Briefly Business

Public sector lender United Bank of India has fixed the issue price of its initial public offer at Rs 66 per share....

UBI IPO issue price at Rs 66 per share

New Delhi: Public sector lender United Bank of India has fixed the issue price of its initial public offer at Rs 66 per share the upper end of its price band raising Rs 324.98 crore through the share sale. The state-run lender had entered the primary market with an issue size of five crore shares in the price range of Rs 60-66 per piece. The issue was subscribed over 33 times. A discount of Rs 3 per share has been offered to retail individual investors and eligible employees,United Bank said in a public announcement.

Dozen entities vying for banking licences

New Delhi: Over a dozen non-banking finance companies,including those from industrial houses like Tatas,Birlas,Anil Ambani-led Reliance group and Bajaj Group,are lining up plans to seek banking licences once the Reserve Bank of India comes up with relevant guidelines. The host of private sector entities which have been eyeing a banking licence include Aditya Birla Group,Tata Capital,Anil Ambani-led Reliance Capital,Malvinder Singh-led Religare group,Muthoot Group,Bajaj Group and Shriram Finance.

Mercedes-Benz sales up 157 pc in Jan-Feb

Mumbai: German car major,Mercedes-Benz,has said its sales in first two-months of this year has grown by 157 per cent with a total of 842 units sold as compared to the year-ago period. In January and February 2009,the company sold 328 units. Mercedes-Benz,in February 2010 itself,recorded a sales of 439 units,marking a growth of 78 per cent as compared to 246 units in February 2009. So far,we have registered a good start to the year 2010 and February sales have been encouraging, Mercedes-Benz India MD and CEO,Wilfried Aulbur,said.

6.38 lakh jobs created in Oct-Dec quarter

New Delhi: In a clear indication of the revival of the economy,the government has revealed that 6.38 lakh jobs were created in the October-December quarter last year. During this period,employment increased in almost all sectors except the transport sector which saw a marginal decline,according to the Labour Bureau under the Labour and Employment Ministry. It said 91 per cent of the jobs created were in export units.

Major PSUs line up Rs 2.78 lakh cr capex

New Delhi: Major central public sector enterprises have earmarked a whopping capital expenditure of Rs 2.78 lakh crore in the next fiscal,with petroleum and power companies lining up Rs 1.20 lakh crore investment. The PSUs in the telecom and road transport sectors would also be among the major spenders in the next financial year,as per the roadmap listed in the Union Budget 2010-11.

Rangarajan pegs Q4 GDP growth at 9 pc

New Delhi: The Prime Ministers economic advisor C Rangarajan has said the economy is likely to grow by around 9 per cent in the fourth quarter. For a 7.2 per cent growth rate,the economy has to grow by about 9 per cent in the fourth quarter8230; We should be able to grow adequately in the last quarter to reach the growth rate of 7.2 per cent, PMEAC chairman Rangarajan said.