Disinvestment funds back into PSUs: Govt
MUMBAI: Government will re- investment funds raised from disinvestment of state- owned units in other public sector units PSUs. The Department of Disinvestment ( DoD) has proposed to create t
hree special purpose funds out of the disinvestment proceeds to enable the PSUs buy strategic assets abroad and finance their expansion through rights issues.
Secretaries in the ministries of finance, disinvestment, public enterprises, petroleum and natural gas, are likely to discuss the proposal next month, sources said.
Polaris Fin Tech net up 9% at Rs 221 cr
MUMBAI: IT company Polaris Financial Technology today reported a 9 per cent rise in its profit after tax ( PAT) to Rs 221 crore for the financial year ending March 31, 2012. The city- headquartered company reported a PAT of Rs 202 crore in the previous fiscal, Polaris said in a statement. The total revenue for the year ending March 31, 2012 grew by 29 per cent to Rs 2,052 crore as compared to Rs 1,586 crore in the previous fiscal.
Polaris Financial Technologys profits after tax for the fourth quarter ending March 31, 2012 grew by 6 per cent to Rs 61.14 crore as against Rs 57.57 crore registered during the same period in the previous fiscal.
FM asks global sugar industry to curb price volatility
NEW DELHI: Finance Minister Pranab Mukherjee today called upon the global sugar industry to initiate steps for curbing price volatility of the sweetener.
” Much more needs to be done to improve the world sugar economy as we are still at a time when the world sugar market continues to experience considerable price volatility,” he said, while addressing the 41st session of International Sugar Council ( ISC) here.
Mukherjee asked the ISC to take further steps for development and stabalisation of the global sugar sector.
ADB to fund Ril 100 MW solar plant
NEW DELHI: To help boost private investment in renewable energy, multilateral lending agency ADB has announced USD 103 million loan to Reliance Power for setting up a 100- MW solar plant in Jaisalmer district of Rajasthan. The plant, which is expected to be completed in May 2013, will cost around USD 415 million. Besides ADB, other bilateral agencies and local lenders will provide funds for the project. It will be the first solar energy plant built by Reliance Power, which is a listed company of the Reliance ADA Group.
Kalt39fisher shareholder sells 38 lakh share
s MUMBAI: Star Investments, one of the shareholders of Kingfisher Airlines, today sold 38 lakh shares of the debtladen carrier for over Rs 6 crore through an open market transaction. Star Investments offloaded its 38 lakh Kingfisher equities of Kingfisher at Rs 16.14, valuing the deal at Rs 6.13 crore, according stock exchanges. As of March quarter, Star Investments held 1.28 crore shares, or 2.22% stake in Kingfisher.
TBZ IPO subscribed 6 pc on Day 1
MUMBAI: The initial public offer ( IPO) of jewellery retailer Tribhovandas Bhimji Zaveri ( TBZ) was subscribed 6 per cent on the first day of the issue today. The IPO, which closes on April 26, attracted bids for over 8 lakh shares against 1.41 crore shares on offer by 1700 hrs. The issue created demands worth over Rs 10.18 crore. The company has fixed the price band at Rs 120- 126 per share for its Rs 210- crore IPO. The companys issue size is 1.66 crore equity shares of Rs 10 each ( including anchor portion of 24.99 lakh equity shares).
Reddys launches schizophrenia drug in US
MUMBAI: Dr Reddys has launched generic version of Eli Lillys Zyprexa tablets, used in treating mental disorders, in the US market after getting approval from the health regulator.
The drug company has launched Olanzapine tablets, a bio equivalent generic version of Zyprexa tablets, in the US market yesterday after receiving approval from USFDA.
