Briefly Business

K R Kamath.

Confer core status to aviation: Assocham

New Delhi: Industry body Assocham has suggested that the government should confer core industry status to the airlines business to sustain the aviation sector. The sustainability of airline industry would be severely eroded if it is not recognised as core industry, Assocham said in a statement. The chamber also sought declared goods status to aviation turbine fuel ATF by lowering sales tax and revising its taxation structure.

Ackruti City lines up capex of Rs 600 cr

Mumbai: Realty firm Ackruti City has said that it has lined up a capital expenditure of Rs 600 crore over the next one year to carry out its various projects. We have a capex of Rs 600 crore over the next one year for implementing our various projects, Ackruti City Limiteds Chairman,Hemant Shah,said here. More than 50 projects are currently at different stages of implementation,Shah said.

BSNL expansion plan hits rough patch

New Delhi: A controversy over the procurement of Rs 35,000 crore worth equipment by telecom behemoth BSNL is brewing with position taken by the two government nominees on the Board,threatening mega expansion programme of the PSU. While the major equipment supplier Ericsson has lowered its price substantially after negotiations for the GSM expansion contract,the two government nominees have raised some proprietary issues concerning the tender. The BSNL CMD said,8221;The board will look into all the issues and take appropriate decision.8221;

ICICI Bank to raise Rs 1,200 cr via bonds

New Delhi: The countrys largest public sector lender,ICICI Bank,is raising up to Rs 1,200 crore by issue of bonds. The bank plans to raise at least Rs 500 crore by issuing Tier-II bonds,with an option to raise a further amount if the issue is oversubscribed,merchant bankers close to the deal said. Shares of ICICI Bank closed at Rs 862.70 on the Bombay Stock Exchange,up 0.15 per cent from its previous close at the end of Thursdays trade. The scrip during the trade gained nearly one per cent to touch an intra-day high of Rs 870.

Gallantt Ispat plans IPO to raise Rs 40cr

New Delhi: Steel producer Gallantt Ispat Ltd is planning to raise about Rs 40 crore through a public offer and has filed draft papers with the capital market regulator Sebi. The Kolkata-based company plans to hit the capital market with a public issue of 81 lakh shares of face value of Rs 10 a piece,as per the details available in the Draft Red Herring Prospectus DRHP filed with the Securities and Exchange Board of India. The issue price of the shares has been fixed at Rs 50 a piece,aggregating to Rs 40.50 crore.