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Since 1st March, 1999
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Business Briefs

Tata Tea net at Rs 70.6 cr

Mumbai, June 25: Tata Tea’s net profit fell 2 per cent in 2002-03 to Rs 70.60 crore from Rs 71.96 crore in the previous year. Net sales also dropped 2.1 per cent year-on-year to Rs 760.75 crore from Rs 777.37 crore. The board has recommended a dividend of Rs 7 per share (Rs 10 face value) aggregating to Rs 44.39 crore, including dividend tax for 2002-03. Total income was at Rs 3,387.48 crore compared with Rs 3,071.33 crore in 2001-02.

PDS meet

New Delhi, June 25: Prime Minister Atal Bihari Vajpayee has convened an all-party meeting on July 18 to discuss ways to beef up the public distribution system (PDS). During 2002-03, the offtake of foodgrains from the central pool was 198 lakh tonnes against an allocation of 315 lakh tonnes.

Saregama loss

Calcutta, June 25: Saregama India today reported a net loss of Rs 38.9 crore in the 12-month period that ended in March. This was 42 per cent higher than its loss in the previous year. Saregama has extended its financial year till June 30 to be able to demerge its television software and film production businesses.

IISCO revival

New Delhi, June 25: Russia has assured India that a decision on its participation in the revival of the ailing Indian Iron and Steel Company (IISCO), a subsidiary of Steel Authority (SAIL), would be taken within the next two months.

Greaves move

Mumbai, June 25: Greaves Ltd’s board has decided to divest its 23.67 per cent stake in Crompton Greaves Ltd to the B. M. Thapar group, even as the company is planning to acquire Pembrill Engineering Pvt Ltd and Prembrill Industrial & Engineering Company Pvt Ltd for an undisclosed sum.

Touchtel tariff

New Delhi, June 25: Touchtel, Delhi’s first private fixed line service provider, today launched a new tariff plan — Zipnet Speed — for its DSL subscribers.

CSE scam

Calcutta, June 25: A Calcutta court today rejected the bail application of former Calcutta Stock Exchange (CSE) president Kamal Parekh and remanded him in judicial custody till July 7.

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