Briefly Business

In recognition of his leadership and contribution to business in Asia, Vikram Singh Mehta,chairman,Shell Companies in India will be the recipient of the first Asian Business Leader Award

Shells V S Mehta conferred Business Leader award

NEW DELHI: In recognition of his leadership and contribution to business in Asia, Vikram Singh Mehta,chairman,Shell Companies in India will be the recipient of the first Asian Business Leader Award by Asia House a leading pan-Asian organization in Europe at a dinner in London on October 14th. It is humbling to be recognised along with people who have led major global corporation and have made a significant contribution to world economics. I am proud to represent my country and appreciate the support of colleagues, said Mehta,who is also a columnist with The Indian Express.

Innoventive Ind plans Rs 250 crore IPO

NEW DELHI: Innoventive Industries,the Pune-based multi-product engineering company,said it plans to tap capital market for raising Rs 250 crore and has filed draft prospectus with the market regulator Sebi for the IPO. The company has filed draft red herring prospectus DRHP with the Securities and Exchange Board of India for an initial public offering aggregating to Rs 250 crore.

MetLife launches insurance product

NEW DELHI: Private sector insurer MetLife India Insurance launched a term insurance product Met Protect,the first such life cover plan by the company to be available online. Met Protect would allow customers within the age group of 21-45 years to avail of life cover protection through the Internet,MetLife said.

Bajaj picks 12.82 pc stake in NMCE

NEW DELHI: The National Multi Commodity Exchange of India NMCE said it will raise Rs 25 crore via selling its 12.82 per cent stake to Bajaj Group arm,Bajaj Holdings and Investment Ltd. This investment will help NMCE to meet its regulatory capital requirement and strengthen its balance sheet for investment in exchange infrastructure, NMCE said in a statement.

Commexes turnover up by 41 pc in Sep

NEW DELHI: Turnover of 23 commodity bourses rose by 41.13 per cent to Rs 8,95,613 crore in September this year,buoyed by energy and metal trade,according to the FMC. The turnover of all the bourses stood at Rs 6,34,596 crore in the corresponding period last year.

SBBJ hikes rates by up to 50 bps

JAIPUR: State Bank of Bikaner and Jaipur announced increasing deposit rates by up to 50 basis points across various matuarities effective from October 15. The new domestic term deposit rates has been increased from 7.25 per cent to 7.50 per cent for 555 days and from 7.50 per cent to 7.75 per cent for 1,000 days from October 15.