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The government has asked the Steel Authority of India Limited (SAIL) to give a specific proposal for its proposed follow on public offering (FPO).
The government presently holds 85.82% stake in SAIL and 4.59% is with the Life insurance Corporation while the rest is held by the public.
In order to make initial public offers (IPOs) transparent and investor friendly, the government is in close consultation with market regulator SEBI for evolving guidelines for price band for public offers by India Inc. The move is also expected to ensure funds are not diverted from the purpose for which the capital was raised. The Ministry of Corporate Affairs (MCA) has been asked to take steps to prevent companies from fixing arbitrarily IPO price band at a very high level.
Stone India through its wholly-owned subsidiary company — Stone Intermodal Private Limited — executed an exclusive collaboration agreement on September 30, 2009 with Railrunner NA Inc, USA to manufacture, operate and sell new generation freight cars for seamless door-to-door transportation service on rail and road. The collaboration provides exclusivity in marketing, manufacturing and operating rights in India for an initial period of ten years.
Read moreStone India inks pact with US-based Railrunner NA Inc
Maruti Suzuki India, the country’s leading pasenger car maker, sold a total of 83,306 vehicles in September 2009, growing by 17.3% over 71,000 vehicles in the same month last year.
The sales includes exports of 11,712 units, which grew by 85.4% as against 6,318 units exported in September 2008.
Read moreMaruti Suzuki’s September sales soar by 17.3% on y-o-y basis
PSU banking entity IDBI Bank has decided to reduce interest rates on home loans by 25 basis points and auto loans by 300 basis points for the ongoing festive season. The rate cut would be in effect for three months from October to December 2009. The move is seen as an attempt to ramp up its credit portfolio.
For home loans up to Rs 30 lakh, the interest rates would be reduced to 8.75% from the current level of 9%. It would be 9% for Rs 30-50 lakh under a new slab. Loans above Rs 50 lakh attract an interest rate of 9.25%.
Read moreDiwali bonanza from IDBI Bank; rate cut on home, auto loans
The Anil Dhirubhai Ambani Group (ADAG) firm Reliance Infrastructure has asked the oil ministry to desist Reliance Industries (RIL) from charging marketing margin on gas and alleged that the Mukesh Ambani-led firm is not sharing the revenue with the government and diverting crores of rupees of the government’s share. RNRL has written to the petroleum secretary RS Pandey seeking to stop RIL from getting undue benefit.
Read moreAnil Ambani seeks govt help to stop RIL’s marketing margin