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Department of disinvestment to have a greater say in process

To translate the Manmohan Singh administration’s disinvestment policy announced on Thursday into action, the Centre will set up a core group of secretaries to chalk out the procedures to be followed for stake sales in...

SBI reduces deposit rates again

India's largest bank has begun to shave its high-cost deposits. On Friday, State Bank of India slashed the interest rates on deposits of various maturities, including both short term and medium term in a range of 25 to 50 basis points, effective from November 9.

Finmin: 3% deficit only by FY15

Setting a new timeline for consolidation, the finance ministry has projected that it would be able to wipe out the revenue deficit and rein in the fiscal deficit at 3% of GDP only by 2014-15. The estimates bank significantly on the economy staging a smart recovery next financial year...

Nath keen to rope in LLPs for highways

Faced with the challenge of awarding road projects worth Rs 1 lakh crore over the coming year, surface transport minister Kamal Nath is exploring a new funding mechanism for the cash-starved highways sector— roping in limited liability partnerships to invest in the sector.

CBI now probes procedural lapse by telecom dept

In a move that could spell more trouble for communications & IT minister A Raja, investigating agency CBI has begun inquiring into what might have led the department of telecommunications to disregard then law minister HR Bhardwaj’s opinion on the procedure for granting new telecom licences and, instead, directly approach then solicitor-general Goolam Vahanvati for his views.

Soaring microfinance lures PE investors

The microfinance sector, which has doubled its outreach every year over the last five years, is seeing bigger private equity investments, as risk-wary investors rely more on rural demand than export-oriented markets.

Centre to consider 49% stake for foreign airlines

In what could breathe life into the loss-ridden aviation industry, the government will shortly consider a proposal to allow foreign airlines pick up to 49% equity in Indian carriers. This is despite stiff opposition from the country’s largest private airline, Jet Airways.

Wipro buys Yardley’s Asia biz

Wipro Consumer Care & Lighting has signed an agreement with UK’s Lornamead group to acquire the Yardley business in Asia, Middle East, Australasia and certain African markets for $45.5 million. Lornam-ead, founded by London-settled Jatanias of Indian origin, would retain the Yardley business in Europe and America.

Govt unveils disinvestment policy

Prime Minister Manmohan Singh put UPA-II’s reform train back on track on Thursday. The government’s disinvestment policy announced on Thursday shies away from strategic sale of public sector units, but is the largest-ever plan to unlock the value of companies for investors, especially retail. It also holds the promise of improving PSUs’ governance standards while raising resources to contain the Centre’s huge fiscal deficit. The stake sale proceeds, which could touch Rs 25,000 crore annually...

CBI to quiz ex-secys, telecom panel member

There could be trouble ahead for communications & IT minister A Raja, with the CBI deciding to widen the scope of its enquiry into the spectrum scam, by seeking details from former DoT secretaries DS Mathur and Siddhartha Behura and Telecom Commission member Manju Madhavan.

Credit growth still slow, but bankers see revival

One month into the fiscal’s second half and the slow credit off-take in the banking sector appears to belie early signs of economic recovery. Off-take of bank credit grew below 10% up to October 23--the sharpest slowing in its expansion in 12 years.

Valuation drop: global telcos eye M&A route

The month-long battering that stocks of telecom companies have taken on the bourses has resulted in a huge dent in their market capitalisations, making mergers & acquisitions in this space more affordable today than one year ago.

NTPC delays compound power woes

Many key projects of public sector NTPC Ltd is running behind schedule.

L&T Info in talks to buy Patni

L&T Infotech, part of Rs 40,000-crore engineering & construction major Larsen & Toubro, is in advanced talks to acquire a majority shareholding in the country’s sixth-largest software firm, Patni Computer Services. According to sources close to the development, L&T has already completed due diligence and contours of the deal are being worked out. “L&T Infotech has been in talks with Patni for some time now. We have already completed due diligence,” confirmed a senior L&T source, who did not wish to be named.

CII’s Tarun Das retires

The Confederation of Indian Industry on Tuesday announced the retirement of chief mentor Tarun Das. Das has held the post since 2004, prior to which he was director-general for three decades.

FM: GST only when states are on board

Finance minister Pranab Mukherjee on Tuesday said the new goods & services tax regime would be rolled out only once all states are on board.

Sell-off, telecom meltdown continue

The stock market saw the steepest fall after August on Tuesday as benchmark indices fell for the sixth straight trading session on huge sell-off in heavyweight stocks and weak cues from global markets.

Most Rajan ideas put on back burner

Differences have cropped up between the PM’s honorary economic advisor Raghuram Rajan and the finance ministry over bank consolidation. Rajan, who had chaired a committee on financial sector reforms, is understood to have opposed further consolidation among public sector banks. Rajan has argued against the government driving consolidation in the sector, maintaining that it should be left to the bank boards to decide.

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