Briefly Business

Marans offer to buy SpiceJet stake deferred

MUMBAI: Enam Securities on Thursday said that the proposed open offer by South-based media baron,Kalanithi Maran of KAL Airways to buy an additional 20 per cent stake in low-cost airline,SpiceJet,has been been deferred,owing to market regulator Sebi guidelines. Enam Securities is the manager for the open offer on behalf of Maran.

Allow at least 49 pc FDI: Bharti Walmart

NEW DELHI: Considering the political sensitivity over full-scale opening of FDI in multi-brand retail,the government should initially allow only 49 per cent foreign investment,according to Bharti Walmart. Bharti Walmart recognises8230;the political sensitivity around the retail sector. Recognising the governments stand to adopt a calibrated approach,we would endorse a position where as a first step,multi-brand retail is opened up at 49 per cent, the company said.

ONGCs Rs 650 cr wind project in Raj

NEW DELHI: State-owned ONGC proposes to invest Rs 650 crore to set up a wind power project in Rajasthan. ONGC proposes to set up 102 megawatt MW capacity wind power project in Rajasthan at an estimated cost of Rs 650 crore, MoS for petroleum Jitin Prasada said.

Ranbaxy Q2 PAT dips over 48 pc

NEW DELHI: Pharma giant Ranbaxy Laboratories has reported a sharp decline of 48.2 per cent in its PAT profit after tax to USD 72 million Rs 332 crore for its second quarter ended June 30. The company,which had a PAT of 139 million Rs 693.1 crorein the corresponding June quarter last year,said its CEO and MD Atul Sobti will step down from the position effective August 19.

Bharati Shipyard earmarks Rs 200 cr

MUMBAI: Private shipyard major Bharati Shipyard plans to invest Rs 200 crore primarily for the expansion of its Dabhol and Mangalore shipyards,a top company executive said. We have earmarked a capex of Rs 200 crore over the next two fiscals, Bharati Shipyard Limited BSL managing director P C Kapoor said.

Auto transmission A-Star planned

NEW DELHI: The country8217;s largest carmaker Maruti Suzuki India today said it will launch a new variant of its compact car A-star with automatic transmission early next week. By early next week,we will be introducing the variant, chief GM marketing Shashank Srivastava said.