UTI closes in on rescue strategy
THE Unit Trust of India is close to finalising its options, including a line of credit and soft loans at sub-PLR rates, to meet any redemption pressures.

100 pc risk-weightage on US-64: Banks
PUBLIC sector banks have conveyed that liquidity support being made to Unit Trust of India (UTI) for meeting its redemption payments of US-64 units would be fully risk-weighted.

NIIT net down 93 pc in Q3 -- Education business takes a beating
NIIT Ltd today announced a 93 per cent fall in its net profit for the third quarter ended June 30, and attributed the staggering drop to the impact of the US slowdown on its education business.

SBI London arm under liquidation
STATE Bank of India has informed the Bombay Stock Exchange that the operations of its subsidiary, SBI European Bank Plc, have ceased and it has been placed under liquidation.

AES pulls out of power distribution in Orissa
AES Corporation has decided to pull out of the power distribution in Orissa primarily due to the adverse business climate in the State, according to the AES worldwide chief, Mr Dennis Bekke. In the event that the US power major does not find a buyer, it will abandon the project.

Continue 4th licence bidding: Bombay HC
A DIVISION Bench of the Bombay High Court today allowed the Government to go ahead with the bidding process for the award of the fourth cellular licences, following an intervening petition filed by Bharti Cellular Ltd.

Shoe daddies lack a foothold in retailing
FOR all the hype surrounding them, the trinity of Nike, Reebok and Adidas still have a lot of ground to cover in the domestic footwear retailing market.

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