CORPORATE
ANNOUNCEMENTS
Sterling Info to invest Rs 500 crore in IT infrastructure in Chennai
STERLING Infotech, which sold its mobile telephone business to Hutchison Essar for an enterprise value of Rs 1,630 crore, plans to invest Rs 500 crore on creating infrastructure on the outskirts of Chennai for information technology, according to ...
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Netafim thrust to boost drip irrigation
The cost of a drip irrigation system could range from Rs 10,000 an acre for mango to about Rs 1,20,000 for medicinal plants.
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ACCOUNTING STANDARDS
ICAI defers applicability of AS-22 to non-corporate bodies
NON-CORPORATE enterprises such as sole proprietors, partnership firms, trusts, hindu undivided families (HUFs), association of persons and cooperative societies may have cause for cheer. These enterprises would now be required to conform to the ...
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`Revised accounting norms not applicable to forward contracts'
THE Institute of Chartered Accountants of India (ICAI) has clarified that its revised accounting standard on the effects of changes in foreign exchange rates (AS-11) would not be applicable to the forward contracts taken to hedge the foreign ...
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MERGERS & ACQUISITIONS
Paswan rules out Salem Steel sale; mulls IISCO merger with SAIL
THE Union Steel Ministry is considering two major decisions for Steel Authority of India Ltd (SAIL). First, it might merge Indian Iron & Steel Co Ltd (IISCO) with SAIL and second, it might drop the idea of privatising Salem Steel Plant ...
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Exim Bank to hike stake in Global Trade Finance
EXPORT-Import Bank of India (Exim Bank) has planned to upscale the operations of its nearly three-year-old export factoring joint venture Global Trade Finance Private Ltd (GTF). GTF, a non-recourse forfaiting and export factoring outfit, is ...
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SICK UNITS
NTC revamp may prune viable mills to below 50
THE ongoing restructuring of the ailing National Textile Corporation (NTC) textile units may see the final tally of the viable units falling even below the originally set 53 textile mills, according to Mr S.B. Mohapatra, Secretary, Ministry of ...
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OUTLOOK
Foseco India eyes 10 pc of global turnover pie
PARTNERING with customers to reduce process costs, involving its employees through the Kaizen method and achieving a growth rate higher than industry standards is what Foseco India Ltd is focusing on for the current calendar year. Talking to ...
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Bharat Forge set to enter defence; awaits Govt nod
Bharat Forge Ltd is all set to foray into manufacture of defence equipment for the country in the lucrative Rs 10,000-crore defence contract business. Top defence sources told Business Line that the company's application for licence to ...
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