Slump in core sector
New Delhi, June 24:Key infrastructure industries have performed badly for the second successive month this fiscal, signalling a downtrend in the country’s economic activity. The growth of these industries plummeted to 4 per cent during the month of May, led by a massive fall in crude oil production. Growth of infrastructure industries — crude, petroleum, petroleum products, coal, electricity, cement and finished steel — fell to 4 per cent in May from 5.6 per cent during the same period last fiscal, according to data released by the government today.
Mumbai, June 24:The Reserve Bank has revised the implementation date for restricting extension of loans and advances to directors and their relatives in primary (urban) co-operative banks from April 29 to October 1, 2003.
Calcutta, June 24:Aviva Life Insurance plans to increase its investments in shares up to 40 per cent. Currently, about 20 per cent of the corpus under Aviva’s unit-linked products are invested in shares.
Mumbai, June 24:The board of i-flex Solutions Ltd will consider an increase in ceiling of investment in shares by foreign institutional investors under the portfolio investment scheme on June 30.
New Delhi, June 24:VSNL today launched its long distance operations from Sri Lanka through a wholly-owned subsidiary, VSNL Lanka Ltd.