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Business Briefs

UTI Bank net profit up 44%

Mumbai, Jan. 16: UTI Bank has reported a 44 per cent rise in net profit at Rs 51.50 crore for the third quarter ended December, 31, 2002, compared with Rs 35.76 crore in the previous corresponding period. The total income increased to Rs 489.43 crore against Rs 394.04 crore in the December 2001 quarter. Meanwhile, it will decide on an investor, who will pick up equity in the bank, next month. Syndicate Bank’s operating profit in the third quarter ended December 31 surged 35.08 per cent year-to-year to Rs 393 crore.

Uco Bank rates

Calcutta, Jan. 16: Uco Bank has cut interest rates on deposits by 25 to 50 basis points across the board, except for the period 46 days to 179 days, effective January 20.

National Fert

New Delhi, Jan. 16: The government today re-invited initial bids for sale of 51 per cent stake in National Fertilisers Limited (NFL) to a strategic partner.

Export sops

New Delhi, Jan. 16: The government has permitted zero duty on sale of surplus power from one unit to another unit in special economic zones (SEZs). A new export promotion council for export oriented units and SEZs has become effective from today.

Oil prices up

London, Jan. 16: Oil prices surged to their highest level in two years at $ 31.70 per barrel as the risk of war in Iraq appeared to grow after the UN chief weapons inspector Hans Blix gave a bleak assessment of the situation.


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