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Since 1st March, 1999
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Business Briefs

Sebi mulls T+2 cycle from Apr 1

Mumbai, Feb. 26: The Securities and Exchange Board of India (Sebi) has asked stock exchanges to submit plans for providing facilities for shifting to T+2 settlement cycle from the current T+3 mode with effect from April 1, 2003. In view of shortening of trade cycle, the new activity schedule has been finalised, Sebi said, adding bourses should provide facility for late confirmation of trades by custodians. However, the time limit for late confirmation should be fixed and exchanges should levy an additional charge to discourage such delays. The exchanges should design an alternative clearing and settlement system for companies whose shares have not been dematerialised to align the clearing and settlement system for such stocks with the T+2 rolling settlement, Sebi said.

Wipro arm

Bangalore, Feb. 26: Wipro Technologies has appointed Raman Roy as chairman and managing director of Wipro Spectramind Services. He will also serve as president of total infrastructure solutions business of Wipro Technologies.

Pfizer net up

Mumbai, Feb. 26: Pfizer Ltd has posted a 59.9 per cent increase in consolidated net profit at Rs 75.94 crore for the financial year ended November 30, 2002 compared with Rs 47.49 crore in the previous year. The board has recommended a 75 per cent dividend, including a special dividend of 25 per cent, consequent to exceptional income received relating to termination of trademark licenses of Dumex and Protinex.

Alfa Laval

Mumbai, Feb. 26: The board of Alfa Laval India Ltd has recommended a 100 per cent final dividend on equity shares, including 90 per cent interim dividend paid in December 2002. The total dividend for the year ended December 2002 would be 190 per cent per share.

Marico move

Mumbai, Feb. 26: Marico Industries Ltd and Associates have acquired 70.50 per cent stake in the US-based Sundari LLC, owner of luxury ayurvedic skin care products, for an undisclosed amount.

Pendse remand

New Delhi, Feb. 26: A Delhi court today remanded former managing director of Tata Finance Ltd Dilip S. Pendse, arrested for allegedly misappropriating company funds, to police custody for 10 days.

Banks balance

Mumbai, Feb. 26: The Reserve Bank has further reduced the time given to banks for making provisions against the net debit balance in the inter-branch account from one year to six months from the year ending March 31, 2004.


New Delhi, Feb. 26: Oil India Ltd (OIL) and ONGC today signed an agreement for conducting exploration operations in Krishna-Godawari-DWN-98/4 block, where OIL would have 15 per cent participating interest. The government has already approved the joint participation of OIL and ONGC for the block, which ONGC had bagged during NELP-I.

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