The issue price of Coal India Ltd’s (CIL) initial share sale will be decided tomorrow by an Empowered Group of Ministers, paving the way for public trading of the company on the stock exchanges on November 4. “The meeting of the Empowered Group of Ministers has been postponed to tomorrow because of the preoccupation of [...]
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Equity investments unsafe, EPFO seeks govt guarantee
Posted by admin on October 24th, 2010
Terming equity investments “unsafe”, the Employees Provident Fund Organisation (EPFO) has asked for a government guarantee if the retirement fund manager is mandated to comply with the Finance Ministry demand for investing up to 15 per cent of its funds in stocks. “Our Board of Trustees felt investments in the capital market are unsafe and [...]
Rs 2,34,716 cr, Coal India IPO a runaway success
Posted by admin on October 22nd, 2010
The initial public offer by Coal India has generated a total demand for shares worth Rs 2,34,716 crore (Rs 2.34 trillion), the most in the history of India’s primary market. State-run Coal India has surpassed the record of Reliance Power IPO that had attracted bids valued over Rs 2.05 trillion. R-Power, in January 2008, had [...]
IRDA suspends sale of universal life policies
Posted by admin on October 22nd, 2010
The Insurance Regulatory and Development Authority (Irda) has suspended sale of universal life policies, which were being promoted as an alternative to unit-linked insurance plans, from October 23. Sales have been suspended until the final guidelines for ULPs are issued. Irda said it had received several complaints on the sale practices of the insurers regarding [...]
Nine IT firms shortlists for UIDAI project worth Rs 2,000-cr deal
Posted by admin on October 21st, 2010
The Unique Identification Authority of India (UIDAI) has shortlisted nine information technology service companies for the managed services provider (MSP) contract. The contract is estimated to be worth around Rs 2,000 crore. Tata Consultancy Services, IBM, Wipro, HCL Technologies, Mahindra Satyam and Tech Mahindra are some of these. These companies will first give their proposals [...]
B Ramalinga Raju: Inflated accounts but did not embezzle money
Posted by admin on October 21st, 2010
Satyam founder B Ramalinga Raju on Wednesday said he never admitted to fraudulently appropriating money from the IT company. Defending bail granted to him in the Supreme Court, Raju, interestingly, thanked the government for its efforts of putting the scam-hit firm back on the track. During the proceedings, Raju’s counsel former attorney general and senior [...]
