Prime Minister Narendra Modi has convened a meeting of secretaries from infrastructure ministries on Saturday to finalise the targets for 2014-15.

He has also re-jigged the list of invited infrastructure ministries in an indication of the priority sectors where investments will be ramped up.

Following the Reserve Bank of India's move to exempt cash reserve ratio and statutory liquidity ratio on funds raised via long-term infrastructure bonds, ICICI Bank, the country's largest private sector bank, is planning to raise Rs 1,000 crore of funds by issuing such papers.

The lender is planning to issue 10-year bonds worth Rs 500 crore with an equal over-allotment option, people familiar with the development told Business Standard. The coupon rate of these semi-annual, 10-year bonds is likely to be 9.15 per cent.

The Falta Special Economic Zone (SEZ) has allowed IT major Infosys to set up a unit in the IT SEZ proposed within Info-valley complex planned in about 500 acres of land on the outskirts of the city.

“Development Commissioner, Falta SEZ, is pleased to extend to you all the facilities and entitlements admissible to a unit in a SEZ subject to the provisions of the Special Economic Zones Act, 2005 and the rule and orders made there under and for the establishment of a unit at Plot PB-1, NE-1 and NP-1, Info-valley, IDCO IT/ITES SEZ, Gaudakashipur and Arisal, Bhubaneswar, Khurda, Odisha for undertaking authorized operations”, Sanjeev Nandwani, Development Commissioner, Falta SEZ wrote to Infosys, Bangalore.

Tata Consultancy Services (TCS) is tapping the markets to raise Rs 4,000 crore through a commercial paper programme.

ICRA has assigned an A1+ rating to the programme. It said, “The long-term outlook on the rating is stable.

NEW DELHI: Reliance Communications' Bermuda-based undersea cable unit is raising $350 million (Rs 2,100 crore) through an overseas sale of five-year bonds, $100 million more than what it had planned because of strong response from investors, a person familiar with the matter said. The paper will be priced at 7%, which is below the 7.25%-7.5% band indicated to investors, this person said.

Tata Consultancy Services Ltd’s (TCS) Rs.5 trillion market capitalization isn’t a merely milestone. It sends some other important signals as well. TCS’s market cap is now greater than the combined market capitalization of the next four biggest Indian information technology (IT) companies—Infosys Ltd, Wipro Ltd, HCL Technologies Ltd and Tech Mahindra Ltd.

Some of these companies have ceased to be the real competition for TCS and this is reflected in the value investors have assigned to these companies on a relative basis. But what about firms such as Accenture Plc and Cognizant Technology Solutions Corp., which are closer to home in terms of size of operations and growth respectively?

Mumbai: Debt-strapped infrastructure developer GMR Group plans to raise $350 million (around Rs.2,100 crore) by selling bonds to foreign investors and will use the money to refinance the debt of its subsidiary Delhi International Airport Ltd, or DIAL, a top company executive said.

GMR’s plan comes even as several companies are taking the overseas bonds route to raise money, and their success is a sign that investor appetite for Indian paper has returned.

India ran away with opening day honours in the weightlifting competition of the 20th Commonwealth Games with Sukhen Dey and K. Sanjita Chanu winning the gold medal in their respective events on Thursday.

The Indian team bagged four out of six medals on offer on day one of the competition on Thursday.

State Bank of India Chairperson Arundhati Bhattacharya on Thursday said the Reserve Bank is likely to keep interest rate intact in its upcoming monetary policy review next month. "I think status quo is more likely," she said when asked what her expectation was from RBI policy review.

On capital requirement, Bhattacharya said: "There are various scenarios, various requirements...at this point of time when the credit growth is not too much I am not seeing any immediate requirement. But going ahead, of course there will be requirement on the capital front."

The Union Cabinet cleared the Securities Laws (Amendment) Bill on Thursday, to empower the Securities & Exchange Board of India (Sebi) to effectively check illegal deposit taking and Ponzi schemes, with a corpus of at least Rs 100 crore.

“The Cabinet Committee on Economic Affairs has cleared the Bill,” a finance ministry official said after the meeting. It will be introduced in Parliament and replace an earlier ordinance to this effect.

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