New Delhi: The finance ministry has called for better accountability from public sector banks while granting or rejecting loans for new businesses above the borrowers’ credit limit. According to Mint reporter Anup Roy the note assumes significance since the finance ministry does not generally intervene in banking operations and the banking regulator, the Reserve Bank of India (RBI), is expected to look into such things.
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Global pharmaceutical giants could be looking to swallow up some Indian biotech companies. Reports say European drug company GlaxoSmithKilne is planning to buy a stake in Hyderabad-based Shantha Biotechnics. Shantha is the company that launched India’s first Hepatitis-B vaccine in 1997. A French firm bioMerieux already owns 80% of Shantha, but is planning to sell its stake.
Kiran Mazumdar Shaw, Biocon Ltd’s chairman and managing director do not look at the take-over possibility in isolation. She feels without government support more bio tech companies may fall victim to predatory moves of multinationals.
India has banned wheat exports again, just 10 days after it allowed some state-run firms to export 900,000 tonnes of the grain. The government is concerned about the erratic monsoon this year.
Delhi Metro Rail Corporation (DMRC) faced another loss of face of Monday. Even as the corporation was clearing the debris of Sunday crash, another accident happened at the same site this morning. Three cranes that were trying to remove steel girder weighting 250 tonnes from the fallen site, simply collapsed. Luckily everyone escaped with minor injuries. On Sunday morning six workers and an engineer were killed at the spot.
Stocks of Gammon India, which was building the metro bridge, fell on Monday morning only to recover later in the day, making gains of 3 points.
Nacil, the company that runs Air India is borrowing about $1 billion from JPMorgan Chase to buy 10 Boeing airplanes. The airline is getting the loan at attractive interest rates and could save a million dollars a month in interest costs. Air India posted nearly $900 million of losses for the last fiscal year and has asked the government for a rescue package.
The Sensex went down 104 points today, ending at 13,400 point, while the Nifty slipped 27 points, closing at 3,976.
The department of telecommunications is planning to auction licenses that will allow private companies to set up electronic phone directories that you can access with your phone or on the web.
There are no integrated phone directories in India today. The government’s MTNL and BSNL have online directory services, but only for their fixed line subscribers. And while private operators like JustDial do offer directory services, they only list commercial establishments.
The government is planning to issue licenses for just two private directory operators, but they’ll have access to fixed line numbers from any company. You can have your fixed line number removed from the directory and can also remove opt in to it if you have a mobile number.