CSE meet to avert Sebi blow

Calcutta, June 25: The Calcutta Stock Exchange (CSE) has convened an extraordinary general meeting to seek shareholders’ approval for a scheme of demutualisation. The scheme was approved by a committee in July 2003, but the Securities and Exchange Board of India had directed the exchange to get shareholders’ approval. “Non-adoption of the scheme in time may make the exchange liable for de-recognition by Sebi,” CSE officials said.

RBI move

Mumbai, June 25: The Reserve Bank of India today asked banks to maintain capital charge for market risks on investment portfolio, open position on foreign exchange and gold in a phased manner over a two-year period, in line with the annual policy statement for 2004-05.

Tata Tele

Hyderabad, June 25: Tata Teleservices today unveiled a Rs 445-crore plan to expand its services in Andhra Pradesh. Tata Indicom will be present in 166 new towns before the year-end, chief operating officer (AP) Prabhat Pani said. The company would set up over 300 new high capacity cell sites to strengthen its network and boost coverage and capacity in the state.

Indo Rama net

New Delhi, June 25: Indo Rama Textiles today announced a 17.7 per cent rise in net profit for 2003-04 at Rs 9.25 crore against Rs 7.86 crore in the previous fiscal. The company has declared a 15 per cent dividend for the year.

TV18 rights

Mumbai, June 25: Television Eighteen India Ltd (TV18) has approved a rights issue of around Rs 20 crore. The company intends to use the proceeds to expand its broadcasting operations.

TCS plans

New York, June 25: Tata Consultancy Services (TCS) is expanding its relationship with IBM to cross-sell each other’s products and services, the company said. Under this agreement, TCS will train its employees and create focused solutions using IBM hardware and middleware platforms.

Export talks

New Delhi, June 25: The commerce ministry will take up all pending export-related issues with the finance ministry, according to commerce minister Kamal Nath.