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Business Briefs

Petroleum staff go off work

New Delhi, March 25: Around 30,000 workers of Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) today went on a three-day nation-wide strike to protest against the government’s move to privatise the two companies. However, supplies of petroleum products have not been hit so far.

Coke shares

New Delhi, March 25: The government has cleared Coca-Cola’s proposal of differential voting rights for Indian shareholders after the company finished divestment of equity in favour of resident Indians last month.

Textile sops

New Delhi, March 25: In an effort to boost the textile sector, the government today notified a simpler tax-filing and registration procedure. The recommendations will be applicable from April 1.

UTIMF plans

Mumbai, March 25: Redemptions of Unit Trust of India Mutual Fund (UTIMF) schemes were higher than its sales in February 2003 at Rs 1,179 crore, according to the Association of Mutual Funds in India. UTIMF has declared a 0.65 per cent dividend per unit (on a face value of Rs 10) under the Regular Income Scheme.

Gail investment

Mumbai, March 25: Gail Ltd will invest Rs 18,000-20,000 crore over the next five years to double its pipeline network to around 12,000 kms and PATA plant capacity to five lakh tonnes.

BSE threat

New Delhi, March 25: As a first major step to tighten listing norms, the Bombay Stock Exchange (BSE) is set to slap notices on over 100 companies whose share trading remains suspended for over six months.

Bayer net up

Mumbai, March 25: Bayer India Ltd has posted a 60.70 per cent rise in net profit at Rs 15.47 crore for the financial year ended December 31, 2002 against Rs 9.17 crore in 2001.

Dena Bank

Mumbai, March 25: Dena Bank will raise Rs 60 crore through private placement of bonds with an option to retain oversubscription up to Rs 40 crore.


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