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This is an archive article published on July 20, 2010

Briefly Business

Finance minister Pranab Mukherjee on Tuesday asked insurance companies to create a mechanism so as to avoid future financial crises....

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Revamp structure: Pranab to insurers

Hyderabad: Finance minister Pranab Mukherjee on Tuesday asked insurance companies to create a mechanism so as to avoid future financial crises. “It is important that insurance companies reduce their costs and reorganise their company structures by harnessing technological development,” Mukherjee said while inaugurating a grievance cell at the Insurance Regulatory and Development Authority office here.

SAIL revamps Bokaro unit in Rs 70K cr plan

New Delhi: As part of its Rs 70,000 crore expansion programme,state-owned Steel Authority of India Ltd (SAIL) on Tuesday commissioned a newly renovated unit at its Bokaro Steel Plant (BSL). SAIL chairman C S Verma inaugurated the revamped blast furnace at BSL,which was upgraded at a cost of Rs 805 crore,a company statement said.

Reliance refuses to obey OilMin order

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New Delhi: Upping its ante against the oil ministry,Reliance Industries has said it cannot give natural gas to new customers by cutting supplies to power and fertiliser plants. Stating that the ministry’s order was in violation of the gas utilisation policy,RIL has suggested that a panel of ministers should discuss the matter.

Sebi confirms ban on India Capital

Mumbai: Market regulator Sebi on Tuesday turned down the appeal of India Capital Markets Pvt Ltd for reviewing the order banning it from trading in shares for its alleged role in the Pyramid Saimira share scam. India Capital Markets was banned in April last year for allegedly selling shares on behalf of its clients,including Pyramid Saimira Theatre Ltd (PSTL)-promoter Nirmal Kotecha,when the shares of the firm were being traded at an artificially inflated price on December 22,2008.

Manappuram’s PAT up 225 pc at Rs 46 crore

Mumbai: Manappuram General Finance and Leasing Ltd’s net profit zoomed by 225 per cent to Rs 46 crore in the first quarter ended June 30 (Q1 FY 11) as compared to the year-ago figure. The company’s total assets under management (AUM) stood at Rs 3,377 crore with gold loan AUM at Rs 3,310 crore for the quarter,against Rs 1,120 crore in the year-ago period. The company’s operating income grew by 177 per cent at Rs 186 crore against Rs 67.13 crore in the corresponding period last fiscal.

Dhanalakshmi Bank raises Rs 380.73 cr

Mumbai: Private-sector lender Dhanalakshmi Bank on Tuesday said it has raised Rs 380.73 crore through private placement of shares. The bank sold 21 million shares at Rs 181.30 each,including a premium of Rs 171.30,aggregating to Rs 380.73 crore. The institutional placement ended on Tuesday. “We have plans to increase our advances from the present Rs 5,000 crore to Rs 9,000 crore in FY 11,” Dhanalakshmi Bank’s Managing Director & CEO Amitabh Chaturvedi told reporters here.

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