Briefly Business

Keen to draw a good response to its share sale in SAIL,the government may offer a special discount of five per cent to retail buyers and employees of the state-owned firm on the issue price of the FPO.

Govt mulls special discount on SAIL FPO

NEW DELHI: Keen to draw a good response to its share sale in SAIL,the government may offer a special discount of five per cent to retail buyers and employees of the state-owned firm on the issue price of the FPO. We can offer 5 per cent discount to retail investors and SAILs employees in the FPO, steel secretary Atul Chaturvedi said.

GAIL,EIL may enter JV for city gas,CNG

NEW DELHI: State-run gas utility GAIL India Ltd on Monday said it is in talks with Engineers India Ltd to set up a joint venture to sell CNG to automobiles and piped natural gas to households in cities. EIL has a long association with GAIL. We are interested in having them as partners even in city gas distribution CGD projects, GAIL chairman and managing director B C Tripathi said.

India to grow 8.5 pc in Q4,says Kaushik Basu

MUMBAI: An economic revival in the manufacturing,agricultural and export-oriented services sectors,especially IT,are expected to help the country clock a growth of 8.5 per cent in Q4 FY 10,chief economic adviser in the finance ministry Kaushik Basu said. In the third-quarter the economy did not do well but in Q4,there was a bounce-back and the country seems on course to clock an 8.5 per cent GDP growth in Q4 FY 10, Basu said.

Corus to see rise in input costs

KOLKATA: Tata Steels European arm Corus will see a rise in the input cost pressure during the current fiscal as it does not have captive reserves of iron ore and coking coal used in making steel,a top company official said. Tata Steels European operations Corus will have to bear the entire cost pressure as it does not have captive mines,the company said while announcing the production and sales figures for 2009-10.

India Inc raises 1.2 bn through IPOs

NEW DELHI: Riding on robust Asian market recovery,twenty Indian companies raised a whopping 1.2 billion through initial share sale offers in the first three months of 2010,a period when global IPOs were worth over 53 billion,says a report. With 20 IPOs in the first quarter of the year,India had the third largest number of IPOs after China and the US, Ernst amp; Young said in a report.

Telecos licence fee revenue shrinks

NEW DELHI: Government revenues from telecom operators licence fee is set to cross Rs 10,000 crore in 2009-10,but the overall rate of growth has slowed due to the sectors shrinking income due to lower tariffs.

Russia may buy 20 pc stake in SSTL

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CHANDIGARH: Sistema Shyam TeleServices SSTL,which is a joint venture between Russian conglomerate Sistema and Shyam Group,has said the Russian government may acquire 20 per cent stake in the company after infusing 800 million in it to help it expand across India.