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Business Briefs

Slump in core sector

New Delhi, June 24:Key infrastructure industries have performed badly for the second successive month this fiscal, signalling a downtrend in the country’s economic activity. The growth of these industries plummeted to 4 per cent during the month of May, led by a massive fall in crude oil production. Growth of infrastructure industries — crude, petroleum, petroleum products, coal, electricity, cement and finished steel — fell to 4 per cent in May from 5.6 per cent during the same period last fiscal, according to data released by the government today.

Co-op loans

Mumbai, June 24:The Reserve Bank has revised the implementation date for restricting extension of loans and advances to directors and their relatives in primary (urban) co-operative banks from April 29 to October 1, 2003.

Aviva plan

Calcutta, June 24:Aviva Life Insurance plans to increase its investments in shares up to 40 per cent. Currently, about 20 per cent of the corpus under Aviva’s unit-linked products are invested in shares.

i-flex move

Mumbai, June 24:The board of i-flex Solutions Ltd will consider an increase in ceiling of investment in shares by foreign institutional investors under the portfolio investment scheme on June 30.

VSNL arm

New Delhi, June 24:VSNL today launched its long distance operations from Sri Lanka through a wholly-owned subsidiary, VSNL Lanka Ltd.

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