Briefly Business

The Bombay Stock Exchange today decided to suspend trading in eight companies from July 19,for non-compliance of the listing agreement....

BSE to suspend eight firms

MUMBAI: The Bombay Stock Exchange today decided to suspend trading in eight companies from July 19,for non-compliance of the listing agreement. The companies to be suspended are Hytone Texstyles,Mukat Pipes,ORG Informatics,Parsoli Corporation,Rishab Financial Services,Shamrock Industrial Company,Typhoon Holdings and Voltaire Leasing amp; Finance,a BSE release said. These firms are being suspended following their failure to comply with the various provisions of the listing agreement up to the quarter ended September 2009,the statement added.

Quarterly disclosures for insurers soon

KOLKATA: Insurance Regulatory and Development Authority IRDA will ask insurance companies to announce quarterly disclosures. The regulator is already in talks with consultancy firm Deloitte to construct a format for the same. IRDA member for finance and investment RK Nair said the regulator would ask Deloitte to come up with the format and the content of disclosures which the industry players will have to comply with.

Promoters raise stake to 46.72 pc in Unitech

New Delhi: The countrys second largest realty firm,Unitech,today said its promoters have increased their stake in the company by 0.42 percentage points to 46.72 per cent by converting warrants worth Rs 76.44 crore. The committee of directors of the company in its meeting held on June 18,2010,has allotted 2,00,00,000 equity shares of Rs 2 each at a premium of Rs 48.75 per share to Harsil Projects Pvt Ltd,a promoter group company, Unitech said in a statement.

I-T benefits for new SEZs not possible

New Delhi: Dashing the industrys hopes for a rethink by the Finance Ministry on the proposal for doing away with Income Tax exemption for SEZs,revenue secretary Sunil Mitra today said profit-linked deductions are not possible. If SEZs are to be given concessions,we do not think these have to be tax concessions henceforth, Mitra told reporters here.

Corp Bank base rate may be 8.25-8.5 pc

Mumbai: State-run Corporation Bank today said its base rate is likely to be fixed between 8.25-8.5 per cent and that it will announce the rate after its board meeting later this month. Our board is meeting on June 22 to finalise the rate, Corporation Bank executive director Narendra Singh told reporters here. Presently,around 40 per cent of the banks loans were given at sub-PLR rates,he said.

Cotton exports to open on October 1

New Delhi: Deviating from the stand of the textile ministry,commerce secretary Rahul Khullar today said restrictions on cotton exports will be removed from October. He said by and large the commerce ministry tried to have a regime where exports were unrestricted.