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Business Briefs

Hind Petro employees want more

Mumbai, Feb. 25: The 3,500-strong management level employees of Hindustan Petroleum (HPCL) have demanded more than 5 per cent stake in the oil major at around Rs 246 per share. They also expressed concern over the Centre’s rationale for reducing its equity in the company to 12 per cent against 26 per cent in Bharat Petroleum (BPCL). HPCL officials also voiced concern over the government’s decision to sell HPCL via a strategic partner against an IPO for BPCL.

IBM acquisition

Bangalore, Feb. 25: IBM Corporation today acquired Rational Software Corporation for $ 2.1 billion. Rational Software has offices across six cities in the country. It has a 55 per cent share in the application tools market in India.

Satyam pact

Hyderabad, Feb. 25: Satyam Computer Services Ltd has entered into a partnership with the US-based Correlate Technologies for providing Correlate K-Map solutions world-wide.

Syndicate Bank

Calcutta, Feb. 25: Syndicate Bank has lowered interest rates on its housing loan product, Synd Niwas. The new rates, which are applicable for fresh loans availed from February 1, are — up to five years 8.5 per cent, above five years up to 10 years 9.25 per cent and above 10 years and up to 20 years 9.5 per cent.

Polaris dues

Chennai, Feb. 25: Polaris Software Lab today alleged that Indonesian Bank Artha Graha had failed to clear dues of $ 4,40,000 and had unilaterally terminated the contract prematurely in November last year.

CSE scam bail

Calcutta, Feb. 25: Ashok Kumar Poddar, one of the three prime accused in the Rs 120-crore scam at the Calcutta Stock Exchange (CSE), was today granted bail by a city court.

Balmer Lawrie

Calcutta, Feb. 25: The Centre is likely to appoint valuers for Balmer Lawrie & Company by the end of March, managing director P. K. Bishnoi said.

Keane plan

New Delhi, Feb. 25: Keane Incorporated will bring $ 15 million into its India operations in the next two years.


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