Briefly Business

ONGC loses Algeria oilfield to Chinese firm

NEW DELHI: State-run Oil and Natural Gas Corporation ONGC has lost an oilfield in Algeria to a consortium led by a Chinese oil firm. ONGC teamed up with Turkish Petroleum Corp TPAO and UAE8217;s Dana Gas to bid for the hotly contested Hassi Bir Rekaiz acreage in Algeria8217;s latest licensing round,sources said. It however lost the prized property to a consortium of China National Offshore Oil Corp CNOOC and Thailand8217;s PTTEP.

IPO guidelines within 15 days: IRDA

NEW DELHI: The Insurance Regulatory and Development Authority IRDA on Friday said it would come with initial public offer guidelines for the insurance sector within a fortnight to allow companies to raise funds from the capital market. 8220;IPO guidelines would be issued in the next 15 days,8221; Insurance Regulatory and Development Authority IRDA member R Kannan told PTI.

ILamp;FS hikes stake in Maytas Infra to 37 pc

MUMBAI: Private lender Infrastructure Leasing amp; Financial Services Ltd has increased its stake in Maytas Infra to 37.01 per cent by acquiring shares given as surety for a loan by the family of disgraced Satyam founder B Ramalinga Raju,promoters of the company. ILamp;FS,which had acquired a 14.50 per cent equity in Maytas by way of market purchase,now holds over 2.17 crore shares representing 37.01 per cent in the company,Maytas said in a disclosure to the National Stock Exchange.

Steel output to touch 124 MT by 2012

NEW DELHI: The steel ministry has said the country is poised to become the second largest crude steel producer in the world by 2015 with major investment plans in the sector. 8220;With a production of 46.77 million tonne MT crude steel during the January-October 2009 period,the country has emerged as the fourth largest steel producer in the world and is expected to become the second largest producer in the world by 2015,8221; the ministry said.

SBI revises foreign currency deposit rates

MUMBAI: The State Bank of India on Friday revised its interest rates on foreign currency non-resident b account deposits and non-resident external term deposits with immediate effect. With this,FCNRB deposits in American dollars,having a maturity of one-two years will now attract an interest of 1.98 per cent as against 2.02 per cent earlier,the bank said in a press release issued here.

Exporters want stimulus to continue

MUMBAI: With an expected rise in the key lending rates the government should continue with the stimulus measures to support exporters,an industry body said on Friday. The Federation of Indian Export Organisations said it expects government to continue with the stimulus packages.