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Business Briefs

Pension fund from October

New Delhi, May 20:The first of the six pension funds to be set up in the country will be launched on October 2. This will be in time to put into operation the new pension scheme for government employees joining after October. The modalities for the funds will be decided by the Interim Pension Regulatory Authority. Of the six funds, one will be in the public sector, while the rest will be in the private sector. Finance secretary S. Narayan, who will retire in June, is likely to head the panel.

Oil roadshow

New Delhi, May 20:Petroleum minister Ram Naik today attempted to hardsell the oil and gas exploration blocks that are being offered for international competitive bidding at the first roadshow launched here.

Tata Tele net

Mumbai, May 20:Tata Telecom Limited has posted a 18.30 per cent increase in net profit at Rs 18.55 crore for the financial year ended March 31, 2003, compared with Rs 15.68 crore during the previous fiscal.

Lupin net profit

Mumbai, May 20:Lupin Limited has posted a flat consolidated net profit of Rs 74.39 crore for the financial year ended March 31, 2003 compared with Rs 73.69 crore posted during the previous fiscal.

ICICI Bank

Mumbai, May 20:ICICI Bank has cut interest rates on retail domestic deposits by 0.25 per cent to 1 per cent for various maturities with effect from Thursday.


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