Briefly Business

Shares of the countrys largest miner NMDC plunged over 6 per cent ahead of its follow-on public offer...

NMDC tanks 6.23 ahead of FPO

Mumbai: Shares of the countrys largest miner NMDC plunged over 6 per cent ahead of its follow-on public offer FPO,which opens on Wednesday. NMDC shares closed 6.23 per cent down at Rs 375.65 on th BSE today. The government has announced a price band of Rs 300-350 for the FPO. The market price of NMDC shares has been falling since mid-January.

SteelMin to send SAIL FPO plan to Cabinet

New Delhi: The Steel Ministry has said it will send the 20 per cent share-sale proposal of the countrys largest steel maker SAIL to the Cabinet this week. The share-sale proposal of the Steel Authority of India Ltd SAIL will be sent to the Cabinet this week. Thereafter,the Cabinet Secretary will take a final call on it, Steel Secretary Atul Chaturvedi told reporters on the sidelines of conference to announce the price band of NMDC FPO.

Govt not planning FPOs in ONGC,IOC

New Delhi: The government has no plans now to sell its shares in Oil and Natural Gas Corp ONGC and Indian Oil Corp IOC as ambiguous fuel pricing was affecting their valuations. At the moment there is no proposal for follow-on public offers of ONGC or IOC, Disinvestment Secretary Sumit Bose said on Tuesday. Oil Secretary S Sundareshan too stated that there was no plan at this juncture for FPOs in ONGC and IOC.

Montek: PSBs should raise money from mkts

New Delhi: Pitching for banking sector reforms,Planning Commission deputy chairman Montek Singh Ahluwalia on Tuesday said PSU banks should look at stock markets to raise money to meet their capital adequacy norms and fund future growth. Banks need to raise capital from the market. I would strongly recommend that the public sector banks raise money from market. We ought to have strongly capitalised banks, he said.

Aditya Birla Minacs acquires British firm

Bangalore: Aditya Birla Minacs,an arm of Aditya Birla Group,on Tuesday announced the acquisition of the UK-based Compass BPO,a leading end-to-end finance and accounting Famp;A services provider. Through this acquisition,Minacs would take over all the operations of Compass across the UK,US,Middle East and in India,bringing Minacs Famp;A employee strength to 600,it said in a statement.

Inflation will ease by April: Kaushik Basu

New Delhi: Chief Economic Advisor Kaushik Basu on Tuesday said inflation would cool down by April due to good agricultural production. With better food production inflation will die down. Food inflation is high,its a concern. My own expectation is by April-May the base effect would have gone, Basu said. The government needs to take action and has taken action and that is why we are witnessing some decline in food prices,Basu said. PTI