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Arcil falls 30% short of bad debt acquisition target: CEO
India"s largest asset reconstruction company Arcil today said it is 30 per cent short of its target of buying bad debts worth Rs 1,800 crore from banks and financial institutions so far this fiscal.

Govt orders safety audit of all oil and gas installations
The government today ordered a safety audit of all oil and gas installations across the country after the massive fire at the Indian Oil Corp"s fuel depot in Jaipur which is raging even five days after breaking out.

News of the day

Small car maker, but big energy saver
Vinay Varshney, as he predicts the end of CFL lamps in a few years, points to the ceiling of the conference room at Maruti Suzuki’s factory in Gurgaon. It is then that we notice that the two holders, right above the two ends of the long table, have slots for three lamps, but only two are glowing.
Small Business

UTI Mutual Fund to sell 26% stake by August

The country"s oldest fund house, UTI Asset Management Company (AMC), today said it will divest 26 per cent stake to a strategic partner by August this year. "It (process of stake sale) is on the track. We are awaiting clearnace from the stakeholders," UTI AMC Chairman and Managing Director U K Sinha told PTI. Even the pre-IPO placement that was intended to offload about 11 per cent of the post diluted shares was also been put on hold. About 1.2 crore shares were proposed to be offloaded through pre-IPO placements to strategic partners. In April, UTI AMC"s average asset under management increased by Rs 4,616.77 crore to Rs 54,489.99 crore.


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