The Telegraph
Since 1st March, 1999
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Business Briefs

i-flex hands out 1:1 bonus

Mumbai, July 1: IT major i-flex Solutions today declared a bonus issue in the ratio of 1:1. It raised the ceiling of investment by foreign institutional investors to 60 per cent of its paid-up capital from 24 per cent. It is also planning an ADR/GDR issue. However, the board has decided not to proceed with stock split, i-flex informed the stock exchanges.

Exports surge

New Delhi, July 1: India’s exports grew by 13.53 per cent in May this year to $ 4.521 billion compared with $ 3.982 billion in the same month last year with the trade deficit improving marginally to $ 1,104.3 million as against $ 1,198.7 million. However, the cumulative trade deficit (April-May) was up at $ 2,359.89 million as against $ 1,411.32 million in the same period last year.

Reliance prices

Mumbai, July 1: Reliance Industries has hiked product prices by 2-18 per cent for the month of July. The sharpest rise is in the price of monoethylene glycol, which will now cost Rs 38.70 per kg.

India Cements

Mumbai, July 1: India Cements Ltd posted a net loss of Rs 201.37 crore in the last fiscal compared with a net loss of Rs 81 lakh in the previous fiscal. Total income (net of excise) decreased to Rs 857.65 crore from Rs 1,143.79 crore in 2001-02.

IPCL job cut

Mumbai, July 1: Indian Petrochemicals Corporation Ltd (IPCL) has announced a one-time voluntary retirement scheme for its workers. Applications received for VRS are being processed, IPCL informed the BSE today.

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