Amid inter-ministerial differences, the Indian Cabinet on Wednesday deferred a decision on proposal of Disinvestment Department to raise Rs 40,000 crore from divestment of PSUs through buyback and other modes.

Sticking to the disinvestment proceeds of Rs 40,000 crore with barely four months left in the 2011-12 financial year, the government on Friday said it is looking at various options, including the buy-back of shares by PSUs, to meet the target.

The government on Friday said that mopping up Rs 40,000 crore through disinvestment is a \"stiff task\" amid volatility in the capital markets even as it is looking at other options, like buyback of shares by PSUs, to meet the target.

Justice B V Pinto allowed the bail application of Yeddyurappa, who was arrested on October 15, on the condition that he furnishes a bond for Rs 5 lakh and not tamper with evidence.

With only Rs 1,145 crore in its kitty so far from disinvestment, there are apprehensions whether the mammoth target of Rs 40,000 crore for this financial year would be met.

In a first-ever overseas acquisition by the PSU, National Mineral Development Corporation has reached an agreement to purchase a 50 per cent stake in Australia-based Legacy Iron Ore as cornerstone investor for nearly 19 million Australian dollars.

With nothing concrete to show for its investment in International Coal Ventures Ltd, state-run NTPC is mulling an exit from the special purpose vehicle, which was formed for acquiring coal properties overseas.

\"We have submitted a formal binding bid for acquiring 50 per cent stake in Legacy Iron Ore, as was envisaged in the MoU inked with them,: NMDC Chairman Rana Som said.

Iron ore supply is not the biggest problem before JSW Steel. Sajjan Jindal and his team need strong nerves to fight the Lokayukta's charges.

Iron ore supplies have started drying up after an SC order halted mining activities in Bellary. Mill owners said lack of supplies would result in manufacturing coming to a close in 2-3 days.

JSW Steel on Tuesday said it has cutits productions from its Vijayanagar plant in Karnataka's Bellary district by35 to 40 per cent due to paucity of iron ore, a key steel making raw material.

The same report that led to Karnataka CM BS Yeddyurappa's resignation late last week, now has officials from the Hyderabad-headquartered National Mineral Development Corporation on the defensive.

Sharesof JSW Steel on Monday fell sharply on the bourses, extending its downtrend forthe fourth consecutive session despite the company contesting the Lokayuktareport saying that all transactions related to iron ore in Karnataka were donein a \"legally compliant\" manner.

The shares of the companies fell amid reports that they were among those named in the Karnataka Lokayukta report for unethical practices in mining sector of Karnataka.

Shares of Coal India and other mining companies tumbled on the Bombay Stock Exchange after a ministerial panel approved a draft bill for the mining sector.

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Rs 1,518 cr The net profit of NMDC Ltd (formerly National Mineral Development Corporation) for the third quarter. Profits were up 81 per cent year on year.

The country's largest producer of iron ore had on Tuesday reported 81 per cent growth in net profit for the October-December quarter to Rs 1,518 crore.

Chairman C S Verma said skyrocketing raw material prices have largely impacted the bottomline of the PSU, which had recorded Rs 1,675 crore profit in the same quarter last year.

Tata Steel's raw materials edge could be blunted by the demands of its European empire unless it gets hold of new reserves.