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Wholesale licence for Motorola

New Delhi, July 18: Motorola today got the green signal from the Foreign Investment Promotion Board to undertake wholesale marketing on a cash-and-carry basis. Motorola is the second mobile phone maker after Nokia to receive such a licence. Under the cash-and-carry system, companies can import their products from abroad but cannot sell them directly to the end-user. Retail sales will have to be made through dealers.

Raymond net

Mumbai, July 18: Raymond today reported a robust 385 per cent rise in its net profit at Rs 20.92 crore during the first quarter ended June 30, 2003, over Rs 4.31 crore in the same period last fiscal. Net sales grew by 11.2 per cent during the April-June period at Rs 185.50 crore as compared with Rs 166.70 crore in the last fiscal.

Syndicate Bank

Bangalore, July 18: Syndicate Bank today reported a net profit of Rs 101.85 crore for the first quarter ended June 30, 2003, up 28.26 per cent over the corresponding quarter of last fiscal at Rs 79.41 crore.

Daimler plan

Calcutta, July 18: DaimlerChrysler India hopes to maintain a 10 per cent growth in 2003 and achieve a turnover of Rs 350 crore during the year by selling over 1600 units of its flagship Mercedes-Benz cars. The company hopes to break even soon.

Export growth

New Delhi, July 18: India is expecting a 13-14 per growth in exports in the first quarter of this year with sectors like textiles, basic chemicals, engineering, gems putting up an impressive performance, L. Mansingh, director general of foreign trade, said here today.

SBI rates

Mumbai, July 18: Following the RBIís directive, State Bank of India (SBI) has revised downwards its interest rate on non-resident (external) rupee deposits by 0.8 per cent to 1.3 per cent. The revised rate for deposits of tenure one to less than two years is 3.7 per cent per annum (5per cent earlier).

Garment fair

New Delhi, July 18: The 31st India International Garment Fair (IIGF) was inaugurated here today by Union minister of textiles Shahnawaz Hussain. The fair hopes to do business of more than $ 30 million in three days.

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