Sebi move to protect investors
Mumbai, Oct. 7: Public shareholders should have substantial stake in listed companies to ensure investors’ protection and the market regulator will give companies “enough time” to raise public stake in them, Securities and Exchange Board of India chairman G. N. Bajpai said today. “The decision to have substantial public holding (up to 25 per cent of capital) was taken almost two years ago for the purpose of investor protection, including reducing chances for price manipulation,” he said.
New Delhi, Oct. 7: Telecom subscribers in the country increased by more than 18 lakh during September, out of which 9 lakh subscribers were added to the cellular segment. Cellular industry added about 9,06,176 subscribers in September taking India’s total cellular base to 1.83 crore users, according to the latest figures released by Cellular Operators Association of India.
New Delhi, Oct. 7: Indirect tax collection inched up by 8.3 per cent to Rs 63,335 crore in the first half of this fiscal from Rs 58,490 crore during April-September 2002. Excise collection was up by 8.55 per cent to Rs 40,321 crore and customs mop up increased by 7.82 per cent to Rs 23,014 crore.
Mumbai, Oct. 7: State Bank of India has forged one of the biggest alliances to share ATM networks. It has signed a two-way tie up with ICICI Bank and HDFC Bank.
UTI MF bonus
Mumbai, Oct. 7: UTI Mutual Fund has declared bonus under its retirement benefit scheme in the ratio of one unit for every four unit held of face value Rs 10 each. The record date for the bonus is October 24.
New Delhi, Oct. 7: Maruti Udyog today said it has set up an aluminium foundry plant, Suzuki Metal India at Manesar in Haryana, in joint venture with its parent Suzuki Motor Corp of Japan.
New Delhi, Oct. 7: In a major relief to computer firm Intel Corporation seeking to protect its brand Pentium from being robbed, the Delhi High Court has restrained a local garment manufacturer and its marketing arm from using it to promote their products.