Briefly Business

Market watchdog Sebi has asked FIIs issuing participatory notes PNs to disclose their short-positions on a daily basis,a move which analysts say,may make this opaque form of investment more transparent....

PN short-selling: Daily reporting now

Mumbai: Market watchdog Sebi has asked FIIs issuing participatory notes PNs to disclose their short-positions on a daily basis,a move which analysts say,may make this opaque form of investment more transparent. Any fresh short-positions shall be immediately reported to Sebi, market watchdog told those FIIs which issue PNs. Foreign institutional investors FIIs who are coming through the PN route were earlier allowed to disclose their positions on a weekly basis.

FDI in May up 5.6 pc to 2.21 billion

New Delhi: Indias foreign direct investment in May this year rose by 5.6 per cent to USD 2.21 billion,reversing the decline in the previous two months. The FDI inflows in May 2009 were 2.09 billion. Quick estimates indicate the foreign fund inflows in May were up by 5.6 per cent, an official source told PTI. The inflows in the first two months of 2010-11 were,however,down by about one per cent at 4.39 billion. The FDI in April was 2.21 billion,down 5.1 per cent year-on-year. In March,the inflows had contracted by about 38 per cent.

Oil cos hike jet fuel prices by 3.2 per cent

New Delhi: State-owned oil firms today raised prices of jet fuel,or ATF,by 3.2 per cent,the eighth hike in rates since March. Aviation turbine fuel ATF rates in Delhi were raised by Rs 1,297,or 3.2 per cent,to Rs 41,489 per kilolitre effective midnight tonight,said an official of Indian Oil Corp IOC,the nation8217;s largest oil marketing firm. Prices of ATF,which makes up for roughly 40 per cent of the operating cost of an airline,have risen every fortnight since March, except last month,on firming global oil rates.

Panel for Maharatna status for SBI

New Delhi: A government-appointed panel today called for according the coveted Maharatna status to the nations largest lender State Bank,and Navaratna and Miniratna tags to other state-owned banks to foster competition. We are suggesting SBI as Maharatna bank. Other banks be given Navaratna and Miniratna to foster competition. For that a study group should be constituted. Efficiency ratio to be a key criterion, former Bank of Baroda chairman A K Khandelwal, who headed the panel,told newsmen after submitting the report to financial services secretary R Gopalan.

Nakoda buys Korean co for 40 million

MUMBAI: Leading polyester filament yarn firm Nakoda has acquired a South Korea-based polyester plant Kyunghan Industry Company for for 40 million. The total cost of acquisition was done through Nakodas subsidiary,Indo Korean Petrochem,a company official said here. It is the third-largest polyester plant in South Korea. We have acquired the plant for a total investment of 40 million, Nakoda8217;s CMD BG Jain said.