Briefly Business

Govt bans export of milk powder,casein.

Govt bans export of milk powder,casein

New Delhi: The government today banned exports of milk powder and its products to boost domestic supplies and check rising prices of milk. Besides,export of casein and its products,a protein derivative of milk,has also been banned by the Commerce Ministry. Milk prices have risen by about 20 per cent in the retail market and by 12 per cent at the wholesale level in the last one year,adding to the food inflation which is well into the double digit. The ban will apply to skimmed milk powder,whole milk powder,dairy whitener and infant milk foods till further orders,Directorate General of Foreign Trade (DGFT) said.

Sebi moves SC against derivatives case order

New Delhi: Stock market regulator Sebi today approached the Supreme Court against the order of appellate body SAT,which set aside its decision to impose penalty on Rakhi Trading for alleged rigging in derivatives trade. Sebi had imposed a penalty of Rs 1.08 crore on Rakhi Trading in March,2009 for allegedly creating artificial volumes of Futures & Options (F&O) on the National Stock Exchange through reversal of trade route.

Reliance Infra seeks IB probe into bear cartel

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new delhi: Anil Ambani-led Reliance Infra has sought an Intelligence Bureau probe into alleged hammering down of 23 infrastructure stocks by a powerful stock market operator for personal gains of hundreds of crores of rupees. Besides itself and another group firm Reliance Power,the group has also listed out companies like public sector giants NTPC,BHEL and NHPC,as also private sector entities like L&T,JSW Energy,Adani Power,Tata Power and Voltas Ltd in its letter to the IB,sources said.

RBI curbs buying zero coupon bonds

Mumbai: Concerned over the indiscriminate investment in zero coupon bonds by banks,the Reserve Bank of India has put restrictions on bank investments in such bonds. The RBI has decided that banks should not henceforth invest in ZCBs unless the issuer builds up a sinking fund for all accrued interest and keeps it invested in liquid investments/securities (government bonds). It is observed that banks are investing in long term zero coupon bonds (ZCBs) issued by corporates including those issued by non-banking financial companies.