Briefly Business

Sebi is mulling changes in the rules to bring to the fore cases of promoters raising funds by keeping shares as indirect collateral.

Sebi mulls tougher rules for share pledging

New Delhi: Sebi is mulling changes in the rules to bring to the fore cases of promoters raising funds by keeping shares as indirect collateral. At the same time,the market watchdog is also considering making it mandatory for company promoters to disclose the amount of funds raised by share pledging and the utilisation of such proceeds,a senior official said.

ICAI accounting format to ensure transparency

Madurai: A format for accounting and auditing of income and expenditure of political parties has been submitted to Election Commission by the Institute of Charted Accountants of India ICAI. The implementation of the uniform format would help in bringing about accountability of political parties,ICAI President G Ramaswamy said.

First indigenous aircraft prototype soon

Chennai: The countrys first indigenous aircraft prototype,developed at a cost of 11.2 billion by Mamp;M,will be launched soon,a top official said. Yes,our very first prototype that is designed in India and manufactured in Australia will be coming out soon, said Karthik Krishnamurthy,CTO of Mahindra Aerospace.

ITI looking to infuse Rs 2,381 cr for expansion

New Delhi: State-owned telecom equipment maker ITI Ltd is looking to invest over Rs 2,381 crore to re-start its manufacturing units and diversify into other businesses. Operating agency for DRS draft rehabilitation scheme State Bank of India has proposed a Rs 2,381 crore fund for revival of ITI, K L Dhingra,ITI,CMD said.

Finance Minister to meet PSU bank chiefs on July 8

New Delhi: Finance Minister Pranab Mukherjee will hold a review meeting with the heads of public sector banks and financial institution in the light of rising interest rates and concerns of slowdown. The meeting will take stock of the financial performance of the banks during the financial year ended March,2011.

DoT mulls monthly review of BSNL performance

New Delhi: Determined to turn around loss-making BSNL within six months,the Telecom Ministry has decided to review the performance of all circle heads of the service provider on monthly basis. It is necessary as quarterly monitoring is a very long period for assessing the performance of a commercial organisation like BSNL, a DoT source said.

Fitch scales down GDP growth estimate to 7.7

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Mumbai: As the stern anti-inflationary stance of Reserve Bank crimps growth and demand,global ratings agency Fitch has further lowered its growth forecast for the domestic economy in 2011 to 7.7 per cent from 8.3 per cent previously.

SRS IPO gets ICRA Grade 3 rating

Mumbai: ICRA has assigned the ICRA IPO Grade 3 grading to the initial public offer of 3.5 crore equity shares to be issued by SRS Ltd. The company has also announced its plans to set up cinemas in 15 new locations with 51 screens and 13,840 seats.

ITC Mauyra launches hypo-allergenic rooms

Mumbai: ITC Maurya in association with PURE Solutions LLC plans to introduce ITC One PURE Rooms. The hypo-allergenic ITC One PURE rooms and suites are designed for guests with respiratory sensitivities and allergies.