Briefly Business

Cairn Energy Plc has secured the approval of shareholders for sale of majority stake in its Indian arm to Vedanta Resources

Cairn shareholders approve selloff

NEW DELHI: Cairn Energy Plc has secured the approval of shareholders for sale of majority stake in its Indian arm to Vedanta Resources but the closure of the deal depends on certain conditions,including open offer from Sesa Goa which is likely to miss the October 11 timeline. The shareholder approval meant that state-owned ONGC,which partners Cairn India in several of its properties including the giant Rajasthan oilfield,will not be able to to make a counter offer now or exercise its pre-emption right.

Sensex down 228 pts on weak global cues

Mumbai: The Bombay Stock Exchange benchmarkSensex on Thursday lost 228 points to drop from 33-month record levels due to profit booking sparked by reports of high inflation and weak global trends. The BSE barometer fell sharply by 227.76 points to 20,315.32 points. The broad-based National Stock Exchange index Nifty fell by 66.15 points to close at 6,120.30 points.

Achieved best-ever Q2 sales: SAIL

New Delhi: State-run SAIL on Thursday said it has achieved the best-ever July-September quarter sales of 3.17 million tonnes MT on account of higher intake by the construction and manufacturing sectors. Sales growth in Q2 was mainly due to higher intake by the construction and manufacturing sectors8230;in comparison to sales in the previous quarter Q1,Steel Authority of India Ltd SAIL achieved a growth of 30.8 per cent, the company said in a statement.

SpiceJet launches flight to Kathmandu

New Delhi: Low cost carrier,SpiceJet on Thursdaylaunched its international operations with its first flight taking off from here for Kathmandu. The Delhi-Kathmandu flights would be followed by another international flight on the Chennai-Colombo sector on October 9.

Canada may invest 3 bn in highways sector

New Delhi: Shifting its focus from the US and other European nations,Canada has assured India to invest 3 billion in highways projects in the next five years,Road Transport and Highways Minister Kamal Nath said.Earlier Canada was parking funds in western countries mostly the US,I sensitised them8230;they showed a lot of interest. Over a period of five years,I think we should have close to 3 billion, Nath said.

Govt plans National Register of Business

Kolkata: The government has decided to createa national register of business aimed at capturing every single commercial activity in the country to ultimately pave way for keeping more accurate statistical data of economic activities. We are planning a National Register of Business to keep track of every single commercial activity both big and small in the country, Secretary to the Ministry of Statistics and Programme Implementation TCA Anant said.