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Corporate Briefs

Indian Overseas, LIC in pact

Indian Overseas Bank (IOB), in association with Life Insurance Corporation (LIC), has come out with life cover for its depositors in the form of a group insurance scheme. The scheme — IOB Chiranjeevi Bima Yojana scheme — was launched by the bank chairman and managing director, S. C. Gupta, in the presence of LIC chairman S. B. Mathur. The scheme is open to any individual depositor aged between 18 to 55 years maintaining any type of deposit. The premium will be debited from the depositor's account on receiving a consent-cum-authorisation letter.

L&T output

L&T has produced 0.99 million tonnes of cement in October 2002 against 0.83 million tonnes during October 2001. The domestic cement dispatches for October 2002 was 0.89 million tonnes compared with 0.73 million tonnes during October 2001.

UTI Bond Fund

UTI Bond Fund has declared an interim income distribution of 3 per cent (or Re 0.30 per unit on face value of Rs 10). There will be no book closure. The investors existing in the books on the close of business on November 15 and have opted for income option, are eligible for the income distribution.

KEC project

KEC International Limited has secured a new power transmission projects of over Rs 100 crore, which includes orders worth Rs 30 crore from Kuwait and Rs 8 crore from Power Development Corporation, J&K. The company’s order book position stands at Rs 1,247 crore as of September 2002, out of which the export orders are at Rs 1,071 crore.

Hero Honda

Hero Honda Motors Limited has recorded 25 per cent increase in sales volume during October compared with the same period last year.

Raja Biscuit

Chief minister Buddhadeb Bhattacharjee has inaugurated the manufacturing unit of Raja Biscuit Industries Pvt Ltd. State finance minister Asim Dasgupta was also present on the occasion.

Rourkela plant

The Rourkela Steel Plant of Steel Authority of India Limited posted impressive production during the first half of this fiscal surpassing all previous records. It achieved 19 per cent, 15 per cent and 14 per cent respective growth in production of hot metal at 8,00,938 tonnes, continuous cast slabs at 7,05,406 tonnes and saleable steel at 7,21,432 tonnes during the first half of this fiscal.

SBI Cards

SBI Cards has said its customer base has crossed the one million mark in four years. “We are happy that together with GE Capital, we have been successful in growing the Indian payment card market,” a senior bank official said in a statement.

Microsoft plan

Microsoft Corporation India Pvt has inked an agreement with Covansys India to provide technical skill sets and expertise on Microsoft.net platform.


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