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Business Briefs

FDI worth Rs 83 cr cleared

New Delhi, May 2:The government today cleared 29 foreign direct investment (FDI) proposals worth Rs 83 crore, including a Rs 40-crore plan by Japan-based Sankei Giken. Another Japanese firm, Toyoda Automaticís Rs 31-crore offer for increasing foreign equity to 95.11 per cent from 94.40 per cent by issuing fresh equity shares was also okayed. The proposals were approved by the finance ministry on the recommendation of the FIPB.

Maruti float

Mumbai, May 2: Maruti Udyog will offer 7.22 crore equity shares of Rs five each, constituting 25 per cent of its fully diluted post-offer paid-up capital, through booking building. The issue size can go up 10 per cent (7,224,300 more shares) if the government decides to retain over-subscription, the company said in its pre-flotation filing with Sebi.

Tisco profit

Calcutta, May 2:The Tata Iron and Steel Company (Tisco) is all set to post a record over four fold jump in net profit during fiscal 2002-2003 compared with Rs 205 crore recorded in previous fiscal, Tisco MD B. Muthuraman said.

Santro dearer

New Delhi, May 2:Hyundai Motor India today hiked prices of its small car Santro by Rs 10,500-Rs 12,000 with immediate effect. With this, the price of the basic LE variant has been increased by Rs 10,500 to Rs 3,29,721 (ex-showroom Delhi).

Lever lockout

Calcutta, May 2:The management of Hindustan Lever Limited has extended lockout at its Garden Reach factory till May 23.


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