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Live! Axis Bank board okays deal with Enam Securities

Live! Axis Bank board okays deal with Enam Securities
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First Published: Fri, Sep 16 2011. 02 39 PM IST

Updated: Fri, Sep 16 2011. 02 39 PM IST
Axis Bank MD & CEO Shikha Sharma (File photo)
Private lender Axis Bank said on Friday its board has approved the buy of investment banking and equities businesses of Enam Securities.
The deal will involve the demerger of Enam Financial Services from Enam into Axis, it said in a statement to the exchange.
Enam shareholders will be issued 13.7 million shares on the basis of the agreed swap ratio of 5.7 shares of the bank for every one share of Enam, the statement said.
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RBI rate hike to impact growth: finance secy
The Reserve Bank of India’s (RBI) latest rate increase will have some impact on growth, R.S. Gujral, finance secretary, told reporters on Friday.
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RECL may borrow $350 mn from Chinese banks
Rural Electrification Corp. is in talks to borrow $350 million from Chinese banks. New Delhi-based REC is seeking a 13-year loan to help clients doing business in China.
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RBI signalling concerns on inflation: Montek
The Reserve Bank of India is signalling its concerns on inflation, Montek Singh Ahluwalia, deputy chairman of the Planning Commission, told reporters on Friday.
EGoM meet on limiting LPG cylinder supply deferred
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RBI monetary tightening affecting economy growth: FM
The Reserve Bank of India’s (RBI) monetary tightening is impacting the country’s economic growth, finance minister Pranab Mukherjee told reporters on Friday, after the RBI delivered its 12th rate hike in the last 18 months.
The RBI lifted its policy lending rate, called the repo rate, by 25 basis points to 8.25%, in line with expectations, as it persisted in a fight with inflation that has proven mostly futile.
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RBI hikes repo rate by 25 bps to 8.25%
The Reserve Bank of India’s (RBI) raised interest rates on Friday for the 12th time in 18 months and said it will persist with its anti-inflationary policy stance, even as growth slows in Asia’s third-largest economy.
The RBI lifted its policy lending rate, called the repo rate, by 25 basis points to 8.25%, in line with expectations, as it persisted in a fight with inflation that has proven mostly futile.
Headline inflation for August rose to 9.78%, its highest level in more than a year, data showed on Wednesday.
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Security environment in the country continues to be uncertain: Prime Minister Manmohan Singh.
• • Cross-border terror camps being reactivated. No room for complacency in Jammu and Kashmir: PM.
• • Summer has been peaceful in J&K. Record number of tourists and pilgrims visited the state: PM.
• • Social fabric continues to be targeted by organised terrorism: PM.
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• • LPG EGoM rescheduled, not to meet today
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Economy seen growing 7.5-8% over next few yrs: Montek
India’s economy is expected to grow 7.5-8% over the next few years if it is “business as usual”, Montek Singh Ahluwalia, deputy chairman of the Planning Commission, told Reuters in an interview on Friday.
He also said the economy is expected to grow 8% with a downside risk in the current fiscal year to end-March 2012.
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SC refuses plea to monitor CBI probe into CWG scams
The apex court on Friday refused to entertain a petition seeking monitoring of the CBI probe into alleged corruption cases related to the Commonwealth Games.
A bench comprising justices R M Lodha and Gyan Sudha Misra said there was no need to interfere with the investigation by the CBI into the alleged corruption cases related to the mega sporting event.
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Rupee rises as global risk appetite returns
The rupee inched up on Friday as coordinated action from major central banks to improve dollar supply to the European banking system lifted equities and the euro, with the market awaiting the Reserve Bank of India’s (RBI) policy action at 12.00 pm (0630 GMT).
The RBI is widely expected to raise its policy rates on Friday for one last time in its 18-month long tightening cycle.
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What he will do today?
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LIC to invest Rs2 trillion in India markets
Life Insurance Corp. of India will maintain its plan to invest Rs2 trillion ($42 billion) in stocks and bonds this fiscal year even as markets stay volatile, chairman D.K. Mehrotra said.
We did find some good opportunities in the market during the recent declines, he said in an interview to Bloomberg UTV on Friday.
The Mumbai-based insurer invested Rs15,000 crore in local equities between April and August, and may add another Rs30,000 crore by 31 March, Mehrotra said.
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Strike called off
Workers at three factories operated by two different subsidiaries of Suzuki Motor Corp in India called off their two-day-long strike on Friday morning after an agreement was reached with the management of the companies.
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First Published: Fri, Sep 16 2011. 02 39 PM IST