The government controlled Odisha Mining Corporation (OMC) has rejected the demand of the state-based steel mills to supply them iron ore at concessional rate stating that it does not want to rake up 2G spectrum allotment like controversy by favouring certain industries.

No preferential rate for iron ore, says OMC

Business Standard

ePlanet Capital has exited Chennai-based Sree Ramcides by selling its entire shareholding to Tokyo-based SDS Biotech KK (SDS Biotech), which is into research &amp; development of agrochemicals. The company had invested around Rs 22 crore for a 36 per cent stake in 2008 and exited for Rs 50-52 crore.

ePlanet exits Sree Ramcides

Chief minister N Kiran Kumar Reddy has directed the industries department to monitor and step up the facilitation process for all the new projects proposed by central undertakings on a priority basis.

Andhra CM reviews progress of new industrial projects

&ldquo;Taking into account all factors, including substantial progress and investment, the IMG did not consider it appropriate to recommend de-allocation of the coal block at this stage. However, in view of the slippage in milestones, IMG recommends that the allocatee may be permitted to continue holding the block only on submission of bank guarantee equivalent to one year royalty,&rdquo; the ministry said, quoting from the recommendations of Inter Ministerial Group.

Coal ministry asks Nalco to submit Rs 18 cr bank guarantee

Newly appointed Congress Vice-President Rahul Gandhi has said it would be vital to &ldquo;not just affix responsibility but also accountability in the party.&rdquo; Gandhi met Congress office bearers for a consecutive day at the All India Congress Committee headquarters to get an understanding of the organisational challenges.

Rahul Gandhi for fixing accountability

Hyderabad-based healthcare chain Care Hospitals has opened an outpatient centre, which it claims to be the country&rsquo;s largest integrated centre. Set up with an investment of Rs 30 crore, this is Care&rsquo;s 13th hospital.

Care opens Rs 30 crore outpatient centre 

Infrastructure finance company IDFC Ltd has posted a 19.16 per cent growth in consolidated net profit at Rs 454 crore in the third quarter ended December 2012. Its consolidated net in Q3 of 2011-12 was Rs 381 crore.

IDFC net up 19.16% at Rs 454 cr

The power purchaser has prayed to enhance the existing BSP from 271 paise per unit (ppu) to 378.74 ppu.

Gridco proposes 40% increase in BSP

Karur Vysya Bank (KVB) net profit dropped 9.51 per cent during the third quarter-ended December 31, 2012 at Rs 113.04 crore against Rs 124.92 crore for the corresponding quarter in the previous financial year. Total income rose 24.51 per cent to Rs 1,177.59 crore from Rs 945.77 crore, a year ago.

KVB net profit falls 9.51%

Information technology (IT) companies in the state will be exempted from the statutory power cuts. Chief minister N Kiran Kumar Reddy, who reviewed the operations of IT&amp;C department on Friday, issued instructions to this effect.

IT companies to be exempted from power cuts in AP

Mangalore-based public sector lender Corporation Bank on Friday reported a 25 per cent drop in net profit at Rs 303 crore for the third quarter ended December 31, 2012, compared with Rs 402 crore reported in the corresponding quarter last year.

Higher provisions sink Corporation Bank's net profit 25%

The Hyderabad Metropolitan Development Authority (HMDA) is working on an investment plan for developing basic urban infrastructure in the growth corridor (areas within 1 km from either side of the Outer Ring Road) and the 12 urban nodes identified in the extended master plan cleared by the state government last week.

Govt to develop infra projects around Hyd

The deficit had touched 92.3 per cent of the budget estimate in the corresponding period of 2011-12. In that year, the deficit rose sharply to 5.67 per cent of GDP, compared to the budget estimate of 4.6 per cent.

Centre's fiscal deficit moderated a tad

In a major relief to the fishing sector, which was in trouble following the dual pricing system for diesel, petroleum minister M Veerappa Moily said today that fishermen would be exempted from the category of bulk customers.

Moily relief to fishing community on dual pricing

The Reserve Bank of India has proposed a steep rise in the provisioning requirement for loan restructuring &mdash; to five per cent from April 1, against 2.75 per cent at present.

RBI cracks whip on loan recast

Parthasarathi Shome, advisor to the finance minister, on Thursday raised questions over the extent of stimulus given to industry in 2008-09 in the wake of the collapse of US financial services icon, Lehman Brothers, which deepened the global financial crisis.

Shome questions FY09 fiscal stimulus

Fewer derivative positions were carried forward to the February series when the January contracts expired on Thursday, as traders and investors did not roll over short positions.

Traders refrain from short rollovers to February

China&rsquo;s Lenovo Group Ltd on Thursday said it wanted to become a major player in India&rsquo;s 16-million smartphone market and expressed confidence that it could beat Samsung Electronics Co Ltd, the world&rsquo;s largest smartphone maker, in India and other emerging markets.

Lenovo bets big on India, aims to take on Samsung

The chief executive of KTM, the Austrian motorcycle company, part-owned by Pune-based Bajaj Auto, has bought dirt bike specialist brand Husqvarna Motorcycles from Europe's largest bike company BMW.

Bajaj Auto partner KTM buys BMW's dirt bike brand

The government on Thursday lowered its measure for growth in Gross Domestic Product (GDP) to 6.2 per cent for 2011-12 from the 6.5 per cent estimated earlier. Growth in gross capital formation declined sharply to 0.5 per cent in 2011-12 from 15.2 per cent a year earlier, it said.

Sharp revisions in FY12 & FY11 estimates

Growth in output for the eight core sectors, constituting over one-third of the factory production, saw a bit of improvement as it rose to 2.6 per cent in December from 1.6 per cent in the previous month.

BS Reporter