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Business Briefs

Trouble at HLL unit in Calcutta

Calcutta, Oct. 17: Hindustan Lever Ltd (HLL) has threatened to suspend operations at its Garden Reach factory after a group of contractors’ workmen affiliated to Citu resorted to violence over a bonus-related dispute. HLL has, however, clarified that suspension of operations would not tantamount to a ‘lock-out’. “The company is making efforts to continue operations, provided the situation in the factory is conducive to normal production and packing activities,” it said in a release. The company has alleged that the contractors’ workmen today overpowered the factory security staff, entered the premises and ransacked the factory canteen.

Citibank plan

Kochi, Oct. 17: Citibank India plans to open five new branches in the country by June 2003, bank chairman Nanoo Pamnani said. After inaugurating its 20th branch in the country and the first in Kerala at Kochi, Pamnani said the bank had received “informal assurances” from the RBI with regard to grant of five new licenses in the current fiscal for opening the new branches.

Rating blow

Mumbai, Oct. 17: In another blow to Maharashtra’s credit standing, CARE today suspended the CARE A (SO) rating assigned to the outstanding bond issue of Rs 100 crore of Maharashtra Cooperative Development Corporation Ltd.

Canara rate cut

galore, Oct. 17: Canara Bank has revised downwards the interest rates on domestic and NRE term deposits by 0.25 per cent to 0.50 per cent from Friday. The revision applies to deposits of less than Rs 15 lakh. The new rates range from 4.25 per cent (15-45 days) to 7 per cent (over three years).


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