RBI cuts SLR for regional rural banks to 24%

FICCI wants delay in IFRS implementation

New Delhi: Industry body FICCI has asked the government to delay implementation of international accounting norms,IFRS,beyond April 2011,saying the deadline is “highly unworkable” and “unfair”. In a representation to the corporate affairs ministry,FICCI has said that the transition should be brought in when companies are better equipped to deal with the new envisaged accounting concepts and standards. “Industry (should) be provided at least one year’s preparatory time from the date when the harmonised,notified and legislated converged accounting standards and other related matters are in place,” FICCI said.

Air India seeks Rs 2,000 cr from government

MUMBAI: State-run carrier Air India has sought an additional Rs 2,000 crore from the government for FY12,aviation minister Praful Patel said on Monday. The minister also said fund infusion of Rs 1,200 crore is expected in the next few days. “It is a commitment of the government of India to ensure that the national carrier is in good health. Some parameters have already improved,but much more needs to be done,” Patel said. He also said that a debt restructuring plan to reduce the interest burden for Air India was expected to be completed by January-end. Kingfisher Airlines is also recasting its debt and plans to convert some of it into equity. The International Air Transport Association (IATA) had in September forecast a combined loss of $400 million for Indian airline companies in 2010.

KEC International wins orders worth Rs 1,018 crore

Mumbai: KEC International on Monday said the company has won Rs 1,018 crore transmission lines construction and various supply and civil orders. “We are happy to see continuous order flow from our most of the business segments. This quarter has been very good for our order book. With these orders,our total order intake for the quarter reaches to approximately Rs 2,400 crore,” KEC International managing director and CEO Ramesh Chandak said in a statement here. In the transmission segment,the firm has secured three orders for 765 kV transmission lines construction from Rajasthan Rajya Vidyut Prasaran Nigam (RRVPN,India),Power Grid Corporation of India (PGCIL,India) and Eskom (South Africa),it said.