Singh in budget huddle

New Delhi, June 22: Finance minister P. Chidambaram today held a meeting with Prime Minister Manmohan Singh to discuss various proposals for the 2004-05 Budget, which would be presented in the Lok Sabha on July 8. A range of issues, including agriculture and employment generation, figured in the three-hour-long meeting, official sources said. The government would unveil the economic survey on July 7 and the railway budget on July 6.

RBI move

Mumbai, June 22: The Reserve Bank has tightened investment norms for residuary non-banking companies to impart liquidity and enhance protection to depositors. The directed investments by these firms would be raised from the existing 80 per cent of aggregate liabilities to depositors to 90 per cent from April 1.

VSNL net dips

Mumbai, June 22: Internet and telecom service provider Videsh Sanchar Nigam Ltd has posted a lower net profit of Rs 377.7 crore for the year ended March 31, 2004 compared with Rs 780.1 crore in the previous fiscal. The board has recommended a total dividend of 45 per cent.

Ranbaxy drug

New Delhi, June 22: Ranbaxy Laboratories Ltd has received the approval from the US Food and Drug Administration to enter the $363-million market for metformin hydrochloride extended release formulation.

Agri schemes

Mumbai, June 22: The Indian Banks’ Association (IBA) is in the process of formulating new guidelines for banks for the agricultural sector lending, said chairman V. Liladhar. IBA is working on a scheme to help farmers in distress.

Vedanta share

London, June 22: Vedanta, the India-based mining group which raised $800 million from its London listing last December, has said a three-fold rise in profits last year to $233.4 million would help shore up its share price.

Essar Steel

Calcutta, June 22: Essar Steel Limited has chalked out a strategy to increase production of pellets, sponge-iron and hot-rolled steel at an investment of Rs 500-700 crore, which would be made in the next 6-18 months.