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Business Briefs

AllBank debuts on BSE

Mumbai, Nov. 29: The Allahabad Bank scrip today listed on the Bombay Stock Exchange at Rs 12.05, a premium of Rs 2.05, and touched a high of Rs 12.70 during the day. The scrip of the Calcutta-based bank touched a low of Rs 9.20, below the par value of Rs 10, before recovering to end the day at Rs 10.10, according to data available with BSE. A total of 10,65,842 shares of value Rs 1.05 crore were traded on the exchange, it said. The bank had come out with an IPO of Rs 100 crore.

Bank rate cut

Calcutta, Nov. 29: United Bank of India has cut the interest rates of domestic term deposits by 25 to 50 basis points for various maturity periods effective from December 1. This was the bank’s second downward revision within a month. Meanwhile, Union Bank of India has cut its prime lending rate by 25 basis points to 11.25 per cent with effect from December 1.Canara Bank has cut interest rates on domestic term deposits of above three months by 0.25 per cent from December 1.

Gail-HPCL pact

New Delhi, Nov. 29: Gail India and Hindustan Petroleum Corp today formed a joint venture company to invest up to Rs 1,000 crore in distribution and marketing of auto LPG and CNG in Andhra Pradesh.

PNB Gilts

Mumbai, Nov. 29: The Reserve Bank of India has allowed Punjab National Bank (PNB) to divest its stake in PNB Gilts from 74 per cent to 49 per cent.

Nicholas move

Mumbai, Nov. 29: Nicholas Piramal India Ltd’s (NPIL) board today approved the merger of Global Bulk Drugs & Fine Chemicals (GBDFC) with NPIL, effective January 1, 2003, creating a platform for a strong exports business in active pharmaceutical ingredients, intermediates and formulations.

Fiscal deficit

New Delhi, Nov. 29: The Centre’s fiscal deficit shot up to Rs 69,794 crore during April-October, which was 51.5 per cent of the budgeted Rs 1,35,524 crore for the entire fiscal.

Air-India fleet

New Delhi, Nov. 29: The Air-India board today gave its nod for the acquisition of 17 250-seater aircraft over the next five years to meet growing capacity requirements.


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