IIP grows 5.7% in August

New Delhi, Oct. 11: Led by a strong performance of the manufacturing sector, industrial sector posted a growth of 5.7 per cent during August this year compared with 3 per cent in the same month last year. The industrial growth during April-August was 4.9 per cent as compared with 2.4 per cent in the first five months of last fiscal. According to quick estimates of Index of Industrial Production (IIP), the manufacturing sector grew at 5.9 per cent in August this year as against 3.3 per cent last year.

Hughes net up

New Delhi, Oct 11: Hughes Software Systems Ltd has recorded a 32 per cent jump in net profit for the second quarter ended September 2002 at Rs 8.3 crore. The company is contemplating entry into banking, financial services and insurance segment besides eyeing inorganic growth opportunities through acquisitions.

Ficci president

New Delhi, Oct. 11: A. C. Muthiah, chairman of the Chennai-based Southern Petrochemical Industries Corporation, has become the president-elect of the Federation of Indian Chambers of Commerce and Industry.

DCA ruling

New Delhi, Oct. 11: A foreign company subsidiary registered as a private company in India cannot function as a public limited entity, a government circular has said. This clarification follows an amendment to the relevant provisions pertaining to private company in the Companies Act.

Samsung move

Calcutta, Oct. 11: Samsung India Electronics Ltd has launched its high-tech, digital audio range in Calcutta yesterday.