The US has said the sanctions imposed against India after last year's nuclear tests would continue and that lending by international financial institutions for the country's non-basic human needs would be deferred. In addition, the G-8 nations too have agreed to defer lending by international institutions for India's non-basic human needs.

Steel firms see rise in prices

Domestic steel companies are rejoicing over the prospect that the rise in international prices will make it unviable for user industries to import steel under the advance license route. Local steel firms have been hit as several user industries used the loophole in the floor price mechanism to import at rates far lower than the floor price. The industry is now optimistic about a further rise in domestic prices after monsoon.

Fresh sanctions not a threat: Sinha

Finance minister Yashwant Sinha said on Thursday that India will not be deterred by the threat of fresh sanctions bythe US and other G-8 members as the economy had "inherent strength" to face such challenges.

Divestment panel term extended

The Divestment Commission, whose term has been extended by three months till November-end, on Thursday recommended that the government offload equity in Bhel, RCF, HOCL, Hindustan Insecticides and Rashtriya Ispat Nigam. The fate of the panel will now be decided by the next government.

TTK Pharma, TTk Biomed merger

The boards of TTK Pharma and TTK Biomed have approved the swap ratio of 12 shares of TTK Pharma for 50 equity shares of TTK Biomed, paving the way for the companies merger. The name of TTK Pharma will be changed to TTK Healthcare.

NTPC gas plant expansion

NTPC will go in for a fresh round of tendering for its languishing Rs 6,300-crore gas-plant expansion projects. It is being speculated that NTPC shied away from awarding the projects to ABB-CE in the wake of allegation of kickbacks levelled against Kumaramangalam for showing undue favour in the2,000mw Talcher phase II project.

Tatas to tie the knot again with IBM

Business compulsions can bring together the strangest of bedfellows. After going in for an amicable split, IBM and the Tatas have once again decided to jointly focus on the software business. The alliance will market integrated voice recognition systems developed by the Tata group company Speech & Software Technologies.

Texas Pacific plans to acquire Piaggio

US investment group Texas Pacific Group reached a preliminary agreement to purchase Italy's Piaggio SpA, Europe's largest scooter company. The preliminary agreement is expected to be completed in autumn.

Flexibond-VII mopup

IDBI's Flexibond-VII has managed to generate about Rs 1,600 crore on account of the good interest rate structure, according to senior IDBI officials. The issue gave the institution the option to retain oversubscription up to an additional Rs 750 crore. The schemes offered an average annualised interest rate of 12.50 percent.

ICICI capital infusion plans

Is the Rs 2,165-crore ICICI float driven by a rating downgrade? It seems so, Crisil had in June stated that the rating sensitivities on asset quality and its consequent impact on earnings and capital position could impact the outstanding ratings on the long-term instruments floated by ICICI.

Reliance Petro's maiden debt offering

Reliance Petroleum, on the back of a keep well arrangement from parent Reliance, is making its maiden debut in the debt market to raise Rs 100 crore for funding its Jamnagar refinery. RPL will hit the market with three bond offerings.