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Business Briefs

Oriental Bank net up 38%

New Delhi, July 27: Oriental Bank of Commerce (OBC) today reported a rise of 38 per cent in net profit at Rs 142 crore in the first quarter ended June 30, 2003 as against Rs 102 crore in the corresponding period last year. The bank’s total business rose to Rs 46,223 crore (Rs 43,123), an OBC release said here. Its non-performing assets came down by 2.5 per cent during the reporting quarter as against 1.1 per cent last year.

CV sales

New Delhi, July 27: Propelled by Tata Engineering, Ashok Leyland, Eicher Motors and Bajaj Tempo, commercial vehicle sales surged by 19.7 per cent in the first quarter of this fiscal. A total of 46,899 units were sold during April-June as against 39,179 units in the same quarter last year, data compiled by the Society of Indian Automobile Manufacturers showed.

Gold marking

New Delhi, July 27: The government has decided to make hallmarking of gold jewellery mandatory across the country and an announcement to this effect is expected soon. The hallmarking concept ensures that the buyer gets gold jewellery of the exact purity value which the jeweller claims is there in the product.

Investor fund

New Delhi, July 27: The government plans to crack down on at least 33 firms, including Tata Telecom, BASF, Zuari Industries, Cadbury, Bajaj Electricals and Godfrey Philips, for not transferring unclaimed dividends and interest to the investor education and protection fund.

Bank top post

New Delhi, July 27: The finance ministry is considering a proposal of bringing in best talents in the private sector to head PSU banks by offering higher pay package.


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