Spurt in PSU profit

New Delhi, May 2: The 230 public sector enterprises of the country collectively earned a net profit of Rs 53,169 crore during 2003-04, which represents a 64 per cent increase over the corresponding figure of Rs 32,399 crore in the previous year. According to the official public sector enterprises survey presented to Parliament today, as many as 140 of these enterprises were profit making, 88 were loss making and two of them showed neither profit nor loss for the year. The public sector enterprises as a whole have earned a return of 21.86 per cent on their investment.

Duty drawback

New Delhi, May 2: The government today revised duty drawback rates for 2,620 categories for this fiscal, which will come into effect from Thursday. The drawback rate for higher quality silk fabrics has been revised from Rs 126/kg to 7.5 per cent with a drawback cap of Rs 140/kg. The drawback rate for woollen-worsted yarn grey weaving quality is 6.5 per cent with a cap of Rs 22/kg against the existing rate of Rs 16.50/kg.

HDFC loan

Mumbai, May 2: State Bank and Calyon Bank will syndicate HDFC?s yen 12 billion term loan to refinance an existing loan of the same value.

Rover bid

London, May 2: Two of Russia?s richest men have emerged as potential bidders for MG Rover, The Independent said.