food inflation,the Reserve Bank on Wednesday said it will take prompt action if it felt the price rise is due to demand factors. We have no evidence that food inflation is due to demand related factors. The moment we feel that demand is also playing a role,RBI will take prompt action, RBI deputy governor K C Chakravarty said. In the context of food inflation he said,the apex bank did not have monetary response as long as the rise in prices was supply related.

JSW Energy IPO subscribed 1.67 times

Mumbai: The Rs 2,700-crore initial public offering of JSW Energy got subscribed a modest 1.67 times on the final day of issue on Wednesday,reflecting muted investor sentiment amid poor performance by other power sector majors in the bourses. The IPO of JSW Energy received bids for over 38 crore shares,against 22.76 crore shares on offer,garnering a demand of 1.67 times the shares on offer,as per data available on the NSE.

Disclose commission,RBI tells RRBs

Mumbai: To increase transparency,the Reserve Bank on Wednesday directed regional rural banks to disclose the commission they receive from mutual funds and insurers for referring their products to customers. Regional Rural Banks RRBs should disclose to the customers,details of all the commissions or other fees received,if any,from various mutual fund or insurance companies for marketing or referring their products, the RBI said in a notification.

Taro accuses Sun of waging proxy war

New Delhi: Israeli drug maker Taro Pharma has alleged that Sun Pharma is attempting to seize its control by waging a proxy war. Seeking the support of its shareholders,Taro chairman and managing director Barrie Levitt said,we believe that Sun may now attempt to seize the control of your company by waging a proxy fight to gain control of the Taro board. A Sun spokesperson said the allegations are a desperate attempt to draw the attention of its shareholders away from such proposed resolutions at the upcoming AGM.

NMDC stake sale process begins today

New Delhi: The Inter-Ministerial Group IMG on Disinvestment is expected to discuss on Thursday the appointment of investment bankers and advisers for selling additional 8.38 per cent government stake in iron ore producer NMDC.