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PNB halves penalty on premature withdrawal of deposits
Government-owned Punjab National Bank (PNB) has halved the penalty for premature withdrawal of deposits – a move aimed at attracting more depositors at a time when the medium-term outlook on interest rates is uncertain.

Ambani Gas row: Family MoU sacrosanct, RNRL tells SC
Anil Ambani-led Reliance Natural Resources (RNRL) today asserted in the Supreme Court that family MoU of 2005 was a "sacrosanct" document for resolving the gas row with Mukesh Ambani group Reliance Industries (RIL) and accused it of scuttling efforts to arrive at a bankable agreement for the supply of gas from KG Basin.

News of the day

Weakness persists
The markets continue to trade weak. The Sensex is quoting at 16,435, weaker by 345 points, and the Nifty is at 4,893, down 114 points. Realty, metal, auto and banking sectors are weak; the FMCG space is the only silver lining.
Public Relations

Sesa Goa expects 25% output growth by FY10

Iron ore producer Sesa Goa, a part of mining major Vedanta Resources, today said it expects a 25 per cent growth in output this fiscal and plans to ramp up production around threefold to 50 million tonnes in next 2-3 years. - Won"t revisit cases handled by arrested CLB member: Govt - IDCOL seeks new mines for Kalinga Iron Works - SFIO probes into Sesa Goa for financial irregularities - Sesa Goa gets govt letter ordering probe - Sesa Goa crashes on fears of SFIO enquiry - SFIO to probe Sesa Goa accounts "The company will continue to grow. We are looking at 20 to 25 per cent growth in volumes on an year-on-year basis. We plan to ramp up production to 50 million tonnes in the next two to three years," Sesa Goa Managing Director and CEO P K Mukherjee told PTI. The company produces about 16 million tonnes of iron ore from its mines in Goa, Karnataka and Orissa. Mukherjee, who bagged the top CEO award by Business World in the 2009 ranking of most valuable CEOs, said the iron ore producer could diversify into steel making as and when the opportunity comes. The company is making pig iron and is ramping up operations to increase capacity from 0.25 million tonnes per annum (mtpa) to 0.625 mtpa. On any proposed acquisitions or mergers, he said as part of the growth strategy, the talks are continuing with firms but as of now there is no concrete information. The company this year acquired the mining and maritime business of Goa-based Dempo group, adding another four million tonnes of production.


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