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Business Briefs

Sebi fiat on listing norms

Mumbai, May 9:The Securities and Exchange Board of India (Sebi) has asked stock exchanges to amend their listing agreement to prevent violation of securities laws and exchange norms by listed companies, while pursuing merger, restructuring and capital reduction plans. The company should file the scheme, proposed to be filed before court or tribunal under sections 391, 394 and 101 of the Companies Act, 1956, with the exchange at least a month before it is presented to the legal body, Sebi said in a communication to the stock exchanges here today.

Import tariff

New Delhi, May 9:The government has announced the tariff rate quota for importing milk powder, crude sunflower seed, maize and refined rape and mustard oil. The director general of foreign trade said the imports of these commodities have to be completed by March 31 next year.

IndusInd Bank

Mumbai, May 9:IndusInd Bank has reported a 40.59 per cent jump in its net profit at Rs 71.35 crore for year ended March 31, 2003 compared with Rs 50.75 in 2001-02. The board has recommended a dividend of 14 per cent.

Apollo Tyres

Mumbai, May 9:Apollo Tyres Ltd has posted a 226.05 per cent rise in net profit at Rs 120.02 crore for the year ended March 31, 2003 against Rs 36.81 crore for 2001-02. The board has recommended a Rs 4.50 dividend per share (Rs 10 each) for the year aggregating Rs 16.34 crore.

Media Lab

New Delhi, May 9:Brushing aside allegations by the Massachusetts Institute of Technology (MIT) that it withdrew from Media Lab Asia due to differences with him, IT minister Arun Shourie today said, it was because there was no value addition to the project by the US-based institute to benefit Indian masses.

RBI vigil

Mumbai, May 9:The Reserve Bank of India (RBI) is keeping a close watch on the sudden volatility in the forward section of the foreign exchange market following the overnight crash of future premiums across the spectrum, Rakesh Mohan, RBI deputy governor said here today.


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