Briefly Business

The Prime Ministers economic advisory panel chairman on Friday said the inflation level still remains high despite signs of weakening...

Inflation still high,admits Rangarajan

Chennai: The Prime Ministers economic advisory panel chairman on Friday said the inflation level still remains high despite signs of weakening and needs to be addressed. 8220;There are signs of weakening,but the level of inflation still remains high. You must continue to address the problem,8221; Prime Ministers Economic Advisory Council Chairman C Rangarajan said on the sidelines of a conference on Financial Inclusion.

Base to up credit flow to borrowers: Govt

New Delhi: The government on Friday said the introduction of the base rate system,the minimum interest rate below which banks cannot lend,will increase the credit flow to borrowers with small pockets. 8220;It is expected that the above deregulation of lending rate will increase the credit flow to small borrowers at reasonable rates and bank finance will provide effective competition to other sources of high cost credit,8221; minister of state for finance Namo Narain Meena told the Lok Sabha in a written reply.

Canara Bank raises Rs 750 cr via bonds issue

Mumbai: Public sector lender Canara Bank has said it has raised Rs 750 crore through a bonds issue. In a filing to the Bombay Stock Exchange,the bank said it has collected Rs 749.30 crore from the bonds issue. The bank said it had planned to issue Tier I bonds for Rs 500 crore,with an option to raise a higher amount in case the issue gets fully subscribed.

TRAI to meet telcos to stop unsolicited calls

New Delhi: The Telecom Regulatory Authority of India on Friday said it will meet mobile services operators over the next few days to discuss and find a solution to the menace of unsolicited commercial calls and bulk messages. 8220;We had a meeting with two service operators today,out of which one of the providers has assured us that they will not send bulk messages. We will meet other operators over the course of next few days8230; and will work out a solution, TRAI chairman J S Sarma said.

Malhotra is new Indian Oil Ramp;D head

New Delhi: Dr RK Malhotra took over as the new Director Research amp; Development,Indian Oil,on Friday. Prior to his elevation to the Board,Malhotra was Executive Director of Indian Oils Research and Development Centre at Faridabad. His appointment as the head of Ramp;D comes at a time when Indian Oil is pressing the pedal on research in new areas.

Fortis Healthcare Q1 net loss at Rs 13.41 cr

New Delhi: Burdened by interest costs of its recent acquisitions,Fortis Healthcare on Friday reported a consolidated net loss of Rs 13.41 crore in the first quarter ended June 30. The company said for the period under review,its total expenses on interests,including finance charges,increased to Rs 70.93 crore.