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Business Briefs

AllBank H1 net up 112%

Calcutta, Nov. 25: Allahabad Bank today announced a 112.10 per cent jump in its first half net profit at Rs 64.51 crore compared with Rs 30.41 crore during April-September 2001. “Operating profit stood at Rs 214.02 crore during the period against Rs 152.10 crore in the corresponding period of the previous year, showing a growth of 40.70 per cent,” chairman and managing director B. Samal said. Profit from treasury operations during the reporting period increased to Rs 74 crore from Rs 64 crore in the previous corresponding period.

Nestle stake

New Delhi, Nov. 25: Swiss food and beverages major Nestle SA will hike its stake in its local subsidiary to 63 per cent from the present 58 per cent, Nestle India chairman and MD Carlos Donati said.

Haldia Petro

New Delhi, Nov. 25: Gail India will not invest in the beleaguered Haldia Petrochemicals Ltd till the promoters and lenders of the company carry out financial restructuring.

PNB rate cut

New Delhi, Nov. 25: Punjab National Bank (PNB) today decided to revise term deposit rates by 0.25-0.50 per cent from December to realign the rates in tune with the bank rate cut by the Reserve Bank of India.

Datacraft plan

Mumbai, Nov. 25: Datacraft, a member of the Dimension Data group, today announced strategic plans for the Indian market which includes expanding into the application network solutions space. In the first phase of its operations, the company has introduced a set of IP telephony solutions and services.

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