Briefly Business

Private sector lender Axis Bank on Sunday said it is in talks with Max New York Life to acquire up to five per cent stake in the latter.

Axis Bank eyes 5 pc in Max New York Life

Mumbai: Private sector lender Axis Bank on Sunday said it is in talks with Max New York Life to acquire up to five per cent stake in the latter. We are in talks with Max New York Life to pick up a less than five per cent stake. We are working on the valuation and the result of the talks will be known soon, Axis Bank executive director and CFO S Sengupta said here. The bank has tied up with Max New York Life to distribute the latters life insurance products beginning April 1 after ending its relationship with MetLife.

Economy to grow 7.4 pc in current fiscal

New Delhi: With the economy likely to perform better in the last quarter,industry body Assocham expects the country to clock a growth rate of 7.4 per cent,marginally exceeding the official estimate. Assocham expects the economy to expand by around 8 per cent during January-March (2009-10) in view of sustained economic activities in manufacturing,recovery in exports and domestic industry intensifying its capacity utilisation.

JALs job cuts may expand to 20,000

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Tokyo: Struggling Japan Airlines Corp is considering expanding its job cuts by fiscal 2012 to around 20,000 from the currently planned 15,700,Japanese media reported. The nearly 5,000 further reductions will include additional early retirements,reports said on Saturday. JAL apparently aims to receive new loans from financial institutions by enhancing its restructuring so it could promote early rehabilitation. The job cuts will be the pillar of its reconstruction plan to be compiled by the end of June.

Montek to meet key infra ministers

New Delhi: On instructions from Prime Minister Manmohan Singh,the Planning Commission is soon expected to convene a meeting of coal,power,steel and environment ministers to explore ways to expedite environmental clearances for infrastructure projects. The Prime Minister has directed Planning Commission deputy chairman Montek Singh Ahluwalia to hold a meeting of the coal,steel,power,environment ministries soon… within the next 7-10 days, a top government official said.

Indian ADRs gain $1.3 bn in past week

New York: Led by private sector lender HDFC Bank,Indian stocks trading on American bourses added $1.3 billion to their cumulative market capitalisation past week. The 16 Indian entities listed on the New York Stock Exchange and Nasdaq added a net of $1.3 billion to their market capitalisation for the week ended March 26. HDFC Bank,which leads the pack of gainers among Indian stocks,saw its valuation rise by $840 million to $20.46 billion.

DQE to list today,issue price at Rs 80

Mumbai: Animation and gaming company DQ Entertainment will list on the bourses on Monday. DQE had entered the capital market with an issue size of 7.92 crore shares at an issue price of Rs 80 per share. The company will utilise net proceeds to part fund general corporate expenditures,besides business expansion.