Derivatives trading to kick off in June
The SEBI board will, in its meeting slated shortly, clear the implementation of the LC Gupta committee report on derivatives with "minor changes". The regulator has also finally veered around to a view that derivatives should not be restricted to institutional investors alone, but that it should be extended to high net-worth individuals.
Minister hints at opening up of insurance ring
Hinting at the possibility of the insurance sector being opened up in the near future minister of state for revenue, banking and insurance RK Kumar said that monopoly of insurance by the public sector is an unhealthy phenomenon. Competition must be introduced in both life and general insurance, he said.
Bakht against divestment targets
Union industry minister Sikander Bakht on Wednesday said the Centre should not set a public-sector disinvestment target as the past experience was not too encouraging. Disinvestment should be based on scientific calculations. There should not be a target, said Bakht.
Indian Oil stymies bid for internal pool account
The internal pool account proposed by the oil companies may not materialise with the Indian Oil Corporation (IOC) making it clear that it will bear only a part of the costs incurred in marketing decontrolled products. IOC will lose heavily if it were to subsidise freight and transport costs given that it has already taken a beating with the fall in prices of some decontrolled products.
It is revamp time at Jain Irrigation
The Jalgaon-based Jain Irrigation group has undertaken a major corporate and financial restructuring exercise for better utilisation of money and human resources. It hopes to net nearly Rs 35 crore from the phased sale of non-core businesses and surplus real estate.
Sensex dips 101 points on panic-selling
Panic selling at the software counters triggered the much-awaited correction in the stock market indices on Wednesday. Amidst aggressive selling by institutional operators and continuous attempts made by local speculators to liquidate a considerable chunk of their outstanding positions saw the Sensex plunge 101.52 points to cross the psychological barrier of 4,200 points to close at 4,179.44 points.
