Briefly Business

Wed, Nov 4 05:41 AM

RBI against NCDs below 90-day tenure

MUMBAI: The RBI on Tuesday proposed that non-convertible debentures (NCDs) for maturities of less than 90 days from the date of issue should not be issued and the minimum denomination for short-term NCDs should be Rs 5 lakh. Issuing the draft guidelines for the issuance of NCDs of maturity less than one year, the RBI has said that any corporate having a tangible net worth as per the latest audited balance sheet, of not less than Rs 4 crore is eligible to issue the NCDs of less than one year.

Fifth Generation sets up UK unit

MUMBAI: Fifth Generation Technologies India (P) Ltd has announced the launch of its operations in North East England to take advantage of the software expertise and the high end research capabilities offered by the region.

Varun Industries H1 sales rise

MUMBAI: Varun Industries has posted net sales of Rs 690.51 crore for the half-year ended September 2009 following an increase of 21% in export sales and 15 % in domestic sales when compared to the same period of 2008. The net profit was Rs 11.57 crore for the half year as against Rs 803.27 lakh in the same period of the previous year.

Subex to raise Rs 460 crore via bond issue

MUMBAI: Telecom software product company Subex has said its board has approved issuing bonds worth $98.7 million (around Rs 464 crore) with a coupon rate of 5 per cent. The committee of the board (CoD) at its meeting held on November 2, has approved the issuance of convertible unsecured bonds, Subex said.

JK Tyre to double exports from Mexico

MYSORE: JK Tyre and Industries is aiming to double exports from its Mexican subsidiary, Tornel, within a year, and is looking at the Central and Southern American markets for expansion. The tyre major had acquired Tornel in 2008, and currently about 75 per cent of Tornel's annual production of 66 lakh units is sold in the Mexican domestic market.

Vishal signs pact for Rs 730 crore debt

NEW DELHI: Vishal Retail has signed an agreement with lenders for restructuring the terms of the chain's Rs 730 crore debt and the process would kickstart within the next few days. "The agreement with our lenders has been signed and the corporate debt restructuring (CDR) process will begin within the first half of November," group president Ambeek Khemka said.

Crude oil imports fall 41 pc in April-Sept

NEW DELHI: India's crude oil import bill fell by 41 per cent to $31.6 billion in April-September this year as international rates declined from a record peak. Asia's third-largest oil consumer imported 69.6 million tonnes of crude oil for $31.6 billion in the first six months of current fiscal against 64.84 million tonnes of crude imported for $53.78 billion in the year ago period. PTI

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