Briefly Business

India Inc expects the economy to grow by 7.5 to 8.5 per cent during the current fiscal fuelled mainly by rising capital investment and expanding exports,a CII survey has said.

GDP to grow 7.5-8.5 pc in 2010-11: Survey

New Delhi: India Inc expects the economy to grow by 7.5 to 8.5 per cent during the current fiscal fuelled mainly by rising capital investment and expanding exports,a CII survey has said. A majority of respondents expects economic growth to be in the 7.5-8.5 per cent range, said the CII Business Outlook Survey based on responses from 458 companies.

Dont sell Ukraine firms policies: IRDA

Hyderabad: Insurance regulator IRDA has directed New Delhi-based Radiant Overseas to stop selling insurance policies of a Ukraine insurer as they are not registered with the sectoral watchdog. 8230; this Authority IRDA hereby directs Radiant Overseas P Limited,New Delhi,to stop issuing,marketing or selling insurance policies,collecting money towards insurance premium or carrying on any activity related to and connected with the business of insurance, IRDA said in an order.

McDonalds may bring McCafe to India

New Delhi: Fast food chain McDonalds on Sunday said it plans to bring its globally renowned McCafe,the chain of coffee shop within its outlets,into India by 2012. The move is aimed at tapping the estimated over Rs 1,000 crore organised retail coffee chain market. The plans for introducing McCafe are on the drawing board right now8230; It will take one-and-a-half to two years to implement the idea, a company spokesperson said.

Coal India comes under CCI scanner

New Delhi: State-run Coal India has come under the scanner of competition watchdog CCI for tying up supply of mining explosives from a particular company without inviting bids,but the PSU denies doing anything anti-competitive. The Competition Commission of India CCI has asked its Director-General to investigate the allegations.

IPO bids: SEBI for parity among investors

New Delhi: Retail and institutional investors will be treated alike in terms of bidding for shares in public offers from Monday,a move also likely to bring down the exorbitant levels of over-subscriptions in the primary market. A new directive from the market regulator SEBI is coming into effect from Monday as per which institutional investors will have to pay upfront 100 per cent money in primary issues,just like the retail investors.

PSUs to hire 31,000 more in 2010-11

New Delhi: Public sector units,which saw a reduction in their head count in 2008-09 due to voluntary retirement schemes,have started hiring again and may return to the 2007-08 level of 15.66 lakh employees this fiscal,a senior official said. In the current year,the PSUs may provide gainful employment, Department of Public Sector Enterprises Secretary Bhaskar Chatterjee said.

ArcelorMittal may tie up with SAIL

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New Delhi: We will continue to look at various opportunities in India or anywhere. We are also in dialogue with SAIL8230; We can create values for our company and for SAIL and ultimately we can create value for the country, ArcelorMittal CEO LN Mittal said.