The Telegraph
Since 1st March, 1999
Email This PagePrint This Page
Business Briefs

Meet on Nalco selloff

New Delhi, Nov. 1: Amidst controversy over disinvestment process, an inter ministerial group on Nalco disinvestment met today to review the progress in the matter. The meeting assumes importance in the wake of recent heckling of officials from Birla group-promoted Hindalco Industries, one of the dozen-odd potential bidders for government stake in Nalco, following which the department decided to suspend the due diligence exercise.

Bank rates

Calcutta, Nov. 1: Uco Bank today announced a 25 basis points downward revision in deposit rates and for the “first time” introduced short term prime lending rate (PLR) of less than one year besides cutting interest rates on it. The rates would come into effect from November 7.

k also announced a downward revision of interest rates on domestic term deposits effective from November 6.

US Airways

New Delhi, Nov. 1: In a bid to attract the burgeoning Indian travel market into its fold, US Airways today appointed its general sales agent (GSA) for India even though the airline does not fly here. The carrier appointed World Connect as its GSA, which would take passenger bookings, especially for 14 trans-Atlantic flights, apart from carrying out other business in India.

PEF payout

Mumbai, Nov. 1: Unit Trust of India has announced a 10 per cent dividend on its PEF unit scheme, erstwhile Primary Equity Fund. The dividend would be distributed to unit holders whose names appear in the books as on November 14, 2002. The net assets and net asset value (NAV) of the scheme stood at Rs 67.37 crore and Rs 12.25 per unit (as on October 30, 2002) respectively.

HSBC funds

Mumbai, Nov. 1: Hongkong and Shanghai Banking Corporation Ltd (HSBC) will pump in additional $ 150 million in the Indian operations. “We will be bringing this capital by March end to further strengthen our Indian operations,” an official said.

Tea exports

Calcutta, Nov. 1: Tea exports from India were up at 137.1 million kilograms during January-September 2002, against 134.5 million kilograms in the first nine months of 2001, according to data compiled by the Tea Board of India.

Email This PagePrint This Page