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Corporate Briefs

Dewan Housing net rises

Dewan Housing Finance Corporation Ltd has reported a 15 per cent rise in net profit at Rs 19.62 crore for the year ended March 31, 2003, compared with Rs 17.07 crore posted in the previous year. The board has recommended a 15 per cent dividend for the period under review. Total income registered a growth of 13 per cent at Rs 130.31 crore in 2002-03 (Rs 115.42 crore). The company has disbursed Rs 418 crore (Rs 203 crore) while sanctions increased to Rs 447.6 crore (Rs 215.84 crore).

IBP move

IBP Co plans to set up 500 petrol stations during the current fiscal to take its retail strength past 2600. It added 523 petrol stations last year. IBP has tied up with Gujarat Cooperative Milk Marketing Federation — promoters of Amul — for selling the products like ice-creams, flavoured milk, sweets and pizzas from its petrol stations.

J&K Bank

Jammu and Kashmir (J&K) Bank has reported a 30 per cent rise in net profit at Rs 338 crore for 2002-03. It has declared a dividend of 60 per cent. The total income of the bank rose by over 6 per cent to Rs 1,714.56 crore in 2002-03 compared with Rs 1,610.86 crore in the previous year.

Hutch base

Cellular provider Hutch has announced that its subscriber base has crossed the 3-lakh mark.

Uco Bank

Uco Bank has launched its ninth interconnected ATM, the ‘Diamond ATM’ channel, connecting seven cities. The bank will inter-connect and bring another 26 branches into the fold of the Diamond ATM channel. It also plans to increase the number of such ATMs to 150 by March 2004.

BoB scheme

Bank of Baroda (BoB) has launched a family loan scheme enabling customers to meet the general expenses including medical treatment and education. The maximum loan amount, which has been pegged at Rs 2 lakh, carries an interest rate of 14 per cent repayable in 48 months, a release said.

SBI Indore

State Bank of Indore has reported a 60 per cent rise in net profit growth at Rs 200.32 crore during the fiscal ended March 31, 2003. The banks deposits grew by 16.40 per cent to Rs 8,217 crore, while advances were up by 21 per cent to Rs 4,285 crore, a bank release said.

Om Kotak

Om Kotak Mahindra Life Insurance Company Ltd, a joint venture between Kotak Mahindra and Old Mutual Plc, has registered an over four-fold growth in premium collection at Rs 40.32 crore in 2002-03 against Rs 7.65 crore in the previous year.

Syndicate Bank

Syndicate Bank has lowered interest rates by reducing the spread from 3 per cent to 2 per cent on all secured advances above Rs 2 lakh to agriculture and small scale industry. With these reductions, the borrowers under the two categories need not pay more than 2 per cent over the prime lending rate (PLR) of the bank for any of their credit facilities.


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