has said that the government's move to increase the investment limit of country's largest insurer, LIC to 30 percent is "imprudent". * Foreign institutional investors have pitched for a reduction in the withholding tax rates on their investments in Indian debt and simplification of know your customer norms to attract foreign capital into the country.
* Etihad, which was also in talks with Jet, has agreed to pick up a 48 per cent stake in Kingfisher for a little over 30 billion rupees. The deal's official announcement is likely to come around December 18.
* Bharti Infratel Ltd, the telecommunications tower arm of top Indian mobile carrier Bharti Airtel, said it will allot shares worth $120 million to cornerstone investors as part of its up to $832 million initial public offering. (Reuters)
* The income tax department is seeking to reopen the case it lost against British telecom major Vodafone and wants the matter heard afresh by a larger bench.
* Russian conglomerate Sistema has warned India that a lack of progress in a dispute over telecoms licenses is putting bilateral relations at risk ahead of a visit by President Vladimir Putin later this month.
* State-run telecom operator Mahanagar Telephone Nigam Ltd(MTNL), which operates in Delhi and Mumbai, is set to raise between 50 billion rupees and 70 billion rupees this financial year by issuing sovereign bonds -those backed by the government to reduce its debt burden.
* Great Wall Motor Co is in talks to open a plant in India, a move that would make it the first Chinese carmaker to operate in the country without a partner.
* India may consider diplomatic efforts to ask the Sri Lankan government to bring down import tariff on automobiles in the wake of the island nation hiking duties that has affected exports from the country.
* The new year is expected to give automobile industry some respite, as import tariffs for critical components imported from the Asean block, India's largest trading partner, are slated to halve from January, thus cushioning the impact of incessantly rising costs of auto components.
* A day after Parliament gave the go-ahead to foreign supermarkets to invest in India, Tesco Plc's top boss came calling on Tata officials to outline the UK-based company's plans for one of the world's most lucrative retail markets, according to reports.
* India has set a share sale in state miner NMDC Ltd for Wednesday,