Public holding of PSUs
MUMBAI, 6 JUNE: Market regulator the Securities and Exchange Board of India (Sebi) today said the government has assured it that public sector units will meet the August deadline to bring down their promoter stake to 90 per cent, Sebi chairman UK Sinha told reporters on the sidelines of the Skoch banking summit here. As per the minimum public shareholding norms, the government-run companies will have a minimum public float of 10 per cent by August. Private sector companies had to bring down promoter stake to 75 per cent by 3 June this year. Currently, there are about 11 PSUs in which the government holds over 90 per cent stake. These include MMTC, HMT, National Fertilisers, Neyveli Lignite Corporation, RCF, State Bank of Mysore and STC. pti
RBI on food price
GUWAHATI, 6 JUNE: Food prices will remain high even as average inflation is expected to moderate to around 5.5 per cent this fiscal, a senior official of the RBI said today. “We see food prices continue to remain high, partly because income levels have gone up. Increasing real informal wages has been a major drive of inflation,” RBI executive director Deepak Mohanty said here. pti
UltraTech hearing
NEW DELHI, 6 JUNE: The Supreme Court is likely to hear on 10 June a plea by UltraTech Cement Limited challenging the order of the Competition Appellate Tribunal that asked the firm to deposit 10 per cent of penalty imposed on it on a cartelisation complaint. The penalty was slapped by the Competition Commission of India (CCI), allegedly for engaging in cartelisation with other cement manufacturers to manipulate cement prices. A Bench of Justices Gyan Sudha Misra and Madan B Lokur said it would hear the matter on 10 June after senior counsel Abhishek Manu Singhvi told the court that the tribunal instead of staying the CCI order directed UltraTech Cement to deposit 10 per cent of the penalty imposed on it. sns
Maruti maintenance
NEW DELHI, 6 JUNE: Maruti Suzuki India will be going for a one-day production shutdown at its two plants at Gurgaon and Manesar tomorrow ahead of a six-day scheduled maintenance closure later this month. The one-day shutdown of the two plants on Friday is to adjust production to market demand, a company spokesperson said, adding that the plants will also remain closed on 8 June for a scheduled holiday. “The scheduled maintenance shutdown (of the two plants) is from 17 June to 22 June,” the spokesperson said. pti