Briefly Business

The government has said the country would see an economic growth of over 7.5 per cent in the current fiscal and over 8 per cent in 2010-11 as a result of various stimulus measures taken since 2008.

FM: Stimulus to push growth above 7.5 pc

New Delhi: The government has said the country would see an economic growth of over 7.5 per cent in the current fiscal and over 8 per cent in 2010-11 as a result of various stimulus measures taken since 2008. We may end the year 2009-10 with a growth rate of over 7.5 per cent and next year growth at over 8 per cent, finance minister Pranab Mukherjee said here at an event of the central excise department.

Bhatt: SBI needs to raise Rs 40K cr in 5 yrs

Mumbai: The State Bank of India SBI needs to raise around Rs 40,000 crore of capital over the next five-years and this would be done through a rights issue,the banks chairman OP Bhatt said here on Wednesday. In the next five years,we need to raise somewhere around Rs 40,000 crore. This is in addition to Tier II capital and in addition to retail earnings which account for Tier I capital, Bhatt said.

REC shares soar 4.87 per cent

Mumbai: The shares of the government-run power financier Rural Electrification Corporation REC soared nearly 5 per cent on the BSE,a day after its follow-on public offer was closed with over three-times subscription. Intra-day the scrip surged 11.87 per cent to 237.90,and settled the day at Rs 223,still higher by 4.87 per cent over its previous close on the Bombay Stock Exchange. The closing price of REC on Wednesday was nearly 10 more than the floor price of its FPO.

IOCs Behuria unlikely to be offered new term

New Delhi: Indian Oil Corp IOC chairman S Behuria is unlikely to get an extension of service when his five-year term comes to an end this month and he is being offered a position at a joint venture firm of oil PSUs. IOC director business development BM Bansal,whose term is also coming to an end this month,has,however,earned an extension of service till he retires next year and is likely to be appointed acting chairman.

Turner acquires 85 in NDTV Imagine

Mumbai: US media giant Turner has acquired 85.68 per cent stake in Prannoy Roy-promoted NDTVs entertainment channel Imagine. NDTV,last year,had said it had entered into an agreement with Turner Asia Pacific for selling majority stake in NDTV Imagine for about Rs 546 crore,a deal that will help the Indian media group turn debt-free.

AP Kurian retires,Sinor is AMFI CEO

Story continues below this ad

Mumbai: The Association of Mutual Funds in India AMFI,the first level regulatory body of mutual funds,has brought H N Sinor as the new chief executive officer. The AMFI board has also accepted the retirement of its present chairman A P Kurian. At the AMFIs board meet on Wednesday,it was unanimously decided to appoint H N Sinor former joint MD of ICICI Bank as the CEO with immediate effect. His term will be for a period of three years. PTI