Briefly Business

The Indian auto industry sold 12,08,851 units last month,a record sale for the month of May,fuelled by an improved economy and an increase in consumer spending....

Auto industry records highest sales for May

New Delhi: The Indian auto industry sold 12,08,851 units last month,a record sale for the month of May,fuelled by an improved economy and an increase in consumer spending. According to Society of Indian Automobile Manufacturers (SIAM),the total sales for all categories stood at 12,08,851 units as against 9,29,917 units for the corresponding period an year-ago. The 30 per cent rise in sales is in contrast to the usual trend of lower volumes in May.

IRDA bans over 4,000 corporate agents

Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has said that as many as 4,261 corporate agents,out of the total 7,000 in the country,are not authorised to sell policies from March 31,this year. The IRDA,which displayed the names of corporate agents that were banned,cautioned the insurance companies and general public not to transact any insurance business through them.

Fortis plans to raise Rs 2,750 crore

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New Delhi: Caught in a takeover battle for Singapore-based hospital chain Parkway,Fortis Healthcare on Wednesday said that it would raise up to Rs 2,750 crore through the securities market. The Fortis board also endorsed a proposal to increase the companys borrowing limit to Rs 6,000 crore. The company said in a statement that it approved the companys plan to raise up to Rs 2,750 crore through issue of fresh securities.

Bajaj Finserv surges on Berkshire talk

Mumbai: Bajaj Finserv on Wednesday jumped nearly 4 per cent on the BSE amid media reports that legendary investor Warren Buffett-led Berkshire Hathaway is in talks with it for a possible investment. However,Bajaj Finserv in a statement to the Bombay Stock Exchange,said it is neither in touch with Berkshire Hathaway,nor are we aware of any plans of theirs to invest into our company.

Yogesh Agarwal is new PFRDA chairman

New Delhi: Former banker Yogesh Agarwal has been appointed chairman of interim pension regulator PFRDA,a post lying vacant for almost six months. “Yogesh Agarwal has taken over the charge of the Chairman,interim Pension Fund and Regulatory and Development Authority,on June 7,2010, an official statement said. Prior to the appointment,Agarwal was the chairman and managing director of state-run IDBI Bank.

IT industry projected to grow 13-15 pc in FY11

Bangalore: The IT industry,led by the BPO industry,is expected to grow by 13 to 15 per cent in 2010-11 fiscal,industry body NASSCOM said on Wednesday. The Indian IT industry is expected to grow by 13 to 15 per cent,led by the BPO industry growing by 15 to 16 per cent in financial year 2011,National Association of Software and Service Companies (NASSCOM) President Som Mittal said.